Ageas UK and Tesco Bank extend Tesco Underwriting insurance partnership
Ageas UK and Tesco Bank have agreed to continue their award winning Motor and Household insurance partnership. Tesco Underwriting has provided underwriting and claims management for Tesco Bank Home and Car Insurance policies since its creation in 2009.
In the last five years, Tesco Underwriting has developed a significant presence in the UK insurance market and now serves over 1.2million customers, in addition to delivering more than £440million in Gross Written Premiums each year. It is a major employer with over 350 colleagues employed in Newcastle and Reigate, in addition to support from Ageas teams in Eastleigh and Gloucester.
Commenting on the extension of the partnership, Andy Watson, CEO of Ageas UK said:
“This is great news for Ageas UK and Tesco Bank. Both brands are committed to offering customers great products backed up by excellent claims service and as a result, the business has developed very well over the last five years. This new commitment between us underlines the strength of our partnership and our shared focus to continue innovating for customers.”
Karl Bedlow, Managing Director, Insurance, Tesco Bank commented:
“We are delighted to extend our successful Tesco Underwriting partnership with Ageas. Tesco Underwriting has helped us deliver consistently great value and service to our car and home insurance customers. The extension of the partnership will ensure that we are able to deliver leading insurance products for years to come and cement our position as the preferred choice of insurer for Tesco customers.”
Geoff Carter, CEO of Tesco Underwriting said:
“I’m delighted that Ageas and Tesco Bank have demonstrated their continued commitment to Tesco Underwriting. We have exciting plans to evolve our product offering and customer experience, while delivering sustainable underwriting profits.”
Within two years of being created, Tesco Underwriting won the coveted Business Transformation Deal of the Year accolade at the British Insurance Awards. The partnership will continue to give Tesco Bank responsibility for retail pricing, sales and marketing, customer service and product development with Ageas continuing to support Tesco Underwriting through its expertise in claims management and other specialist services. Tesco Underwriting is 50.1% owned by Ageas UK and 49.9% owned by Tesco Bank.