Non-major enters insurance market

by Phil McCarroll04 Oct 2016
Non-major lender ING Direct has announced a staggered move into the insurance sector.
ING Direct  last week announced it will soon begin to offer home and contents insurance to borrowers generated through it broker network before rolling it out to direct home loan customers and as a stand-alone product in early 2017.
The offering will include a variety of optional coverings, including landlord, flood, accidental damage and personal valuables.
Currently, 90% of ING Direct’s home loan customers are generated through its broker channel.
ING Direct’s insurance offering will be a fully digital process, with an estimate automatically generated and emailed to the borrower upon approval of their loan. The borrower can then review the offer and purchase online if they wish.
ING Direct executive director – customers John Arnott said the decision to enter the insurance space was aimed at making ING Direct a full service operation for home buyers.
“Buying a home is both an exciting and incredibly busy time and we want to make the process as simple and efficient as possible for our customers so they can focus on the excitement of settling into their new home,” Arnott said.
“It’s about understanding their broader needs at this time and making sure we can meet them – effectively offering a one stop shop,” he said.
The insurance offering has been developed in partnership between ING Direct and insurance provider Auto & General.
Auto & General managing director and chief executive officer Ram Kangatharan said he believed there is a natural fit between the two companies.
“ING is a market leader in digital innovation and Auto & General has been developing smart data driven solutions tailored to meet their customers’ needs through their preferred purchase channels,” Kangatharan said.