Tesco Bank and Fortis UK bank have reached yet another agreement that will prove beneficial for the bank, the insurance provider and the customers. In a possible 59 million pound deal that could provide travel insurance for 170,000 customers, the two have entered the arrangement for the next five years. Fortis will be creating 30 posts due to the deal in its Stoke-on-Trent site.
The bank and insurer previously worked together to bring a similar arrangement for customers for both motor insurance as well as household insurance. The success of these programs has brought about the current travel insurance deal. Travel insurance is becoming a more popular and sought after insurance product by consumers as advocates get the news out about its importance.
Tesco Bank officials see the deal as an “important move in the ongoing development” of their customer driven financial services arm. He said: “Fortis UK is a great fit as a partner for our travel insurance business with a good track record in customer service and product development.
“(It) will support us as we look to expand our travel insurance business with straightforward products that offer our customers good value.”
Fortis UK sees the deal as beneficial for its group as well as those that will benefit from the new job creation. Barry Smith, chief executive of Fortis UK, added: “This is a great deal for Fortis UK. Creating another 30 jobs in tough economic times is also really good news and underlines our commitment to profitable growth.”