Phone firm EE plans car and travel insurance: UK’s largest mobile network in ambitious expansion strategy
The UK’s largest mobile network EE could be offering travel and car insurance within the next two years as part of an ambitious expansion strategy.
The company is understood to be looking at providing cover for gadgets such as smartphones before eventually widening to other types of insurance.
It follows an announcement last week that EE, which is owned by BT, would start offering customers cyber and home security packages through a partnership with antivirus firm Norton and alarm system group Verisure.
Expansion plans: The company is understood to be looking at providing cover for gadgets such as smartphones before eventually widening to other types of insurance
A source said they ‘wouldn’t be surprised’ if the firm began offering the products within the next year or two.
Paolo Pescatore, analyst at PP Foresight, said that such moves from EE were likely to be ‘just the beginning’ as UK telecoms firms seek out ways to generate new revenue streams.
He added that moving into new areas is ‘paramount to future survival’ for big telecoms firms.
Plans for EE’s expansion come ahead of BT’s half-year results this Thursday, with many investors looking to see how the FTSE100 firm is holding up amid fears the cost-of-living squeeze will cause customers to cut back on internet and phone plans.
There will also be interest in how the group is coping with a wave of strike action as workers walk off the job amid a bitter dispute over pay.