The Post Office will look to boost its panel of insurers in a bid to win more higher risk business
The Post Office will look to boost its panel of insurers in a bid to win more higher risk business.
The head of insurance at Post Office Financial Services (POFS) said the venture, which claims to have nearly 600,000 policyholders, wanted to expand its underwriting footprint.
POFS is looking to double its share of the home insurance market and triple its motor market share within five years. It claims to insure one in 200 homes and one in 50 cars.
Phil Ashkuri said the aim was to win more business in non-standard areas, such as young drivers and drivers with convictions.
“We quote on 95% of business in home and motor, but we are not competitive. We have a standard approach, but we want to look to be more competitive in other sections of the market,” he told Insurance Times.
Ashkuri said POFS would look to bring more insurers on to its panel or “stretch” existing insurers.
POFS, which is a partnership between the Post Office and Bank of Ireland, currently has 17 insurers on its panel. Norwich Union is the lead insurer on home and motor business.
Meanwhile, POFS is also set to roll-out a new quote-and-buy facility for motor cover to 200 branches by the end of the year. The facility enables customers to buy insurance at a Post Office branch.
Ashkuri said the facility would be extended to home insurance products.
Extending the facility to its recently launched commercial vehicle product would also be considered.
POFS made a pre-tax loss of £8m for the year ended 31 March 2007, compared to a loss of £22m in the previous year, according to Bank of Ireland figures.
