Morrisons has launched pet and travel insurance products, offering customers a significant loyalty points bonus as part of a major push into financial services. The supermarket giant has partnered with insurance specialist Hood Group to roll out the new policies, which come with exclusive rewards through the Morrisons More Card loyalty programme.
Shoppers who take out a pet insurance policy will receive 20,000 More Points, while those purchasing travel insurance can benefit from a 10% discount on their cover. Every 5,000 More Points can be exchanged for a Morrisons Fiver, redeemable online or in stores.
Supermarket Expands Beyond Grocery Retail
The move sees Morrisons join rivals including Tesco, Asda and Sainsbury's in using their brands and loyalty schemes to expand beyond traditional grocery retail. Morrisons said in January that More Card active users were up 11% to a record 8 million.
Morrisons Pet Insurance, underwritten by Burns & Wilcox Global Solutions Limited on behalf of Accredited Insurance (UK) Limited, offers three levels of lifetime cover with annual veterinary fee limits of £2,500, £5,000 and £10,000. Customers also gain access to a UK-based 24/7 Pet Health Assist Line staffed by vets and nurses.
Morrisons Travel Insurance, underwritten by Axa, is available in three levels of cover and includes gadget protection as standard for customers who buy directly. The policies are available online through Morrisons, with the digital platform operated by Hood Group.
Executives Highlight Customer Benefits
Jamie Winter, Morrisons' director of procurement, said: "With the launch of Morrisons Insurance, we're giving customers access to trusted pet and travel cover while rewarding them through our popular More Card with points and exclusive discounts. These new services are designed to make life a little easier by offering simple, good-value options in areas that really matter to our customers."
Bruce Reid, commercial director at Hood Group, said: "Absolutely delighted to see this latest affinity partnership come to life with Morrisons. It's been a genuine pleasure collaborating on the launch of Pet and Travel Insurance for their customers - an initiative that truly reflects their ambition and forward thinking." He added that Morrisons had "embraced the opportunity they can unlock within their estate, recognising the meaningful value they can bring to their shoppers by offering high-quality Pet and Travel insurance products." Reid described the launch as "a brilliant collective effort" between the teams at Morrisons, Hood Group and insurance partners.
Supermarkets Seek New Revenue Streams
The expansion comes as supermarkets continue searching for new revenue streams amid fierce competition in the grocery sector. Retail giants like Tesco, Asda and Sainsbury's already offer a variety of insurance products. By teaming up with major insurance firms, supermarkets can sell insurance to their customers while boosting loyalty scheme engagement through rewards, including extra points and money-saving perks.
For example, Tesco Pet Insurance offers three levels of cover—Lifetime, Maximum Benefit or Time Limited—with a Clubcard discount. Asda has recently launched business, gadget, home and motor cover through partnerships. Sainsbury's remains active in the market, with Allianz managing home and motor policies previously provided via Sainsbury's Bank.
