Tesco and Fortis team up for travel insurance

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Where do you purchase your travel insurance - your travel agent, online, the supermarket? It looks like the last option might become quite a common one in the near future as Tesco Bank has just confirmed a deal with Fortis UK to provide travel insurance to its customers through the Fortis network.

There is a big market for Tesco to tap into considering that 170,000 customers use the bank each year, and the deal is thought to be in the region of £59 million in gross premiums.

The five-year deal was not entirely unexpected following similar deals last year between Tesco and Fortis on both motor and household insurance. As a result, Fortis claims that the deal will lead to the creation of 30 jobs.

The details of the agreement will see Fortis provide underwriting, sales and support, as well as controlling claims management. It is expected that the travel insurance will be available to customers by the end of 2010.

The chief executive of Tesco Bank, Benny Higgins, said that the deal means Tesco will be able to provide “straightforward products that offer our customers good value". He also described Fortis UK as “a great fit as a partner for our travel insurance business”.

Launched in 1997, Tesco Bank is now the biggest supermarket bank in the UK with nearly six million customers. Tesco seems to be a bit of an expert at providing more and more services to its huge customer base. The travel insurance comes in addition to another recent expansion of the Tesco brand into the mobile phone market.


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