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Major life insurance initiative could help Friends

Tue, 28 Apr 2009

The financial services arm of supermarket giant Tesco has brokered a new deal with Friends Provident . The deal with Tesco Personal Finance could allow the life insurance company to sell life insurance policies and other protection products via the websites and stores owned by the supermarket.

Chief executive of Friends Provident, Trevor Matthews, reportedly commented: "This is very early days. We don’t expect to see new business through the door until the end of the year. We’ll design products, we’ll sell existing products over the web and in due course in stores."

The strategy of Friends has been to extend their life insurance distribution reach. Tesco are planning to expand their personal finance business, with 30 new bank branches planned in its supermarkets by the end of this year.
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