Direct Line is to list on price comparison websites for the first time.

The insurer had previously prided itself for not being on the likes of Moneysupermarket and Go Compare but, after a review of the business in order to breathe life into a flagging share price, the company has changed tack.

Adam Winslow, who took over as chief executive of the London-listed home and motor insurer four months ago, said: “In the past five years, price comparison websites have continued to increase their share of new business from around 80 per cent to 90 per cent… To grow, winning on price comparison websites is critical.”

Direct Line, which also owns Churchill and Green Flag, said it will initially launch on price comparison websites with a new suite of motor insurance products. Direct Line is one of the UK’s largest motor insurers.

Mr Winslow added: “Our presence on these platforms, alongside our powerful direct sales offering, will enable us to reach even more customers.”

Russ Mould, investment director at AJ Bell, said: “Direct Line is finally caving in and putting its motor insurance policies on price comparison sites. This a major change for the business and a significant event.

“General insurance is a highly competitive market and unless a provider is willing to accept skinny margins by being the cheapest, they run the risk of being further down the rankings of a comparison site than some people would look when scrolling for deals.”

Direct Line, which has struggled with losses and underwriting profitability at its motor insurance arm, also reiterated plans to save at least £100m in costs by 2025.

Mr Winslow did not rule out job cuts as part of that plan.

“One of my observations is that this is an insurance business that has lost its technical edge,” he said. “It’s important to openly acknowledge missteps over the past few years.”

The firm will also exit or stop investing in some business, including pets and travel.