One of the UK’s leading banks, HSBC, has announced that it is extending its relationship with insurance underwriter Norwich Union in a bid to improve the insurance products and services that it provides.
Over ten million customers with HSBC can now opt for a range of general insurance products through HSBC that will be underwritten by Norwich Union. The bank and the insurance company have already been working together for over twenty years on certain insurance products, and their relationship will be strengthened as the bank increases the insurance products that will now be provided through Norwich Union.
HSBC hopes that this latest move will place it amongst the top ten providers of general insurance in the UK. Previously, HSBC offered a number of insurance products through Norwich Union, and this included travel, vehicle, and home insurance.
The bank also hopes that profits from its insurance products can be doubled through this improved joint venture, with the bank’s managing director of insurance stating: ‘Creating preferred strategic partnerships with leading general insurers is a key element of that plan. In the UK, an estimated £1 in every £5 of financial services expenditure is spent on insurance. That is why we have chosen Norwich Union, the leading UK insurer with whom we already have a strong working relationship, to help HSBC satisfy its customers’ insurance needs.’
The Chief Executive of HSBC stated: ‘It would be fair to say that HSBC has historically punched below its weight in insurance but we have shown before that our customers want to stay with us if we offer well serviced, good value products.’
Tom Smith
23rd May 2007
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