Article date: 24 August 2007
A year on from lowering its large case underwriting threshold from £1 million to £500,000, Norwich Union has doubled the size of its dedicated large case administration team.
The specialist department has grown in numbers from seven to 14 over the last 12 months, and now handles around 200 cases a week, underwriting a total of £5 billion worth of business annually.
The large case division is designed to provide accessible, expert support which may be required when assuring larger sums. Advisers are given direct access to senior underwriters and each case is allocated a dedicated owner to manage the process from start to finish.
Further improvements within the department in the last year include:
- Reducing financial and medical underwriting requirements to help improve turnaround times
- Re-writing the financial questionnaire to make it clearer and ensure it captures all relevant information at once
- Providing advisers with a designated phone number direct to the large case team.
Sue Hendry, head of protection customer experience, says: "Larger sums tend to be complicated cases by their very nature, due to the level of risk which they present. For this reason, it is important that they receive specialist treatment to ensure applications are turned around quickly and smoothly.
"By lowering the minimum sum assured to receive this service, we are delighted to see that more and more people are benefiting from the facility and the support it provides."
The division was originally established to provide support for those assuring sums of £1 million or more. This amount was lowered to sums above £500,000 in August 2006.
Press office contacts:
Sarah Horner 01904 452828 Out of hours 07800 691569
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