HSBC UK introduces new "switchable" subscription-based insurance product

Customers can choose three out of seven different types of covers
HSBC UK introduces new "switchable" subscription-based insurance product
INSURANCE NEWS
By Duffie Osental
05 Nov 2019

HSBC UK has announced the launch of a new flexible insurance product that offers seven “switchable” covers in one subscription.

With HSBC’s new “Select and Cover” product, customers can subscribe to a minimum of three policies from seven types of cover – mobile phone, gadget, home emergency, life, excess protection, motor breakdown, and travel – for a monthly fee. If their needs or circumstances change, customers can add and remove one option during the year, as long as they maintain a minimum of three, and change all their options once a year on the policy anniversary.

Each policy covers the policyholder, their spouse, domestic or civil partner, and their children.

Read more: HSBC reveals insurance push

“Select and Cover will redefine the way our customers buy insurance,” said Mark Hussein, chief executive insurance of HSBC Insurance UK.

“Its subscription-based model reflects our aspiration to provide customers with innovative ways to both buy and use our products. Select and Cover complements our existing products by broadening our range, enhancing the speed and convenience of the application process making insurance more appealing and accessible to customers. Its rationale is very much in keeping with our business strategy to improve access to insurance and enhance our digital capabilities, enabling us to evolve and grow within the changing insurance landscape.”

Select and Cover is available online to the six million HSBC UK customers who are registered for online banking.

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