Australia: Norwich Union voted number one by advisers

Norwich Union Underwriting and New Business team is ranked number one in the industry by life insurance advisers according to a recent report reviewing the top 15 companies in the Life market for 2001.¹

The Taylor Multi Client Intermediary Study is commissioned by major Life Insurance & Funds Management companies in Australia and is compiled on a annual basis. The report reflects the attitudes and perceptions of over 1,500 intermediaries.

“Norwich Union Life’s Underwriting and New Business team is ranked number one due to an excellent overall performance. Our staff lead the industry in service standards with our ‘can do’ attitude. We have flexible, but fair underwriting philosophies, our underwriters are easy to access and we have a comprehensive follow up service,” said Mr Allan Griffiths, Managing Director – Norwich Union Life Australia.

Integrity, investment performance and underwriting/new business are three of the most important quality performance functions. Norwich Union’s satisfaction index of 92 per cent for integrity was higher than the overall market at 89 per cent. Norwich’s underwriting/new business satisfaction was 8 per cent higher than the market at 81, and investment performance at 82 per cent was above the market at 81 per cent. Norwich also holds the number one position for product training.¹

Norwich Union rates above the market for all the top ten performance functions. Norwich Union’s overall performance had a satisfaction percentage of 78, three above the overall index percentage for the market.¹

Twenty per cent of the fund advisers interviewed listed Norwich Union as their main supplier for Master Trusts.

“This result is a credit to the professionalism and product knowledge of the Norwich Union staff. We consistently performed above the overall standard of the market. We continually strive for market leadership and our progress is reflective of the outstanding performance by all our team, especially the Underwriting and New Business team,” said Mr Griffiths.

¹Taylor Multi Client Intermediary Study, Jan 2002 – W A Taylor & Associates

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Allan Griffiths is available for interview.

For further information, please contact:
Simon Morgan, Group general Manager Public Affairs (03) 9829 8892

Note to editors:

• Norwich Union Australia is a group of three specialist financial services companies; Navigator, Norwich Union Life and Portfolio Partners. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia.
• Globally, Norwich Union Australia is part of CGNU plc, the world’s seventh largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. CGNU was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
• CGNU’s principal business activities are long-term savings, funds management and general insurance. It has a market capitalisation of approximately A$50.2 billion at 07/02/02, worldwide premium and investment sales of more than A$70 billion from ongoing business and more than A$556 billion in assets under management. The group has 64,000 employees and 25 million customers.
• Norwich Union Australia has a sister company, CGU Insurance Ltd, a top 5 general insurance business, which operates independently in Australia.