Junction takes HSBC to new sales high

In its first month as HSBC's affinity partner for motor insurance, Junction has enabled HSBC to deliver record numbers of new customers. New policy sales in September 2008 were up approximately 250 per cent year on year.

Andy Watson, Chief Executive of HSBC General Insurance UK said: "We've got off to a flying start with Junction and are thrilled. On average we're seeing sales in a single day equivalent to that previously achieved in a week."

Junction provides motor insurance products to the bank's customers via its network of branches, online and by telephone, under the HSBC Insurance brand.

Mr Watson continued: "The difference is in the competitiveness of the quotes we're now able to offer our customer base, plus the panel approach means we can offer cover to people across a much wider range of risks. It means that customer conversion rates have improved dramatically, making our marketing activity much more efficient. HSBC's branch staff and Junction's contact centre advisors deliver further success, through their exceptional skills in helping customers find the right cover and therefore securing their business."

HSBC sells motor insurance via customer mailings and in branches. The brand is also available via the leading price comparison sites. In the run up to launch Junction delivered an HSBC branded internet journey, documentation, an in-branch sales solution and staff scheme, all in time for launch on September 1. A migration capability is on target to be delivered this month.

Peter Thompson, Managing Director of Junction said: "We have ambitious plans for HSBC's motor insurance proposition, and we are very proud to have delivered some good results to date. There is a strong appetite among HSBC's customers for additional products like this because of the trust associated with the brand name, and simplicity of dealing with fewer financial providers. By supplying good deals and the right product, there are major gains to be had in customer conversion. We're confident that we can build on this early success to deliver an exceptional performance for HSBC in the long term."