Bancassurance in the UK has gotten increasingly competitive with standard policies, and it looks set to continue. Barclay’s, one of the UK’s largest banking groups announced that it would offer homeowners quotes on the second year renewal of their policies that will beat the “second year renewal quote price guarantee.”
Barclay’s bulletin explained that last year it offered to “beat competitors’ renewal quotes or drop the price by up to £100 [app. $196] and give customers £50 [app. $98] when they switched to Barclays. The deal proved to be so popular that many other home insurance providers soon followed with their own versions of the offer.”
Mark Till, Marketing Director for Barclays Insurance, commented: “In only our second year in the market we have managed to once again shake up the home insurance industry which is great news for consumers. After the launch of last year’s price guarantee many of our competitors had to copy the offer to keep up and we fully expect the same to happen following the launch of our renewal guarantee this year.”
Further information on Barclay’s offer and the other insurance products it offer is available at: http://www.barclays.co.uk/insurance.