Irish Life does better-value deal with Dunnes Stores

Irish Life managing director, David Went, is wasting no time in expanding the group's customer base

Irish Life managing director, David Went, is wasting no time in expanding the group's customer base. In the market for a major acquisition, but not prepared to just sit and wait until a suitable opportunity presents, Mr Went is moving ahead to add new customers without buying bricks and mortar. Deals with Dunnes Stores and TSB Bank show clearly that the new managing director is determined to drive the group ahead through expanding its distribution network and its product range. The latest deal with Dunnes Stores could bring Irish Life's products to a potential market of about 500,000 customers. Dunnes Stores wanted to add financial services products to its Value Card scheme and invited a number of companies to pitch for the business. Irish Life developed a special product for the Value Card customers which offered life assurance with a full capital repayment guarantee. It won the contract with the retailing giant. The new product is now on offer to Value Club customers in Cork on a trial basis. The Dunnes deal follows a tie-up with TSB Bank to offer Irish Life customers a bank home for their cash from maturing life assurance policies. Instead of a lump sum payment from Irish Life when their policies mature, customers opting for the new scheme will get a bank account at TSB and a cheque book.