AIG ties up exclusive deal with UK bank RBS, sees Aviva dropped

CEO calls it the insurer’s “biggest partnership to date” as previous partner is dropped

AIG ties up exclusive deal with UK bank RBS, sees Aviva dropped

Insurance News

By Terry Gangcuangco

US-based insurer AIG is now the Royal Bank of Scotland’s (RBS) exclusive partner for selling life and critical illness cover thanks to a new deal that saw Aviva dropped.

The new arrangement will see AIG working alongside RBS’s mortgage business, as well as its NatWest and Ulster Bank divisions, according to a report by The Times. RBS has chosen AIG over British insurer Aviva, which was a partner of the bank for five years.

AIG Life chief executive Adam Winslow said the deal is the insurer’s “biggest partnership to date,” adding that he is “very proud of the proposition that we have developed together for launch.”

Winslow, who was Aviva’s director of strategic partnerships until 2012, said the terms of the agreement were “very consistent with most partnership deals.”

Meanwhile, RBS and AIG have simplified the process for those interested in buying cover either in branches, online, or even over the telephone. According to a Cover Magazine report, most bank customers will only need to answer 11 questions.

"We have been very impressed by AIG Life's ability to deliver a proposition that meets our customers' needs. We want to lead the way with clear, good value products and a simple application process,” said Sam Kerr, head of insurance & protection products for RBS, as quoted by the report.

Kerr said the new partnership means that RBS can offer customers “the right products, in the right way, at the right time.”

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