British investment bank and financial services holding company HSBC has introduced Select and Cover, a flexible insurance subscription product with seven switchable covers.

Starting from 4 November 2019, HSBC customers in the UK will be able to select a minimum of three covers, including life insurance, home emergency, mobile phone, gadget, motor breakdown, excess protection, as well as travel insurance.

The Select and Cover product is available from £19.50 a month for three options and up to £45.50 ($58.78) for all seven.

Based on their need, customers will be able to add or remove one option throughout the year provided they keep at least three. They will be able to change all options once a year on the date of their renewal.

Each policy will cover the holder, spouse or domestic/civil partner, and children.

HSBC Insurance UK CEO Mark Hussein said: “‘Select and Cover’ will redefine the way our customers buy insurance. Its subscription-based model reflects our aspiration to provide customers with innovative ways to both buy and use our products.

“‘Select and Cover’ complements our existing products by broadening our range, enhancing the speed and convenience of the application process making insurance more appealing and accessible to customers.

“Its rationale is very much in keeping with our business strategy to improve access to insurance and enhance our digital capabilities, enabling us to evolve and grow within the changing insurance landscape.”

The new flexible insurance product also allows customers to cancel the subscription at any time.

HSBC UK head of wealth and advice James Hewitson said: “We know that customers want to protect the things they love, and we’ve now made that easier than ever.

“Select and Cover allows you to switch options to suit you and your family’s evolving needs. It also makes it easier to manage your policies by keeping them all in the same place and managed by one provider.”

The Select and Cover service is available to the six million HSBC UK customers who have registered for online banking.