Insurer to sell personal lines products through brokers
Halifax Bank of Scotland (HBOS) Insurance is to start selling personal lines insurance through brokers as part of a drive to build its portfolio.
The insurer is to focus on three key areas; sales through mortgage intermediaries, via affinities and through general insurance brokers, in an attempt to meet its stated aim of being the UK's largest bank-related insurer.
The insurer has appointed Alex Harrison as head of partnerships and affinities to drive the changes through.
Harrison said: "Through all these channels we feel we are either under-represented or in the case of the broker market, not there at all. We believe there is opportunity in all these channels.
"Our focus is household, but if there are opportunities in motor we will work in partnership with esure to meet them."
In travel and pet insurance HBOS plans to concentrate on the partnership channel, an area Harrison believes there is most opportunity.
Although HBOS claims to be ahead of its competitors in terms of gearing up for regulation, Harrison does not see the broker channel coming on line until the end of the year.
He said: "If there was the right opportunity with an easy IT entry we would be able to move in very quickly. However, what we are looking at right now is recruiting the right team."