ING Direct has launched into the home insurance market in partnership with AXA.
The savings bank will target ‘middle Englanders' by offering standard £50k cover on contents and £250k on buildings cover.
“We found we were consistently being asked about what home cover we offer but we didn't have a proposition,” said Richard Doe, head of customer proposition and innovation.
“We have designed a product which is simplistic but meets the needs of our clients.”
Doe said the bank would spend until the end of 2006 bedding in the product then it would review its effectiveness and make changes where necessary.
The home insurance market is booming with insurers ramping up attempts to capture the market. But, said Lindsay Clarke, chief executive of ING Direct: The insurance industry is confusing and complex and it is clear that customers are crying out for a fresh straightforward approach.
“The new home product will be free of hidden extras and offered at a consistent and competitive price.”
