Leading insurer Aviva has agreed a five-year deal with supermarket giant Tesco that will enable the company to offer life protection cover to its customer base in the UK. The new partnership is good news for the consumer, as there will be more choice of life insurance products.
Life insurance, over 50s life insurance and critical illness cover will be sold by Aviva via Tesco Bank, with the products being promoted in Tesco’s 2,900 stores. Customers will only be able to purchase the products online or over the phone.
“This is a fantastic opportunity for two household names to deliver a real benefit for millions of people across the UK who have no family protection in place,” said David Barral, CEO of Aviva UK and Ireland Life Insurance.
“We can provide Tesco’s customers with peace of mind, offering a quick and easy way to purchase a range of protection products,” he added.
The partnership may have been influenced by the forthcoming introduction of the retail distribution review (RDR), which is set to change the way financial products are sold.
“We're delighted to be extending our relationship with Aviva,” said Julie Hopes, Managing Director of Insurance at Tesco Bank.
“Partnering with one of the UK's leading life protection providers will bring benefits to our customers offering them a range of straightforward and good value products that we believe will give customers the reassurance they look for in life products,” she added.
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