Article date: 23 August 2007
Norwich Union is to increase its Broker Onsite Underwriting Service (BONUS) with a further 100 business account executives (BAE's) over the next 18 months.
As a solution to handling large portfolios of commercial business, with 292 brokers currently using the service, BONUS involves BAE's working in the broker's office providing instant access to the insurer's wide range of commercial lines products via an online PC.
As a result, brokers are able to offer customers a more bespoke service and hold a competitive advantage by offering an underwriting service on the spot.
The dedicated BAE acts as a decision maker therefore eliminating the need for remote communication between the two parties and saving the broker unnecessary administration time.
The broker will also be able to offer their customers immediate quotations within 24 hours, issue policies direct, negotiate renewals and action within two days - allowing more effective trading.
The BAEs have first hand product knowledge to enable them to make recommendations, help the broker with proposition development, provide marketing support and allow the broker to write more business, which in turn could help them to retain more commission.
Janice Deakin, trading director for Norwich Union, said: "We have been working in partnership with key brokers for several years providing our own underwriters to brokers' sites nationally. The growth of BONUS continues to be a big success for us, we work hand-in-hand with the broker to deliver what the customer needs and our BAE's become a key part of the brokers team. Some brokers have up to 10 BAEs on site due to the volume of demand for Norwich Union policies."
John Page of David Roberts & Partners Ltd, said: "BONUS has helped grow our commercial client base significantly over the three years since we signed up. Delivery of a fast service to our customers is key and BONUS ticks the box here. BONUS has also worked well in terms of our team working closely with the Norwich Union BAE and this has had a positive effect on enhancing our overall relationship with the insurer."
Brokers seeking further information on BONUS should consult their Norwich Union account manager.
For further information, please contact:
Sam Bramwell at Staniforth or 0161 919 8024/077381 96667 or Sally Leeman at Norwich Union on 01603 684225/ 07800 699670
Notes to editors:
Norwich Union is the UK's largest general insurer with a market share of around 15%, with a focus on insurance for individuals and small businesses.
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's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.