Tesco Personal Finance Group plc

11/01/2023 | Press release | Distributed by Public on 11/01/2023 08:15

Laurent Matras Appointed as Tesco Bank’s Chief Underwriting Officer

Tesco Bank has announced the appointment of Laurent Matras to the role of Chief Underwriting Officer

Laurent joins Tesco Bank from Axa, where he was a key member of the insurance executive committee, both in the UK and more recently in China, where he spent a two year assignment as Chief Finance Officer.

Prior to this, Laurent spent eight years as Managing Director for Axa's UK retail business, during which he had executive responsibility for pricing, analytics and underwriting, and gained a wealth of senior level knowledge of operations and transformation.

Laurent, who begins his role with Tesco Bank today [1 November 2023], will play an important role in developing Tesco Insurance's data, pricing and underwriting strategies. He will report to Gary Duggan who is Tesco Bank's Chief Insurance Officer and Tesco Underwriting's CEO.

Welcoming the appointment, Gary Duggan said:

"I'd like to welcome Laurent, who joins us at an exciting time for our insurance business. He brings a breadth of experience and technical expertise that will be invaluable for our growth plans.

"He is focused on creating the best possible customer outcomes by using data and insight to truly understand the needs of our customers, and will bring a fresh focus and thinking to our strategic direction."

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Notes to Editors

1.Tesco Underwriting was established in 2010, as a joint venture between Tesco Bank and Ageas UK, underwriting Tesco Bank-branded car and home insurance policies. On 4 May 2021 Tesco Bank completed the acquisition of Ageas's stake in Tesco Underwriting, enabling Tesco Bank to create an end-to-end insurance business.

2.On 1 August 2021, Tesco Bank announced that, all its new and renewing car and home insurance policies will be underwritten by Tesco Underwriting. This replaces the external panel of six insurers that Tesco Bank currently use, alongside Tesco Underwriting, to manage its car and home book.

3.Tesco Bank offers Home, Car Pet, and Travel Insurance.

4.Tesco Bank was named as Best Car Insurance Provider and Best Home Insurance Provider at the 2023 YourMoney Awards.

5.Tesco Bank's Car and Home Insurance each won awards at the 2023 Consumer Intelligence Awards in the categories of Claims Satisfaction (Car, Home) and Recommendation by Customers (Car). Consumer Intelligence surveys are the largest insurance-focused survey in the industry with nearly 50,000 home and motor insurance customers ranking the brands who provide their policies.


About Tesco Bank

Tesco Bank's goal is to make banking and insurance easier and better value for people who shop at Tesco. We've been around since 1997 and today we help more than 5 million customers manage their money every day. Over 3,500 colleagues serve our customers seven days a week from our main centres in Edinburgh, Glasgow, Newcastle, and Reigate and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ