After announcing last week a net profit of $576.5 million for the year to July 25 – and hailing the success of its petrol retailing scheme, Coles Myer is getting into insurance through the claims end – and cutting itself a bigger slice of the replacement cake.

The Coles Myer insurance claim card will allow customers to buy replacement items lost in a burglary, fire or other catastrophe.

“Insurers will offer this PIN-protected card as an easy alternative for people to settle their insurance claims,” a spokesman said. “The technology behind the insurance card allows for the balance to be progressively decreased as the purchases are made at our stores.”

Speaking on Channel Nine’s Business Sunday program, CEO John Fletcher said the retail chain doesn’t want to be a bank or insurance company – but he did not rule out linking with a bank to offer wealth management products.