O2 considers car insurance market

Telecommunications services provider O2 is currently looking at the possibility of entering the car insurance market.

Sources say that the network provider sent surveys out to some of its customers via its Trail Blazer scheme, where people who use O2’s products and services give their opinions on potential new products or services. Customers were asked for their opinions on a name for the service, which would end up being named O2 Drive or O2 Open Road.

Owned by Spanish telecommunications company Telefónica, O2 is currently the second-largest mobile telecommunications provider in the UK. Although the company started out offering mobile network coverage, it is continually expanding the range of services it offers to customers.

The UK insurance industry is the largest in Europe and the third largest in the world, it received a worldwide net premium income of £160.4bn in 2013.