London-based Prudential Plc, the U.K.’s largest insurer, reportedly plans to
start a free Internet access service so that users can use its financial
services online. Microsoft will provide content such as news and business
information.
The service, starting next month, will have technology and telecommunications
support from Virtual Internet Provider Ltd., a venture of Cisco Systems Inc.,
Fujitsu-owned ICL Plc, Softbank Corp. and Cable & Wireless Communications Plc.
Bloomberg News said the move follows that
of other U.K. companies such as retailer Dixons Group Plc, which are providing
free Internet access to attract users to Web sites from where they can sell
products and generate advertising revenue.
By offering free access first, Prudential boosts its telephone and Internet
banking venture, Egg, which competes with the Royal Bank of
Scotland Direct Line and Midland Bank’s First Direct.
“The aim is to become a leading electronic commerce player,” Richard Duvall,
Egg’s director of electronic commerce, was quoted as saying. Prudential
expects Egg, on which it will spend about 100 million pounds ($162 million)
this year, to be profitable by 2001.