The award was presented to Ageas for its successful set up of Tesco Underwriting, a personal lines insurance company created as part of a joint venture with Tesco Bank. The business, which was built from scratch, was launched in October 2010 as part of a five year agreement providing motor and home insurance to Tesco Bank’s 1.5 million customers.
Employees from across the businesses were vital in the development of the new company, providing expertise to build a robust governance structure and IT infrastructure, and to develop high performance teams and a high level of customer service aligned with the shared customer-centric values of both Ageas and Tesco Bank.
The successful set up of the business delivered above target gross written premium in 2011 of £655.3 million, servicing over 1.5 million customers and handling over 100,000 claims in the first year of trading. Overall, the business recruited and trained over 500 employees and set up operations across four locations with a new tailored IT infrastructure. All of this was delivered to deadline in tight time scales, 20 per cent under budget, with strong service levels that compare favourably with industry benchmarks and within the context of not disrupting Ageas’s individual business performance.
Commenting on the achievement, Barry Smith, CEO, Ageas UK said: “Winning this award is fantastic recognition by the industry that our commitment to our customers and our high service standards is something that continues to set us apart. It recognises the strong team work across Ageas and with Tesco Bank, ultimately delivering for our customers. A great accolade reinforcing a strong partnership ethos between Ageas and Tesco."