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Increasing numbers seek home insurance deals at work

08/08/06

Workers will increasingly turn towards their employers to find home buildings insurance and home contents insurance deals, according to new research.

According to the latest statistics from financial websites MoneyExpert and thomsons online, a total of 3.69 million people used worksite marketing to search for new building insurance policies in the last twelve months, which is equivalent to 15 per cent of the working population.

Furthermore, 3.97 million workers or 16 per cent of people in employment took into account their employer's officially endorsed insurance providers when looking for home contents insurance bargains.

This market, moreover, is predicted to grow further in the coming twelve months.

Apparently, 4.11 million people - 17 per cent of employees - plan to use the facility for building insurance searches next year, while 4.53 million staff - 18 per cent of workers - intend to use it for contents insurance deals.

Sean Gardner, MoneyExpert chief executive, explained workplace marketing provides clarity to insurance buyers confused by the constant introduction of new home insurance providers and discounts on offer.

"The retail financial services market is becomingly increasingly crowded with thousands of different products to choose from," he said.

"This can be confusing for people and - even when they have decided which product to apply for - there is no guarantee that their applications will be accepted because banks are becoming increasingly selective in who they lend money to."

"This helps explain why our research suggests that, over the next twelve months, over 162,000 financial services products are likely to be sourced through the workplace every day," he concluded.

Last month, Barclays Insurance published research indicating the importance of shopping around to find the cheapest home insurance quote.

The study suggested the most competitive annual home insurance premium available in May cost approximately £195, but that the most expensive quoted figure was in excess of £308.