RSA will be the first insurer to offer a cashback scheme for loyal customers at renewal

RSA has stepped up its efforts to eliminate dual pricing by becoming the first insurer to offer a cashback scheme.

The MORE TH>N REW>RDS scheme will help loyal customers offset the cost of renewing their insurance.

The scheme gives home, pet and car insurance customers unlimited cashback on purchases at hundreds of high street and household brands, which is stored in an online wallet. The list of retailers available currently includes Tesco, Morrisons and Just Eat.

At renewal, the cashback customers have earned will be paid into their bank account, giving them the option to either put it towards the cost of their new policy or spend it elsewhere.

If customers choose not to renew their insurance policy, they can still access the cashback they have built up, minus a £35 administration fee to cover the cost of the scheme.

Kenny Leitch, global connected insurance director at MORE TH>N, said: “We’re proud to be the first insurer to offer a cashback scheme for our customers, helping them save money to pay for their insurance.

“As the scheme gives unlimited cashback some customers could even make money from it if they earn more than the cost of their renewal.”

There is no limit on the savings a user can make but the average shopper is expected to earn around £300 cashback per year by using the service.

Leitch added: “MORE TH>N staff have been testing the scheme and one of our employees racked up more than £600 in five months.

“We know that managing finances, while juggling family life, can be difficult so we’ve worked to make the scheme as simple as possible, allowing customers to earn as they spend by linking their account to their credit or debit card.”