Bank has 1.8 million personal lines policies
Tesco Bank has added RSA to its home insurance underwriting panel.
RSA joins AXA and Towergate Underwriting on the panel of Tesco Underwriting, which is a joint venture between Ageas and Tesco Bank.
Tesco Bank does not disclose the size of its home insurance book but it has 1.8 million live policies across motor, home and pet. The majority of its home insurance policies are underwritten by Tesco Underwriting.
RSA has been the sole underwriter of pet insurance for Tesco Bank since 2010.
Tesco Bank revamped its home insurance last May to give customers the ability to select different levels of cover. The relaunch saw customer numbers grow in the second half of the year, offsetting a reduction in the first half, according to Tesco Bank’s financial results for the year ending 28 February 2014.
Tesco Bank managing director of insurance Karl Bedlow said: “Our panel of insurers are chosen because they help us offer comprehensive cover at a competitive price. We are continuously seeking to improve our insurance offer and the addition of RSA will help us offer Tesco customers an even better deal”.
RSA intermediated retail director Rob Flynn said: “We’ve partnered with Tesco for several years and are delighted to now also join their home insurance panel. Growth in the home sector is a key area of focus for us and we look forward to working closely with Tesco to provide cover for their customers over the coming years.”
Tesco Bank Home Insurance customers with a Tesco Clubcard receive a £40 Tesco voucher when they buy contents and building insurance.