subject: UK Insurance Profile: Tesco Market Research Report [print this page] " UK Insurance Profile: Tesco " is the latest addition to MarketResearchReports.Biz
industry research reports collection.
Tesco is a retailing giant and the UKs largest supermarket brand. Having spread its wings
into the financial services industry since the 1990s, Tesco Bank is now a well-established
name for personal lines insurance customers, able to play off brand recognition, cross-
selling capabilities, and a strong understanding of its customers thanks to its Tesco
Clubcard initiative. However, Tesco is facing challenging times in its core retail business,
which is feeding into a number of threats to its insurance business. On the other hand, a
strong brand footprint in some of the personal lines insurance markets - and an above-
average series of net promoter scores for these - suggests there are future opportunities.
Key Findings
Tesco Bank is, by comparative brand position, strongest in the pet insurance
space. However, it faces continued market share loss to the dominant player
Petplan, which continues to grow its footprint.
In 2014, Tesco Underwriting premiums accounted for 35% of Ageas car insurance
GWP and 16% of its home insurance GWP.
Tesco Underwritings book is dominated by unhealthy car insurance business,
leaving it behind the top personal lines players on COR performance. To improve,
it must build on its loss leader with a growing home insurance book.
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Synopsis
Tesco is a retailing giant in the UK and, through Tesco Bank, offers its customers access to
financial services including insurance. Within the context of Tesco's brand power, and a
view of Tesco Bank and Tesco Underwriting, this profile looks at the strengths, weaknesses,
opportunities, and threats found in its insurance business.
