Tesco brings supermarketing to the financial services industry by launching a motor insurance comparison site

Tesco Personal Finance announces the launch of Tesco Compare.com, a new car insurance comparison site. The site will be an extension of Tesco’s successful joint venture with RBS. This is the first time a UK supermarket will be offering personal finance products from a variety of different brands.

Tesco Compare.com will be available to customers from 14th September 2007 and currently lists details of around twenty products, such as Churchill, AA, More Th>n, Sheila’s Wheels and many more. Tesco Compare.com is expecting to extend the number of its motor insurance partners in the future.

The site lists a great range of products (30 different ones at launch) including some brands* exclusive to Tesco Compare. It further differentiates itself from other motor insurance comparison sites by comparing insurance not only by price but also by over 25 policy features. Tesco Compare adds no extra cost in the price quoted by its partners, the price quoted will be the same as if the customer went direct, and the service is free.

Tesco Personal Finance has been successfully building its brands of personal finance products and services over the last 10 years and delivered a net profit of £130m in the last financial year. The 24 products and services range from mortgages to health insurance and Tesco Personal Finance has so far over 5 million customers.

Robin Bulloch, CEO of Tesco Personal Finance says: "This new initiative is a natural fit for the Tesco brand and customers expect us to offer great range, competitive prices with a service that is simple to use. People are increasingly using websites to choose their insurance and they have told us they trust Tesco to provide one. They have told us they want our service to go beyond price comparison and that’s what we’ve done."

"Tesco Compare.com sets itself apart from the competition by listing some great brands on our site that no other aggregator lists and we will be adding to the list of insurance brands over the coming months."

"This is an exciting time in the evolution of Tesco Personal Finance. We have worked hard over the last ten years to grow and evolve our personal finance proposition to offer new, innovative and competitive products to our customers. Tesco Compare.com is a natural next step for the UK’s leading retailer and we hope it will be popular with customers."

* Exclusive brands on Tesco Compare: Tesco, Churchill, Privilege, Nationwide, Lloyds TSB, Prudential & Virgin.