Article date: 5 November 2007
Norwich Union Insurance has today announced significant strategic changes to its operating model, designed to drive growth and improve service by making the most of its market-leading brands, distribution network and underwriting expertise.
The company's chief executive Igal Mayer said the move - which includes changes to the executive team - would make it less complex, more able to adapt quickly to rapidly changing market conditions, and more connected to its customers.
The changes follow the announcement two weeks ago by Norwich Union's parent company Aviva of its vision for "One Aviva, twice the value", focusing on new growth and efficiency targets.
Under the new operating structure for Norwich Union Insurance, the strategy will be delivered by three key business areas:
- Sales and Marketing: this will include management of all distribution channels - corporate partners, direct, RAC and intermediary business - as well as customer and marketing strategy - led by sales and marketing director John Kitson
- Underwriting, Pricing and Products: develop, design and price products focusing on the two distinct areas: commercial lines and personal lines. John Seaton, current director responsible for this area, will retire on 30 April 2008 and his replacement will be announced in due course
- Operations: with David McMillan as chief operating officer, responsible for sales operations, customer service, distribution support, claims and operational excellence
RAC will become further integrated into Norwich Union Insurance, retaining its unique brand and dedicated operations and service teams.
The shared services operating model for HR, IT and finance remains. Jackie Hunt and Sean Egan retain their current roles as finance director and chief information officer respectively. Valerie Markham will join the company as HR director on 3 December.
Announcing the changes, Igal Mayer said: "We have strong consumer brands, we are the number one insurer in the UK, and we have superb expertise in underwriting and managing risk.
"These changes will enable us to exploit fully those advantages and make sure we are offering the right products at the right price and getting them to market via the best channel.
"We have made tremendous strides in customer service but we want to get even better, by simplifying our products, streamlining our service and making it easier for customers, clients and our staff to do business."
The new management structure will be effective from 3 December.
Press Office contacts:
Norwich Union Insurance
Telephone: 01603 684506/07800 699664
Telephone: 01603 688263/07800 699667
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.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.