Tesco Bank partners with RSA for pet insurance

Tesco Bank has partnered with RSA to provide underwriting and claims management for Tesco Pet Insurance in the UK.

The deal will support Tesco Bank's long term growth plans for its pet insurance business by enabling the development of new products and services to further benefit new and existing customers.

In addition, approximately 230 new roles will be created within RSA as a result of the deal, and £100 million in premium income is expected in the first year. RSA will start to underwrite Tesco Pet Insurance policies from Q4 this year.

Adrian Brown, Chief Executive of RSA, said, "We are delighted to be working with Tesco to provide insurance to all of their pet owners.  This deal marks a significant step in RSA's development as a major player in the pet insurance market.  By combining our expertise in underwriting, pricing and strong service delivery with Tesco's brand and marketing ability, I am confident that this partnership will go from strength to strength."

Benny Higgins, Chief Executive of Tesco Bank said, "We are currently the UK's largest online pet insurer and have ambitious plans to further grow our pet insurance business to develop new products and services that meet our customers needs. RSA understands our customer-focused approach and has demonstrated that it has the capabilities to support and develop our pet proposition."

Tesco Bank is the UK's largest online pet insurer with over 700,000 pets insured. Tesco Pet Insurance customers will migrate to RSA over a 12 month period. Both existing and new customers will continue to be provided with the same level of good value pet cover with a choice of Standard and Extra policies.  Both include veterinary fees for illness and injury.