UK high street bank Abbey National has launched an online 'quote and buy' service for buildings and contents insurance.
The bank has teamed up with a number of insurance providers to enable customers to take out insurance in a matter of minutes, choosing from a range of cover options and prices. Customers will be able to identify how much insurance they need and tailor the cover to their individual cirumstances, choosing from the top three competing quotes provided by the underwriters which include AXA, Equity Red Star, Folgate, Fortis, Groupama, Link and MMA.
Customers will be able to save, retrieve and amend quotes for combined or separate buildings and contents insurance. The service also features a ‘Price Guide’ that provides an approximate price, based on a small set of key questions. This enables customers to have a quick idea of price before proceeding with a full quote and purchase.
In the first half of 2002 a new motor insurance will also be launched online and through telesales.
John Grimbaldeston, head of insurance marketing at Abbey National, says: “A programme of new insurance products will be available on the Internet in the year ahead. Our aim is to provide access to our insurance products through whichever means suit our customers the best, whether it is branch, phone or Internet."
He says the initiative is part of Abbey National’s commitment to grow the general insurance business by 40% in the next three years. The bank currently provides home, motor, travel and mortgage payment protection insurance to 1.5 million customers
Abbey National’s online system will be supported by the ‘Consumer Direct’ IT management system jointly developed by Capita Insurance Services and Cap Gemini Ernst & Young.