Woolworths Ezy Banking to offer insurance

The Commonwealth Bank looks set to expand product offerings through Woolworths Ezy Banking by offering general insurance services.

Mr Graham Huenis, CBA’s senior executive in the venture, confirmed that the partners were looking to add depth to its relationship with its 400,000 customers by progressively adding travel, car and general insurance products to the Woolworths Ezy Banking suite of products over the next 12 months.

The new general insurance products would be the most significant additions since the launch of the joint venture some 18 months ago. The national manager of banking for Woolworths Ms Penny Winn noted that the key to all of the financial products on offer was that they retain a synergy with the core retail and banking partners and be kept simple.

For CBA, the joint venture has blossomed into an effective way to acquire new customers. Of the 25 000 customers registered in May, none had previously had a relationship with CBA.

‘Ezy Banking to offer insurance’, George Lekakis, Australian Financial Review, 29 June 2001 p70