Asda takes leap into financial services market
Insurance offer spearheads drive
April 2 2003
Sueprmarket operator Asda has launched a range of insurance services in partnership with Norwich Union, the first wave in a drive by the Wal-Mart owned retailer to take a share of the UK financial services market.
Asda confirmed it is also looking at offering its 11m weekly customers services such as credit cards and personal loans. The move puts it head-to-head with retailers including Tesco, Sainsbury’s and Marks & Spencer.
The initial offer includes motor, home, and travel insurance today, with pet insurance to follow later in the year. David Rutley, Asda director of financial services, believes Norwich Unions’ strength and experience in the insurance market will be complemented by Asda’s value-for-money positioning. Offers will include a five per cent discount on a second purchase for customers who buy home and motor insurance together.
Rutley said: “By combining our every day low prices with our commitment to always putting customers first, we believe we are well placed to make a difference in the insurance market. Our aim is to give consumers what they really want – hassle-free insurance at Asda prices, that deliver great customer service on demand.”
The insurance offer will be available over the phone, with online purchasing added later this year. Rutley said: “Our products are aimed at families who in the past may have paid over the odds for insurance. Whether they are looking to cover their Mini Metro or Mercedes, their trip to Spain or St Tropez, their cottage or castle, we’ll offer customers our famously low prices backed up by a name they can trust.”
Angela Seymour-Jackson, director of partnerships and market strategy at Norwich Union, said: “We are delighted to be working with ASDA, with whom we have already built up a strong and supportive relationship. This partnership will provide ASDA customers with a range of general insurance products that offer great value for money and helpful service.”
