French insurer decides plans don’t match its ambitions
Covea has scrapped plans to launch its £20m aggregator, Insurance Times can reveal.
The French mutual giant had planned a big advertising and marketing campaign earlier this year as it targeted taking a market share from rivals Confused, Gocompare, Comparethemarket and Moneysupermarket.
But in an interview with Insurance Times, Swinton chief executive Christophe Bardet said plans for the new aggregator had been shelved as it was not in line with Covea’s ambitions.
“It was a new project and they decided not to do it,” he said.
Covea initially shifted the aggregator’s launch date from January to mid-2012 amid concerns about introducing another brand-led campaign into a ferociously competitive market.
Gocompare spent £27.8m on advertising last year, Confused spent £20.5m, Moneysupermarket paid £19.4m and BGL, which owns Comparethemarket, invested £17.4m.
Covea did not return calls by time of going to press.