Simply Business targets £100m GWP

It is also aiming for 500,000 policies within five years, triple the 162,000 written in 2010.

An enhanced portfolio of products, including legal protection which will be available online within three months, forms part of the growth strategy. Jason Stockwood, chief executive officer at Simply Business, explained: "We are looking at a number of different product lines, consumer [household and motor] is one as it is the natural evolution for us to service the customers who like what we are doing