AOP marks 10 years of collaborative partnership with Lloyd & Whyte

On 10 October 2014, the AOP began its partnership with its insurance affinity partner, Lloyd & Whyte.

Over the past decade, Lloyd & Whyte has helped over 1400 AOP members with their commercial and personal insurance, providing tailored solutions designed specifically for optometrists and optical practice owners.

OT spoke to Tristan Lennox-Gentle, managing director of the Affinity General Insurance division at Lloyd & Whyte, alongside the AOP’s finance director, Wendy Steele, to discuss the value of the partnership, the long-term benefits for members, and what the partnership has achieved over the past decade.

Can you tell OT about the benefits both parties have gained from this affinity partnership? What have been the highlights of the partnership over the past decade?

Tristan Lennox-Gentle (TLG): The relationship with the AOP has enabled us to enter a sector from a standing start and grow very quickly. The AOP, through their advocacy and standing in the industry, has helped open doors and build credibility in our product offering, giving their members the confidence to buy from Lloyd & Whyte.

Naturally, this means that we have built a significant market share over the past 10 years, while more recently this growth has supported us to donate more of our available profits to good causes and local communities.

Wendy Steele (WS): For the AOP, this partnership has allowed us to increase the value of membership by offering members access to a specialist partner in the area of financial services. For Lloyd & Whyte, the partnership allows them to work with the AOP to better understand the unique needs of our members, allowing them to tailor and shape their offering accordingly.

This growth has supported us to donate more of our available profits to good causes and local communities

How does Lloyd & Whyte’s offering benefit AOP members?

WS: With a unique understanding of members’ needs and a wealth of insight in working with healthcare providers through their partnerships with the British Medical Association and the British Dental Association, Lloyd & Whyte delivers services and support to members in both their personal and professional lives.

There is more than that, though – we believe that there is a stability and a peace of mind for members in the AOP having an affinity partner that is trusted by their professional organisation, and has been for a decade.

TLG: Arranging insurance for your commercial and personal requirements takes time and energy. So, Lloyd & Whyte do the hard work for you. Discussing your options with one of their insurance advisers, who is a specialist in their field, can potentially save you from being underinsured or vulnerable to events out of your control, such as cyber-attacks and theft, or an injured member of your team. Having a positive discussion, or just a helping hand around your insurance coverage, is useful.

Lloyd & Whyte takes a client-focused approach. They listen to you and take the time to understand your circumstances and objectives, whether they are long-term or short-term. Following that, they work hard to find insurance that can fit your needs and budget.

What are the most important services that Lloyd & Whyte can offer AOP members?

WS:I would identify the top four services, in no particular order, as income protection, which is particularly important for our locum members; tailored practice insurance; cyber insurance for practice owners, and financial advice relating to pension and retirement planning – which is relevant to all members.

TLG: Whether you are an early career or mid-to-late career optometrist, own a practice or are an employee, Lloyd & Whyte’s approach to insurance means you, as an AOP member, can benefit from insurance tailored to you.

If you own a practice, for example, they can advise on all aspects of commercial insurance, from practice and locum insurance to cyber insurance for cyber-attacks – an increasingly common occurrence in our digital age.

For optometry practice owners, premises and stock are one of the mainstays of business. Arranging optical practice insurance with Lloyd & Whyte’s expertise can help your buildings and contents stay effectively and appropriately covered.

Locum insurance for optometrists provides your practice with financial support, paying an agreed amount to cover you or a member of your team should they be unable to work due to illness or injury. Lloyd & Whyte’s specialist optometry team can source a policy that pays out when you or any other insured team member is off sick, and allows you to use the sum paid to employ a locum, pay overheads, or meet any other expenses.

It also gives you the choice of how much you receive, and which team members are covered, with no obligation to provide a record of expenses.

Cyber Insurance is designed to cover the costs associated with cyber-attacks or data breaches. Cover includes cyber extortion or ransomware attacks and reinstating data and restoring programmes following an attack. Cyber Insurance can also cover legal costs, including regulatory legal costs.

Lloyd & Whyte has a self-assessment tool that can help you to assess the potential risk of a cyber-attack to your practice.

Life isn’t all about work – can you tell me about the personal insurance offer that Lloyd & Whyte has for all AOP members?

TLG: Whether you are at the start of your career, halfway through, or coming to the end of your professional working life and ready to retire, having personal insurance in place is highly advisable.

Lloyd & Whyte’s expert advisers can help you arrange home, motor and travel insurance. Their tailored home insurance solutions provide cover for homeowners and tenants, which can include buildings and contents cover, or standalone contents insurance (a popular option for people who rent their home).

Motor insurance through Lloyd & Whyte can cover all types of vehicles, from high value to more standard motors.

They can also source travel insurance that financially safeguards you for events, including missed flights, delayed departures, overseas medical treatment, natural disasters (for example, fires and storms), lost luggage, and loss or theft of possessions.

Owners of second homes or residential landlords can benefit from a range of cover options, including buildings and contents, accidental damage and subsidence, property owners’ liability, loss of rent receivable, temporary unoccupancy, and legal expenses.

Can you explain how Lloyd & Whyte gives back?

TLG: Lloyd & Whyte is part of the Benefact Group, a family of international financial services companies that give all available profits to charities and good causes. They are now the UK’s third largest corporate donor and are on track to be the UK’s number one corporate donor by 2025. Since 2014 (it was a landmark year!) Benefact Group has given away £200 million to charities and good causes.

So, when Lloyd & Whyte helps you with your insurance, you automatically help others.

 

Lloyd & Whyte® Ltd. Lloyd & Whyte Ltd are authorised and regulated by the Financial Conduct Authority. Registered in England No. 03686765. Registered office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA. Calls may be recorded for use in quality management, training and customer support.