Coles’ little red quote to get bigger with travel insurance
Supermarket heavyweight Coles is expanding its insurance product portfolio with plans to cover pets and travel, according to smh.com.au.
Since launching into the insurance world in 2011, Coles has gained more than 400,000 customers across car, life and home policies.
Coles’ decision to expand into pets and travel insurance will match the insurance offering of rival Woolworths which has sold insurance products - home and contents, car, travel, pet and life - since 2012.
Preparations have also been underway for a new credit card joint venture between Coles and GE Capital.
The move has signalled a greater push by the supermarket giant to strengthen its position in the Australian banking market, following the growing trend of supermarket banking in the UK.
The UK is dominated by four large grocery chains -Tesco, Sainsbury’s, ASDA and Morrison’s -which account for 74% market share.
Of these four, three brands offer banking service such as pet insurance and personal loans that often match or beat the best products from the major banks.
The UK model of supermarket banking may not be far away for Australia, given Coles and Woolworths recent expanded offerings of banking products and heavy emphasis on reward schemes.
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