Help The Aged to target grey pound with financial services arm
LONDON - Help The Aged, the charity for the elderly, has unveiled plans to set up a financial services division with insurance firm Liverpool Victoria offering insurance products and services.
Help The Aged has an existing insurance and equity programme underwritten by Churchill, but now intends to rollout InTune, a financial services business offering motor, home and travel insurance with Liverpool Victoria, to target the grey market.
It is understood that profits made from the business will be reinvested into the charity's core campaigns, which tackle poverty, healthcare, social exclusion and ageism.
Help The Aged said the decision to create its own full service financial services division was made to address the "changing needs" of people in their 50s and 60s compared with those aged 70 or above.
The charity said many insurance companies in the UK were failing to address the needs of the elderly, or were discriminating against older people through their products and services.
Anne Grahamslaw, managing director of InTune, said: "Many companies are guilty of lumping the over 50s into one amorphous grey market and being inflexible or discriminatory with their products and services.
"The demographics of this country are changing and people are staying younger for longer, but not everyone appears to be recognising and responding to this growing trend."
The charity, which lists the Prince of Wales and Cherie Blair among its patrons, will hope InTune fairs better than Age Concern's £8m Heyday scheme, which had to be scaled down earlier this year following a major shortfall in expected business.
Heyday aimed to recruit half a million members by 2007, but the revised target by April is now 50,000.
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