Article date: 19 March 2009
Sales of Norwich Union's simplified life protection product now make up almost 60%1 of the company's term life insurance business submitted through intermediaries, as intermediaries turn to simple products to provide speedy administration for their customers.
The product's quick, straightforward application process allows instant acceptance in as little as 15 minutes. In addition, 75% of applicants are accepted without the need for manual underwriting, meaning that, in the majority of cases, intermediaries can now complete the process in a matter of minutes.
Norwich Union has focused on making this product work for intermediaries by enabling them to print quotations, summary applications and by providing a paper application form for use outside the office.
Richard Verdin, Norwich Union's director of protection, says: "We've been delighted with the number of intermediaries who have switched on to Simplified Life. The product was developed in response to customer research, which highlighted a demand for simplicity, something equally sought by intermediaries.
"The streamlined online system cuts application time considerably, and can be used with or without the client present. In those cases where a decision cannot be made immediately, customers still benefit from our free protection promise meaning that it's just as fast as other routes to get cover on risk, but with that all important simple application process."
Steven Cork, IFA says, "I use Simplified Life because it's very user friendly and easy to use. It's beneficial to me because it's less time consuming in filling in medical questions, and takes up less of a client's precious time. The service is first class, and the processing time is greatly reduced, which allow the policies to go on risk more quickly."
Press office contacts:
Holly Smart: 01904 452766 / out of hours 07800 699218
Notes to editors:
1 For the whole of 2008, Simplified Life sales accounted for 36% of all term insurance sales submitted through intermediaries.
About Norwich Union
Norwich Union is one of the UK's biggest life insurers. 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 has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group. Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media
In the summer of 2009 Norwich Union will change its name to Aviva. Aviva is the world's fifth largest insurance group and operates in 27 countries. Aviva is to become the customer brand worldwide, thus enabling the company to compete even more effectively on a global scale for the benefit of customers, staff, business partners and shareholders.