Today we bring you the news that HSBC have signed a new 10 year insurance deal with Aviva. 

Like many banks, HSBC already has the mechanisms in place with their banking systems to offer the policies. The tie-up is reported to be one of the largest of its kind and will be good news for all involved. HSBC hopes to provide value to its customers to offer a variety of new products underwritten by insurance heavyweights Aviva.   

HSBC Insurance Services (HIS) currently underwrite home and motor insurance, so the news comes as little surprise. Aviva will be pleased to have secured one of the largest banks in the country for their home, travel and car insurance. The deal with HSBC will begin immediately, and they hope to have the complete offering up and running within an expected 12 month period.

HSBC already have a customer base of millions, so by adding additional products, it is hoped that customers remain loyal to the bank. In a competitive market, HSBC will need to make sure they keep their customers benefit in mind. 

The new deal only adds to the good news at Aviva, who have confirmed they have recorded a profit for the first six months of 2017 of an impressive £213 million. This is even more impressive when considering that this is a substantial 7% higher than 2016 figures.

So will this deal make the general public more likely to bank with HSBC and provide additional routes to market for Aviva? Only time will tell; however, we think that it is good news. A partnership between Aviva and HSBC can only be good for the banks' customers. We hope for a positive move that will give consumers a better choice and encourage a more competitive marketplace.

Would you see the HSBC and Aviva deal as a positive move, and would it tempt you why not let us know what you think?