Financial services are now a major strategic priority for Asda, according to financial services director David Rutley.
He said Asda would launch a credit card in the next few months, as it puts together “an authoritative financial services offer”.
The first part of the offer is a range of insurance products, underwritten by Norwich Union.
They will be in all 263 stores by mid-October, following the success of a six-month trial at 40 stores, said Rutley.
Checkouts at all stores have been altered so leaflets advertising the products can be displayed alongside impulse items. Customers can then order the products by phone or order online through www.asda.com.
Rutley said: “This investment into the checkouts is the start, it
will give us the platform to launch other ranges of products speedily.”
He added: “We want our financial services products to be suitable for as many customers as possible, they will not be niche products.”
He said Asda had “cleared all the targets” in the trial of the products for motor, travel and home insurance.
Pet insurance will be the next insurance product to launch “in the near future”.
Rutley said prices for Asda’s insurance products were “very competitive”, and benchmarked against retail and high street competitors.
It offers a 10% discount for customers who buy car insurance online, and 15% for home insurance.
Rutley would not say by how much Asda was planning to undercut rivals.
But The Grocer ran a sample home insurance quote on Asda and Tesco’s financial services websites.
Asda came in with £399.77 for building and contents insurance for a suburban semi-detached house, undercutting Tesco’s quote of £519.75 by 23%.
Anne Bruce
He said Asda would launch a credit card in the next few months, as it puts together “an authoritative financial services offer”.
The first part of the offer is a range of insurance products, underwritten by Norwich Union.
They will be in all 263 stores by mid-October, following the success of a six-month trial at 40 stores, said Rutley.
Checkouts at all stores have been altered so leaflets advertising the products can be displayed alongside impulse items. Customers can then order the products by phone or order online through www.asda.com.
Rutley said: “This investment into the checkouts is the start, it
will give us the platform to launch other ranges of products speedily.”
He added: “We want our financial services products to be suitable for as many customers as possible, they will not be niche products.”
He said Asda had “cleared all the targets” in the trial of the products for motor, travel and home insurance.
Pet insurance will be the next insurance product to launch “in the near future”.
Rutley said prices for Asda’s insurance products were “very competitive”, and benchmarked against retail and high street competitors.
It offers a 10% discount for customers who buy car insurance online, and 15% for home insurance.
Rutley would not say by how much Asda was planning to undercut rivals.
But The Grocer ran a sample home insurance quote on Asda and Tesco’s financial services websites.
Asda came in with £399.77 for building and contents insurance for a suburban semi-detached house, undercutting Tesco’s quote of £519.75 by 23%.
Anne Bruce
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