Norwich Union has begun the massive task of converting two million policies, as part of its post-merger strategy to reduce its product range from over 300 to 65.
Norwich Union has begun the massive task of converting two million policies, as part of its post-merger strategy to reduce its product range from over 300 to 65.
According to intermediary business director Ken Wallace, initial reactions from intermediaries have been very encouraging, with over half saying they would recommend all or most Norwich Union renewals to their customers, while 16 per cent would recommend half.
Wallace said: "Conversion will result in a 'win-win' for intermediaries; fewer products will make it easier for intermediaries and their staff to conduct business and will enable us to provide our intermediary customers with the quality of service they expect from the UK's leading general insurer."
He added that intermediaries have been fully involved in the conversion process from the outset to ensure that the new product range consisted of the best of the merged business.
"Any major undertaking like this must be done in partnership and we have recognised the importance of responding positively to the needs of our intermediary customers.
"Early indications show that partnership is paying off; the vast majority of intermediaries have told us that new documentation is clear and accurate, although a number have highlighted areas to be clarified and we are addressing these. Others have applauded the speedy dispatch of documentation and the general clarity of procedures."
Ken said that his team would continue to research performance in order to shape the conversion process as it gathers pace. "Our aim is to fine-tune the process and take account of any intermediary concerns. We also have a robust feedback mechanism in place to ensure concerns are quickly passed to the business for action.
"There's plenty of hard work ahead for all of us before the process is completed at the end of this year, but this will be significantly outweighed by the long-term benefits of improved service and quality."
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Media contact: Liz Nicholson - Norwich Union press office on 01603 688263
Notes to Editors
CGU and Norwich Union merged on 30 May to create CGNU plc - the world's sixth 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, general insurance and asset management with world-wide premium income and retail investment sales of Ł26 billion and assets under management of more than Ł200 billion.
The combined life and pensions, general insurance and retail fund businesses in the UK operate under the Norwich Union brand, while the institutional business operates under the Morley Fund Management brand.