Article date: 13 August 2004
Norwich Union has launched a number of new enhancements andexclusive offers for brokers who trade household business via thecompany’s e-broking website (http://www.nuebroking.com).
More competitive premiums, long-term renewal pricing andadvanced underwriting capability have been added to thecompany’s e-services offer.
For brokers who commit to placing volumes of household businessexclusively to Norwich Union online, the company has launched aservice called ‘exclusive’ that includes anenhanced product offering. Your House and Home Plus policycustomers can choose from a free home and garden package, a freesports package, or a 20% travel discount.
The company has also introduced a new pricing approach,rewarding brokers who trade household products via e-services withsome of the most competitive rates on the market. On average,Norwich Union will quote within £20 of the most competitive pricein the market for contents cover and within £40 of the best priceon buildings insurance.
Norwich Union is guaranteeing long-term renewal pricingstability for online household policies. Customers with no claimswill benefit from fixed-rate renewal increases for two yearsfollowed by an increase of claims inflation only, reassuring themthat they won't need to shop around every year for a betterquotation. By improving customer retention, the initiative has beendesigned to allow brokers to concentrate on gaining new clientsrather than re-broking their existing clients’ policies for asuitable renewal price.
e-services has also been linked into Norwich Union's mostadvanced rating system which can underwrite risks down to addresslevel, including the company’s digital flood mapping data.The advanced capability results in fewer system referrals to saveadministration time, as well as providing the most accurate priceto reflect the true risk.
Michele Whittaker, e-broking manager at Norwich Union, said:"e-services is a highly efficient way to do business savingvaluable time, reducing administration costs and helping to providea better class of service to customers.
"In a regulated marketplace, where brokers will be expected todeliver good advice, e-services exclusive allows brokers tooffer the right product to their customers. By guaranteeing ahighly competitive rate, the new approach will reduce the need forbrokers to spend time searching the market, helping to increasetheir acquisition rates and grow their business.
"Having listened to broker feedback, we know that competitivepricing and free add-ons really make a difference. We wanted topass administrative cost savings onto our broker partners andcustomers as well as reward forward-thinking brokers who arecommitted to placing a book of household business with usonline."
Brokers can also build up points and exclusive prizes throughthe Choices online incentive programme for household business oradditional covers sold via e-services.
Norwich Union’s e-services offer is an online policyadministration system for non full-cycle personal lines businessincluding household, private motor, van and motorcycle cover.
For further information, please contact:
Debbie Wells at Staniforth on 0161 274 0100 or Jenny Chapman atNorwich Union on 08703 66 68 64/07775 822642
Notes to editors
- Norwich Union is the UK's largest insurer with a market shareof around 14 per cent
- With a focus on insurance for individuals and smallbusinesses, Norwich Union insures:
- one in five households
- one in seven motor vehicles
- more than 800,000 businesses
- Norwich Union products are available through a variety ofdistribution channels including brokers, corporate partners suchas banks and building societies and Norwich Union Direct.
- Norwich Union’s news releases and a selection of imagesare available on the Aviva internet press centre atwww.aviva.com/media.
- An ISDN facility is available for studio quality broadcast.Call the press office on 08703 66 68 68
- For all life & pensions media enquiries 08703 66 6873
- For all other media enquiries 08703 66 68 68