Rubicon Corporation, a new financial services company, is giving retailers the chance to market their own insurance brands.
Rubicon will handle the administration of insurance policies on behalf of companies not traditionally associated with financial products, but which want to extend their brand. Policies covered include household, car, travel and health insurance.
The London-based company will organise a panel of insurance companies to provide the policies. Rubicon will then handle the quotes, mid-term adjustments, policy renewal and claims through call centre in Colchester, Essex.
The policies will be branded with the retailer’s logo, and Rubicon’s clients will receive commission for every policy sold. Marketing can either be handled by the retailer or contracted to Rubicon.
Rubicon says negotiations with potential customers are already “advanced”. It plans to achieve revenues of &£60m in three years and employ 1,000 people over the same period.
The company has been set up by former Eastgate Group director Max Carruthers and former GE Financial Insurance managing director Bradley Brandon-Cross.
Brandon-Cross says: “The brand intermediaries are the insurance distributors of the future – they have the customers’ confidence.”
He adds that the company will deal with the top 20 insurance companies. Each client will be offered access to a suggested panel of insurers, which will then be tailored to the retailer’s customer base.