Budget Group of Companies

Infobox Company
company_name = Budget Insurance Group
company_type = Public
foundation = 1992
location = Peterborough, United Kingdom
num_employees = 1450 [http://www.peterboroughtoday.co.uk/ViewArticle2.aspx?SectionID=847&ArticleID=1851398]
industry = Finance and Insurance
products = Financial Services
homepage = [http://www.budgetinsurance.com/ www.budgetinsurance.com]

History

The Budget Group of Companies began operating in the UK as an underwriter in 1992. The Group changed its name to the BGL Group in July 2007. A strategic change in 1997 to intermediary status, marketing policies underwritten by a panel of insurers, triggered the growth of the BGL Group [http://www.bglgroup.co.uk/] . Through a combination of organic growth and a number of major strategic acquisitions, which included Arnott Century (1999), Dial Direct and Bennetts (2001), the Group increased in size by a substantial amount.

A major contributor to this growth was the launch of its affinity business, Junction, in 2002. With an increasing number of high profile partners, such as Post Office, M&S Money, Bradford & Bingley, and Yes Insurance, Junction’s policies under management has grown to over half a million.

A memorable PR and marketing campaign for Bennetts was launched in 2003, helping to establish the bike insurer as a leading brand in the UK market. A similar approach is being used, in 2006 for Budget & Dial’s Commercial Vehicle business.

In 2003, Budget launched its own uninsured loss recovery business, ACM ULR. In its first year of trading it captured 80,000 incidents and is available to all of Budget’s and its partners’ policyholders.

Main lines of business

Personal lines - motor, motorcycle, home and commercial vehicle insurance alongside a wide range of supplementary products, which include breakdown cover, legal protection, travel insurance and mortgage payment protection insurance.

Major trading brands

BISL Limited - trading under the names of Budget, Dial Direct, Bennetts, Junction, Fusion* and COMPAREtheMARKET.

* No connection with the UK commercial insurer of the same name, established in 2001.

Key Dates

1992 Budget Insurance Company founded

1997 Budget Insurance Services founded

1998 Budget Insurance Company ceases underwriting and becomes an intermediary business

1999 Acquired Arnott Century, now Budget Retail

2001 Acquired Dial Direct and Bennetts

2002 created Junction – first major affinity contract

2003 Created ACM ULR

2004 Cape Town Contact Centre opened

2005 Created comparethemarket.com – online price comparison website

2006 Sale of Budget Retail

2007 Launch of eco-friendly car insurance, ibuyeco.co.uk [http://www.ibuyeco.co.uk] and relaunch of comparethemarket.com [http://www.comparethemarket.com] insurance aggregator site

References

* [http://www.tamar.com/?;page_id=220 Tamar builds new site for Budget 30 September 2005]
* [http://www.bglgroup.co.uk/about/history.php The History of Budget]
* [http://www.peterboroughtoday.co.uk/ViewArticle2.aspx?SectionID=847&ArticleID=1851398 City employees in the limelight at Budget's awards ceremony 31 October 2006]
* [http://www.guardian.co.uk/guardian_jobs_and_money/story/0,,1152388,00.html It pays to shop for home cover 21 February 2004]
* [http://www.guardian.co.uk/guardian_jobs_and_money/story/0,,1267700,00.html Motor cover on a tight Budget 24 July 2004]
* [http://www.jkcit.co.uk/casestudies/budget.htm Budget Group Case Study]
* [http://www.natf.co.uk/?Page=67 An overview of the Budget Group of Companies]