Adam Winslow took over the lead role of CEO at Direct Insurance Line Group, shifting all chances beyond car insurance to fuel growth and returns of the business. He plans to unwrap businesses in home, rescue, and commercial insurance and also takes another look at the motor insurance segment. This aims to come up with robust returns for shareholders coupled with high cost savings by the year 2025.

Adam Winslow has been chief executive of Direct Line Insurance Group PLC for only four months, but he already is grasping beyond this core business of car insurance for fresh prospects of growth.

“Direct Line is about more than just motor,” said Winslow in a press statement ahead of today’s capital markets day presentation. “We have big plans to grow in home, rescue, and commercial direct insurance.”

He added, “The strategy and targets we are sharing today show our ambition and intention to grow our business and deliver strong returns for our shareholders.”

A commitment to paying out approximately 60% of post-tax operating profit has been made by Direct Line as the regular dividend. Any extra capital returns will be reviewed annually with the full-year results.

Talking about the company’s main motor insurance department, it has also planned some changes. One giant step of adding its brands to online price comparison websites ranks as important; this is because “around 90% prefer to shop” this way.
Direct Line will stop investing in affinity motor partnerships and other personal line businesses to save at least £100 million by 2025.

Apart from expanding into new territories, Winslow also sees a need to adjust due to the changes in customer behavior. Using the online sites allowed Direct Line to access more customers and deliver better prices. This move is expected to give the company’s products attraction as well as competitiveness.

Moreover, the company is developing customer service. Winslow says that the firm is developing ways of listening to customers better and serving their interests. Its relationship and loyalty attributes are also focused towards connecting with clients more soundly.

In summary, new plans by Adam Winslow would be to diversify Direct Line business from just car insurance. Winslow is looking at expanding the company through business lines like home, rescue, and commercial insurance, along with changes in its car insurance strategy, with strong returns for shareholders. Material cost savings will be targeted by the company for 2025.