ASDA break new life insurance ground

Tue, 16 Jan 2007

ASDA, the UK supermarket chain owned by Wal-Mart, are planning to become the first of the supermarkets to offer independent advice on UK Life and Protection products. The news follows a Tesco decision to enter the private medical insurance market.

ASDA will provide access to life insurance and protection insurance products for the entirety of the UK market, aiming to provide the best possible deals. The ASDA Life service will go online at the end of this month, giving ASDA the chance to sell life insurance products that are individually tailored for the consumer's needs.

ASDA are aiming to capitalise on a market that demands more than a one-size-fits-all approach to life insurance, as adopted by many chain stores. Products are expected to include Income Protection, Family Income Benefit, Whole of life insurance and advice on other financial services products.

Gev Lynott, the director of financial services at ASDA, said: "We give our customers access to the full range of cereals, and now we can do the same in financial services through a true "supermarket" service in the life and protection arena. Not everyone has the same circumstances, and through this new free service we are able to fully assess customer needs in a regulated environment, and to offer them a product that truly suits their needs"
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