UK financial services company Barclays has announced that its general insurance sales have doubled since it re-launched its insurance business just over two months ago, leading it to declare the strategic move a success.
Barclays has added 100,000 new customers to its core general insurance business, covering home, motor and travel, in the two month period. The results represent an increase in new general insurance sales of more than 100%.
The UK banking and insurance provider has attributed the strong customer response in part to the more efficient structure and lower cost of operation that working exclusively with the UK’s largest insurance company, Norwich Union, has delivered.
Commenting, Mike Rogers, managing director, Barclays UK Retail Bank, said: For a long time, Barclays was the sleeping giant of the insurance industry, with a market share of 1% overall. These early results paint a very different picture, one of a business on track to achieve its goal of being a top five player in the general insurance market in the UK.