Morrisons has become the latest supermarket giant to move deeper into financial services with the launch of new pet and travel insurance products.
The retailer has partnered with insurance specialist Hood Group to offer the cover, joining rivals including Tesco, Asda and Sainsbury’s in using their brands and loyalty schemes to expand beyond traditional grocery retail.
The new products are available through Morrisons and are linked directly to the supermarket’s More Card rewards programme, as reported by creatorzine.com.
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Customers taking out a pet insurance policy will receive 20,000 More Points, while travel insurance customers can claim a 10% discount.
Every 5,000 More Points can be exchanged for a Morrisons Fiver to spend in-store or online.
The move reflects a growing trend among Britain’s biggest supermarkets to use their large customer bases and loyalty programmes to sell additional services ranging from banking and insurance to mobile phones and broadband.
Morrisons Pet Insurance offers three levels of lifetime cover with annual veterinary fee limits of £2,500, £5,000 and £10,000.
Customers will also have access to a UK-based Pet Health Assist Line staffed by vets and nurses around the clock.
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Meanwhile, Morrisons Travel Insurance is available in three levels of cover and includes gadget protection as standard for customers who buy directly.
Pet insurance policies are underwritten by Burns & Wilcox Global Solutions Limited on behalf of Accredited Insurance (UK) Limited, while travel insurance is underwritten by AXA.
Morrisons said the products are designed to provide straightforward cover in areas many customers regularly need.
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A spokesperson said: “These new services are designed to make life a little easier by offering simple, good-value options in areas that really matter to our customers.”
The launch was welcomed by Hood Group, which developed and powers the digital insurance platform behind the products.
Bruce Reid, Commercial Director at Hood Group, said: “Absolutely delighted to see this latest affinity partnership come to life with Morrisons.
“It’s been a genuine pleasure collaborating on the launch of Pet and Travel Insurance for their customers – an initiative that truly reflects their ambition and forward thinking.”
He added: “Morrisons have embraced the opportunity they can unlock within their estate, recognising the meaningful value they can bring to their shoppers by offering high-quality Pet and Travel insurance products.”
Reid described the launch as “a brilliant collective effort” involving teams from Morrisons, Hood Group and insurance partners.
The move comes as competition intensifies among supermarkets looking to generate additional revenue streams beyond food sales.
Tesco already offers a broad range of insurance products, while Asda has recently expanded into areas including motor, home, gadget and business insurance through partnerships.
Sainsbury’s also remains active in the sector following Allianz’s takeover of home and motor insurance policies previously offered through Sainsbury’s Bank.
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