UK Post Office announces car insurance third party partner
The Post Office has announced Junction, the affinity division of the Budget Group of Companies, will be the third party partner for the launch by the joint venture between Post Office and Bank of Ireland into the car insurance market.
Junction beat competition from a panel of 10 providers initially invited to tender – and will provide a broker panel of 22 leading insurers.
Post Office Car Insurance is scheduled to launch this summer and will utilise the network of 16,500 Post Office branches – one of the largest retail networks in Europe.
Post Office Car Insurance will be available to the vast majority of motorists, offering cover on 99% of all enquiries, which compares favourably against some of the major insurance providers and direct insurers, many of whom tend to cherry-pick their customer base. The Post Office has focussed its offer on exceptional value for money that could save customers up to GBP120 on existing cover.
Post Office Ltd already offers a range of car and motoring-related products. Approximately 38 million – or 97percent – of all drivers renew their motor tax disc through Post Office branches annually. Driving licence applications are also processed through many Post Office branches.
David Mills, Chief Executive, Post Office Ltd, said: “There are currently 27 million cars in the UK and this number is rising. In launching car insurance we aim to build on the trust the UK consumer has in the Post Office, through a strong offer, focused on delivering the very best in value, choice and customer service.”
