After a month in partnership, a gigantic surge in new car insurance customers has come from the partnership between HSBC and Junction. A year-on-year rise of around 250 per cent of new customers was seen to be taking out cover for their vehicles from the high street bank.

Andy Watson, Chief Executive of HSBC General Insurance UK said: "We've got off to a flying start with Junction and are thrilled. On average we're seeing sales in a single day equivalent to that previously achieved in a week.

Mr Watson continued: "The difference is in the competitiveness of the quotes we're now able to offer our customer base, plus the panel approach means we can offer cover to people across a much wider range of risks. It means that customer conversion rates have improved dramatically, making our marketing activity much more efficient.”

The companies, which merged in September 2008, showed a high increase of new customers taking out car insurance policies which are provided in the bank’s high street branches, via Junction, the motor insurance provider.

Peter Thompson, Managing Director of Junction said: "We have ambitious plans for HSBC's motor insurance proposition, and we are very proud to have delivered some good results to date. There is a strong appetite among HSBC's customers for additional products like this because of the trust associated with the brand name, and simplicity of dealing with fewer financial providers.”