Norwich Union today launches a new-style life insurance product which makes it faster and easier for customers and advisers to take out life policies.
Norwich Union today launches a new-style life insurance product which makes it faster and easier for customers and advisers to take out life policies. For most people, Simplified Life Cover can offer life assurance without the need for manual underwriting.
The new product will be available through Norwich Union’s website and call centre. Later in the year, it will be also become available through intermediaries, launching initially to a number of distribution partners in the autumn.
Simplified Life Cover offers level and decreasing term. It uses a streamlined, interactive system which can produce instant policy quotations and acceptance offers from the information provided. It will also tailor policy premiums to reflect an individual’s circumstances and offer instant acceptance decisions in the majority of cases1.
Louise Colley, head of protection products at Norwich Union, said: “We have done significant consumer research to understand the barriers creating the chronic underinsurance we face in the UK and help us understand why so many families are leaving themselves financially exposed.
“Over half (53%)2 the UK population lack any form of protection cover. Lots of people think that life products are complex and confusing, and some find buying a life policy daunting.
“Simplified Life Cover has been designed to be easy to use. We hope that this straightforward system meets the needs of today’s customers and helps to reduce the number of underinsured families in the UK.”
Norwich Union has been selling life cover through its website for a number of years, however the launch of Simplified Life Cover marks a new approach to making life cover more accessible to our customers.
-ends-
1 Those individuals who cannot be underwritten by Simplified Life Cover can apply through Norwich Union’s existing life propositions.
2 Source: Mori MFS 2005 (survey of 48,000 adults). 53% of respondents claimed, "They don’t have life assurance".
Press office contacts:
Robert Pell 01904 452659 Out of hours 07800 699563
Louise Soulsby 01904 452617 Out of hours 07800 695226
Notes to editors:
Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union is the UK’s largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media