Prestige and Tesco Bank partner for non-standard home offering

Prestige Underwriting and Tesco Bank have teamed up to provide consumers with non-standard home insurance.

A statement released yesterday (29 November 2023) revealed that the product – called Coverall – will be underwritten by Prestige and offered to Tesco’s customers under the managing general agent’s (MGA) Open and Direct brand.

The two firms said the offer was for those finding it difficult to obtain standard cover – some need a non-standard policy due to the use of non-typical construction materials in their property or risk profile of their home.

Tim Baxter, head of broker development and partnerships at Prestige, said: “I am extremely pleased to announce the partnership with Tesco Bank and the delivery of a tailored solution for Tesco customers with unique circumstances and in need of specialist cover.

“We will offer customers, through our Open and Direct brand, access to a suite of established insurance solutions developed by Prestige, providing flexibility and choice for those individuals with extraordinary requirements.”

How it works

Open and Direct has been part of Prestige since 2016 after being acquired from Swinton Group.

Customers unable to get home insurance from Tesco Bank will be directed to Open and Direct to obtain a quote either by phone or online.

Those customers who then go on to purchase a policy with Open and Direct will receive an exclusive Tesco referral discount on their premium.

“We want to help customers find the cover they need,” Alex Cross, insurance director at Tesco Bank, said.

“In instances where Tesco Bank home insurance doesn’t offer appropriate non-standard cover, we’re pleased to be teaming up with Prestige to deliver this. 

“At Tesco Bank we’re committed to offering products and services which align with the needs of Tesco shoppers and this proposition means customers can secure cover that works for them and their home, whilst still getting the same Tesco value that they expect from us.”