Tesco To Launch New Online Service

Mon, 21 May 2007
 
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Tesco is set to launch a new financial services comparison site later this year following the registering and trade-marking of tescocompare.com.

The website is being launched in association with The Royal Bank of Scotland, Britain’s largest general insurer and partner of Tesco Personal Finance, and will allow users to compare hundreds of products and prices .

RBS Insurance, whose brands include Churchill Insurance and Direct Line, is understood to have invested millions of pounds into Tesco’s new venture.

At first the new site will only display insurance products, including its competitors', but will expand to include comparisons of other financial products such as credit cards .

Industry observers expect the website to rival existing operators due to its brand strength and large customer base .

But market analysts believe the independence of Tesco/RBSI may cause scepticism by the general public, while others see it as a poor move by both companies, as insurers regularly complain that comparison sites force down policy premiums.

"We will continue to innovate and look at options popular with customers," Tesco commented.

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