UK mobile phone network, EE, is looking to offer insurance coverage to its customers, according to a report by financial news website This Is Money.
The company is understood to be exploring the potential of rapidly expanding into the insurance sector over the next two years. It would initially offer coverage for electronics such as smartphones, before broadening its offering to include new products such as travel and car insurance.
It comes a week after the company announced that it would start offering cyber and home security packages to customers through a partnership with antivirus firm Norton, and alarm system group Verisure.
Speaking to This Is Money, Paolo Pescatore, an Analyst at PP Foresight said that the move into new areas such as insurance was ‘paramount to future survival’ for telecom firms, adding that such moves were likely to be ‘just the beginning’.
The insurance and telecommunications industries offer significant benefits to each other – particularly as parametric and other insurtech solutions increase in popularity.
One app-based travel insurance product launched by NTUC Income in April – known as FlexiTravel – provides users with notifications to activate their plan when their phone is detected entering or leaving Singapore.