The Woolworths supermarket giant has just announced its intention to offer a number of new insurance products, which will include life insurance and coverage for pets.
George Hughes, the head of insurance at Woolworths, said that the company has had intentions to extend its financial services branch, and that it is now doing so with its new addition of the various insurance products.
Hughes released a statement to complement the Woolworths announcement, that said that “We intend to have a long-term presence in the insurance sector, with the ability to cater for all our customers’ insurance needs.”
He went on to say that customers trust the products that Woolworths offers, whether they are groceries, mobile phone service plans, credit cards, or insurance coverage. He explained that the company feels that its customers recognize that it delivers its services and its products in a way that is not complicated, but that is consistently reliable and that provides a “great value for money”.
According to Woolworths, its own research has demonstrated that among families in Australia, 95 percent had inadequate insurance coverage because they simply found many of the insurance products that are currently available to be too confusing. It is the company’s hope that it will be able to provide its customers with a better understanding of these products so that they will become more accessible to them.
In order to offer these new products, Woolworths is partnering with Swiss Re, the global reinsurance firm, as well as The Hollard Group insurance provider.