HSBC has launched a flexible product that offers seven switchable options in one subscription. The covers include mobile phone, gadget, home emergency, life, excess protection, motor breakdown and travel. The pay monthly service, Select and Cover, allows consumers to choose a minimum of three types of covers.

One option can be added or removed during the year, as long as a minimum of three covers is maintained. All options can be changed once a year on the policy anniversary.

Combining covers can reduce the aggregated cost, thereby saving consumers money when compared to purchasing individual policies.

The firm said that the service can be cancelled at any time without penalty. Each policy covers the policyholder, their spouse, domestic or civil partner and their children.

Chief executive officer of HSBC Insurance UK, Mark Hussein hopes the new product may redefine the way consumers buy insurance.

“Its subscription-based model reflects our aspiration to provide customers with innovative ways to both buy and use our products,” he added. “Select and Cover complements our existing products by broadening our range, enhancing the speed and convenience of the application process making insurance more appealing and accessible to customers. Its rationale is very much in keeping with our business strategy to improve access to insurance and enhance our digital capabilities, enabling us to evolve and grow within the changing insurance landscape.”

The service is available online to UK consumers who are registered for online banking with the company.

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