UK energy utility plans online financial supermarket
15 November 2000 | 2503 views | 0
Diversified energy utility Scottish and Southern Energy (SSE) is planning to create a virtual financial supermarket offering UK consumers a selection of insurance and investment products from multiple providers.
Operating under the Simple2 brand, the energy company has already signed up Scottish Amicable, which has been promoting life assurance products to SSE employees over the site during the past month. Scottish Equitable, Friends Provident, and Scottish Widows are also lined up.
The plans for a full-scale commercial roll out in 2001 were unveiled at the company's annual results presentation. SSE says it remains on target for phase two of the operation, with mortgages planned for early next year. Other financial products, including term assurance and Investment Savings Account, from a range of product providers, will follow during 2001.
SSE says Simple2 will be promoted actively to over one million business customers, 300,000 from its customer base, plus 750,000 through a link with national telecomms firm BT.
Earlier this month, SSE allied with BT retail Internet portal OpenWorld to sell energy services to UK consumers over the Web.