Tesco Bank has announced a 5-year partnership with Aviva for the provision of protection products, including critical illness and an over 50s option. The partnership will commence later in 2012 and products will be available online and via the phone.
Friends Life currently provides a range of similar products for Tesco Bank and has done so since December 2009. Aviva had a previous partnership with Tesco to provide protection products, which ended in early 2006. At the time, an unwillingness to commit the levels of resource needed by Tesco was give as a reason for the change.
It is not known whether the protection partnership was the subject of a detailed tender exercise, but it is understood that Tesco Bank did not ask Ageas Protect, the protection arm of its general insurance partner, Ageas, to tender for the protection business.
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