The banking arm of supermarket giant Sainsbury’s has launched into the motor insurance market with a newly designed policy.
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Following strong financial results for the last twelve months, the Sainsbury’s Bank has now put in place a new aggressive growth strategy.
Product development is a crucial element of the Bank’s plans and ‘Sainsbury’s Bank Car Insurance’ exemplifies the type of product offering which the Bank will continue to seek to develop.
As part of the new strategy to integrate with J Sainsbury more than ever before, the policy’s launch will involve it being included as part of a J Sainsbury-wide promotion later this month, in addition to a highly visible in-store presence which will also include the supermarket’s petrol station sites.
Tim Pile, CEO Sainsbury’s Bank said: “We believe strongly that this product is one of the best in the marketplace and that it will present a real challenge to the industry, which we see as becoming increasingly polarized between those companies that offer cheap premiums and those which provide more comprehensive cover. Our new product offers both and it is a welcome addition to our range of competitive, value products which will help ensure we continue to enjoy rapid growth.
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By GlobalData“For the year to 30 March 2002, our operating profit grew by 66.4% to £22m and our underlying profit increased by 95%, all of which has been fuelled by excellent sales. Indeed, we have increased the number of personal loans sold by 100% and our insurance product sales have increased threefold.
“Sainsbury’s Bank became profitable only two years after its launch in 1997 and our future potential is fully recognised. New product development as part of a truly customer focused proposition is a crucial element in fulfilling our new, accelerated growth plans.”
