Having completed an agreement with Swiss insurance giant Zurich Financial Services, EasyGroup is set to offer low-cost car insurance in the UK through its online personal finance brand, EasyMoney.
EasyMoney, one of the brands in Stelios Haji-Ioannou’s ‘easy’ empire, will launch its car insurance product later this year. By selling an un-bundled insurance policy, the company said that it would be in a position to offer a more affordable alternative.
Although the new product will be in direct competition with other low-cost insurance providers, such as Direct Line and Tesco Personal Finance, Stelios appears confident of acquiring a stake in a market valued at an estimated GBP9 billion.
EasyMoney online financial services already offers UK consumers a credit card, and as well as the forthcoming launch of motor insurance, both home and personal insurance are being considered.