Norwich Union Healthcare will pay “Introducer” commission to non-GISC intermediaries who pass on successful private medical insurance leads to the company.
Norwich Union Healthcare will pay "Introducer" commission to non-GISC intermediaries who pass on successful private medical insurance leads to the company.
This move is designed to support those intermediaries who decide not to join GISC, but who nonetheless wish to be able to offer their clients a source for PMI when required. The NUHC Introducer scheme means they can continue to meet clients' needs.
Intermediaries simply pass their PMI leads to Norwich Union Healthcare's specialist Healthcare Bureau team who are being specially trained to follow them up. It is important to note that intermediaries who opt for Introducer status will not be allowed to sell or advise on PMI products but rather to pass on information to NUHC so it can be followed up as appropriate.
Jack Briggs, head of intermediary sales for Norwich Union Healthcare, said: "We fully support GISC and believe it will bring significant benefits for the industry.
"But we do recognise that those intermediaries for whom PMI is not a core part of their business will still want to meet their clients' needs, and Norwich Union Healthcare's Introducer status allows them to do that.
"This innovative approach demonstrates Norwich Union Healthcare's commitment to all our intermediary customers."
Norwich Union Healthcare will be contacting intermediaries by telephone and letter to let them know about the Introducer scheme - but the company will also be recommending that as many of them as possible join GISC.
GISC is the most important regulatory initiative in general insurance for many years, incorporating regulation of personal, corporate and voluntary business.
Under GISC, the consumer stands to benefit from the greater protection and higher levels of service which will result from an effective single regulatory system.
GISC's Rule F42 is currently the subject of a Competition Commission Appeal Tribunal which is ongoing.
- Intermediaries wanting to know more about NUHC Introducer should contact the Healthcare Bureau on 0845 300 0649
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Media contact - Louise Zucchi, Norwich Union Press Office, 08703 666860
Notes to Editors:
- Norwich Union Healthcare was founded in 1990 as the healthcare arm of Norwich Union and now provides a range of income protection and private medical insurance products to around 675,000 customers. It is one of the largest providers of income protection and private medical insurance in the UK.
- CGU and Norwich Union merged on 30 May 2000 to create CGNU plc - the world's 6th largest insurer, the UK's largest insurance group and one of the top-five life insurers in Europe with substantial positions in other markets around the world.
- CGNU's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of over Ł27 billion and assets under management of more than Ł210 billion (correct as at February 2001).
- From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK operate under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand.
- Norwich Union's news releases are available on this website