Our History
The BGL Group began operating in the UK in 1992. Its founder Douw Steyn's objective was to repeat the success of the South African motor insurance company, Auto & General. Budget was a pioneer in motor insurance, selling monthly and later annual policies, and creating the first paperless insurance environment. Starting with just five executives and no existing customer base in the UK, Budget Insurance Company grew within four years to an enjoy an annualised premium of £54 million.
The original UK organisation, Budget Insurance Company Limited, in the UK, sold household and car insurance, underwriting its own risks.
In December 1997 a change in Group strategy saw the Budget Group cease underwriting and become an insurance intermediary, marketing policies underwritten by a panel of insurers. This strategic move led to immediate profit growth.
October 2001 saw Budget acquire Coventry based Dial Direct, a major UK car and motorcycle insurance intermediary, selling primarily under the brands of Dial Direct and Bennetts. The following August, Budget set up its affinity business, Junction, with major high street brand partners such as Post Office and M&S Money.
ACM ULR, the accident claims management arm of the group was launched in 2003, and two years later the Group created a new price comparison website, comparethemarket.com.
Its Fusion operation provides contact centre services across five different sites, four in the UK and one on South Africa.
The Group's latest innovation is 2007's launch of ibuyeco, the new brand for carbon-neutral car insurance.
2008
Junction signs Auto Trader as new joint business partner
Fusion Contact Centres reward top advisors with prizes worth in excess of £40,000
Budget launches new product to target the need for short-term motor insurance
The Group's employees select the NSPCC as the corporate charity for 2008/09 via a company-wide vote
2007
BGL Group delivers record profits of £43 million, a year-on-year growth of 93 per cent, and hits 2 million policies
The BGL Group changes its name from the Budget Group of Companies
The Group is selected as ‘one to watch’ in the Sunday Times’ PricewaterhouseCoopers’ Profit Track 100 rankings report, and appears within the Sunday Times list of the top 250 largest mid-market companies.
BGL Group also wins the Peterborough Evening Telegraph Business of the Year award in the 'large' category
comparethemarket.com re-branded and re-launched with £20 million marketing investment. New partnerships announced with the Motley Fool and Knowyourmoney.co.uk
ibuyeco – eco-friendly product allowing customers to 100% offset their CO2 emissions launched with print and TV advertising – www.ibuyeco.com
Junction hits 1 million policies
AutoTrader appoints Junction as provider of its own brand car insurance product. Co-operative Insurance Services also becomes a Junction partner.
Junction announces new five-year partnerships with both the Post Office and Marks and Spencer
Bennetts hits 200,000 policies
A new Fusion contact centre is opened in Peterlee to accommodate increases in volume across the BGL Group brands and those of our partners. In addition the Coventry site relocates to a new office with more space and better facilities.
The Cape Town contact centre moves into state-of-the-art new offices with capacity for 800 seats
Bennetts launched a massive motorcycle safety campaign - 'Rev For a Reason'
2006
comparethemarket.com – insurance price comparison website launched
Leading websites - AutoTrader, moneysavingexpert.com, pricerunner, simplyswitch and MORE TH>N - all establish partnerships with comparethemarket.com
Budget Van Insurance is launched, backed by a high profile marketing campaign – "It’s a van man thing!", which wins Insurance Times' Marketing Campaign of the Year
comparethemarket.com wins the Insurance Times’ New Entrant of the Year Award
Budget Group wins Insurance Age’s UK Broker of the Year Award
Budget sells its high street broking business to Swinton.
LocalBroker.co.uk is launched.
2005
Budget celebrates reaching one million policies.
Junction wins contract for yesinsurance.co.uk.
Debenhams home insurance is added to the Junction portfolio.
2004
Police Mutual appoints Junction as provider for its car insurance.
Bradford & Bingley appoints Junction to manage its car insurance product.
Post Office Financial Services appoints Junction as its car insurance provider. This is followed three months later by the launch of a home insurance product also provided by Junction.
Fusion opens 200 seat contact centre in Cape Town, South Africa.
2003
Junction launches its first contract with National Australia Banking Group, which includes Clydesdale Bank, Yorkshire Bank and Northern Bank, managing its home and motor insurance products.
Marks & Spencer signs Junction as its provider for car insurance.
Homebase appoints Junction as its provider for its home insurance offering.
Travel and life insurance products are launched under the BUDGET consumer brand.
Budget’s claims arm, ACM, was restructured to administer Uninsured Loss Recovery.
BUDGET launches a motor quote facility on the website, shortly followed by home insurance on-line quotations.
Bradford & Bingley awards Junction the contract for home insurance.
2002
Budget forms its affinity business, Junction, offering outsourcing insurance sales and services to major high street brands and financial services brands.
2001
Budget acquires the insurance intermediary group, Dial Direct, based in Coventry, which included the brands - Dial (motor insurance), and Bennetts (motorcycle insurance). This acquisition increases Budget’s customer base by over 270,000.
Motor Finance and Personal Accident insurance are added to the secondary product range.
2000
The Advanced Claims Management (ACM) department launches to manage claims on behalf of Budget’s panel of insurers.
1999
The BUDGET home insurance product is launched.
Budget acquires high street brokerage, Arnott Century, which increased the size of the customer file by 220,000 overnight. The shops were then re-branded as Budget Insurance Services.
1997
The company ceases trading as an insurance underwriter and reforms as Budget Insurance Service, an insurance broker, underwritten by a panel of leading UK insurers. It also begins selling annual policies, which brings it in line with the UK market.
The Budget website – http://www.budgetinsurance.com/ – launches.
1992
Five executives of Auto and General form Budget Insurance Company in the UK, trading as an underwriter of motor insurance and issuing monthly policies, which, at the time, was unique to the UK market.
1985
Douw forms his own insurance company in South Africa, Auto and General, issuing motor and home contents insurance. It is the first company to pioneer paperless insurance, using voice-recording systems during the sales process.
1974
Douw Steyn, Budget’s founder and chairman, begins trading as Steyn Brokers in South Africa.