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US-based insurer AIG is now the Royal Bank of Scotland’s (RBS’) exclusive partner for selling life and critical illness cover.
The new arrangement will see AIG working alongside RBS’ 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 described the terms of the agreement as “very consistent with most partnership deals.” He was Aviva’s director of strategic partnerships until 2012.
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.”
Winslow added, "This is our biggest partnership to date and I am very proud of the proposition that we have developed together for launch.”
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