Asda has seen protection sales increase by more than half year on year after teaming up with Lifesearch in January to offer whole-of-market advice to its customers.
The supermarket says 20 per cent of customers buy products such as income protection or critical-illness cover, in addition to life cover, since it has been offering advice. Sales are up by 54 per cent compared with last year.
Asda has begun distributing 100,000 free protection booklets to consumers to educate them about the different products available, what each product does and how to buy it.
The booklet, Protecting the Nation, gives details on life cover, income protection and critical-illness cover and is available from stores, Asda’s website and with policy documents.
The supermarket plans to expand its protection proposition outside its traditional customer base and aims to achieve double-digit year-on-year growth within five years.
Head of insurance and savings Gideon Ingham says: “We are really pleased with Asda’s performance and the customer response to Lifesearch has been extremely positive. The growth we have seen is a clear demonstration that moving from a single-tie model to one that accesses the whole market was the right move to make.”