Affinity specialist to provide online home insurance product for bank
Junction has agreed a new five year contract with Santander to deliver a new online home insurance product, plus add-ons including Legal Expenses and Home Emergency Cover.
Under the deal, the insurance affinity specialist will provide one of the banking group’s first ‘Santander’ branded insurance products in the UK market.
In addition to managing direct online business, Junction will be responsible for placing the Santander home insurance product on the UK’s top aggregators.
The Santander home insurance product uses an open panel model, with Axa, Groupama, RSA and Zurich among the underwriters.
Peter Thompson, managing director of Junction, said: “Santander is now the UK’s third largest bank in terms of deposits. We are proud to be working with such a major player in the marketplace to deliver a quality home product. With its high profile marketing campaign around the rebrand, Santander is gaining strong brand recognition so we expect a good performance both on aggregators and direct online.”
Miguel Sard, chief executive of Santander Insurance Services, said: “We have been selling home insurance to customers for some time, but wanted to harness the potential of the online marketplace. Consumers are now much more likely to research and buy insurance via aggregators and direct websites. Junction’s market leadership and expertise in this area will enable us to benefit from a whole new distribution channel.”