HSBC has launched a monthly subscription service which allows HSBC UK customers to choose a minimum of three types of cover from a selection of insurance products from £19.50 per month.
Cover options available include mobile phone, gadget, home emergency, motor breakdown and excess protection, as well as life and travel insurance.
If a customer's needs change, they can add or remove one option during the year, providing they maintain a minimum of three products. All options can be changed once a year on the anniversary of the policy.
'Select and Cover' will redefine the way our customers buy insurance"
‘Select and Cover' can be cancelled at any time without penalty and each policy covers policyholder, their spouse, domestic or civil partner and their children.
Mark Hussein CEO of HSBC Insurance UK said: "'Select and Cover' will redefine the way our customers buy insurance. 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."
Tom Cheesewright, author of ‘High Frequency Change' added: "Our lives are full of choices now, so we naturally want to explore all our options. But we're restricted by the friction that builds up around our lives: long term agreements for housing, transport, connectivity, and insurance.
"Making insurance cover more flexible reduces this friction and allows us to make the choices we want to make, and respond to the opportunities life sends our way."
This article was first published by Cover, a sister title to International Investment.