Post Office® (UK) insurance sales hit half a million
Post Office® Financial Services today confirmed its position as one of the fastest growing insurance providers in the UK as insurance policy sales passed the 500,000 mark.
Already the largest independent provider of travel insurance in the UK, the Post Office® has built on this success over the past three years with Post Office® Financial Services which was launched as a joint venture with Bank or Ireland in 2004.
Post Office® Financial Services insurance products now include motor, home (buildings and contents) and most recently van cover for small businesses. Alongside this it has also successfully launched a range of lending and savings products.
The Post Office® has strived to bring innovation and fair value to the insurance market: it was the first provider to offer a GBP 50 cash back incentive to all new car insurance customers. From May 1 2007, it is launching a new promotion offering one month’s free cover to all new car, van or home insurance customers.
CEO of Post Office® Financial Services Patrick Waldron said: "Our aim at launch was to become a major player in the financial services industry and now, reaching half a million customers with our insurance products alone, we are definitely on target to achieve this.
"We believe in offering customers fairer, easier and better insurance – for example our customers can already save up to 33 per cent on car insurance alone, offered through 14,300 branches, online or over the phone. With one month free it’s even better value."
All products are available by telephone and online and information is available at all 14,300 UK Post Office® branches – one of the largest retail networks in Europe.
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For more information visit www.postoffice.co.uk; call free on 0800 434 6701, or visit your local Post Office® branch.
Notes to Editors
POFS customer numbers exceeded 950,000 at the beginning of April 2007 with an average of 50,000 new customers being added each month. The business has exceeded its March 2007 customer target of 900,000. POFS has over 500,000 car, van and home insurance customers and we believe we are taking up to 6% market share of new policies. Over 171,000 Instant Saver accounts have been opened since April 2006 with more than GBP 1.8bn in deposit balances – 5% market share of new inflows. POFS also has 130,000 credit card customers.
Post Office® car insurance includes:
• Choice of cover, including optional breakdown cover
• Easy monthly payment option
• Foreign travel cover – 60 days a year in any EU country
• Driving other cars extension
• Third party fire and theft includes full cover for audio equipment (if own fit, cover is set at GBP 500 – subject to terms and conditions)
• Comprehensive includes personal effects covered up to GBP 100
Post Office® van insurance provides the following cover:
• Optional physiotherapy to speed up driver’s recovery in case of injury (max of eight sessions)
• Accident assistance
• 24 hour claims helpline
• Optional Motor Legal Protection which includes a replacement van in the event of accident
• Optional RAC breakdown cover
Post Office® Home Insurance:
• Using a panel approach Post Office® Home Insurance shops around on behalf of the customer and can save homeowners up to 40% on their existing insurance. Optional extras to supplement the policy:
• Building insurance offers a minimum cover of GBP 35,000 and a maximum cover of GBP 750,000, with a maximum no claims discount of 35%.
• Contents insurance offers a minimum cover of GBP 15,000 and a maximum cover of GBP 99,000, with a maximum no claims discount of 35%. Minimum ‘all risks’ cover is GBP 2000.
For more information please contact:
Inez de Koning/Nicola Hussey
020 7294 1623/ 020 7566 9718
[email protected]
[email protected]
Hayley Fowell
Royal Mail Press Office
020 7250 2417
148 Old Street
LondonEC1V 9HQ
[email protected]
