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Employee discounts

Business Overview

LV= is a leading insurance company offering a broad range of general insurance products and solutions including car, home, travel and pet insurance. LV=’s core focus is their people, and having over 7 million customers is testament to this. LV= serves directly to customers, as well as through advisors, brokers and strategic partnerships. LV= has been voted UK’s No.1 Insurer for Customer Service (UKCSI survey January 2021).  LV= is dedicated to building an employee wellbeing and benefits programme that directly influences engagement, ensuring staff feel appreciated and cared for. 

Number of Employees
1,600
Industry
Insurance
Locations
Multiple
The Challenge 

With more than 1,000,000 customers and 1,600 staff, LV= are one of the largest personal insurers in the UK. The LV= HR team wanted to ensure they implemented a discounts scheme that provided continuous value to all of their employees. Their main priority was to assist employees in improving their financial wellbeing. They were also looking for a provider with accessible, easy to use products and dedicated customer service to ensure they are supported at every touchpoint. 

The Solution 

Elly Murphy (Benefits Partner at LV=) and her team worked closely in partnership with Xexec to launch MyDiscounts, an accessible, high-quality benefits platform with a focus on employee’s financial and overall wellbeing. MyDiscounts allows LV= to offer its employees financial support by saving on everyday and special one-off purchases. The past year has been difficult for everyone. LV= worked with Xexec to further customise MyDiscounts, focusing the user journey on discounts that could benefit them the most as they faced the challenge of living through a pandemic. LV= then looked at the positioning and marketing of the platform, raising awareness for employees and creating an environment of reassurance and support. During this time, the main focus was on the offers available in the take-away, alternative food delivery, supermarket categories and brands centred on physical, mental and financial wellbeing. The flexibility and range of MyDiscounts allowed them to adapt quickly and effectively to their employees needs. Xexec offered a huge range of discounts and brands for LV='s employees to benefit from, while simultaneously taking into account their business objectives. 

The Outcome 

MyDiscounts is part of an incredibly successful employee wellbeing and retention programme for LV=. With ever increasing engagement and the development of new features ongoing with MyDiscounts, the sky is the limit. With over 70% of employees registered, everyone wants to feel as though they have got a good deal and MyDiscounts allows LV='s employees to make savings on their day to day purchases. Adding to this, the platform is simple to use and it is easy for their staff to identify the value it can offer them and their families. The inclusion of every day benefits, such as discounts on groceries, fuel, utilities and technology provide real, is of ongoing value to their employees. By doing this, they can create an environment where their teams feel looked after, which in turn helps us to retain talent at LV=. 

LV='s advice to other businesses looking to implement a similar scheme to recognise their employees: "think about it from the employees perspective, focus on your demographic and what they would like to see. Ask yourself what will deliver them the most value and then incorporate it into your programme. It is also important to communicate effectively. It is critical to show employees why and how they can utilise the platform to improve their wellbeing." 

"MyDiscounts allows employees to make savings everyday on retailers they already purchase from. The discounts are relevant, accessible and easy to use." - Elly Murphy, Benefits Partner, LV=

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