Article date: 27 March 2001
Age Concern Financial Partnerships (ACFP) and Norwich Union -the UK's largest insurance company - are to launch a major assaulton the long-term care market under its new strategic partnershipalliance. The original partnership - which has been running for ayear - made considerable inroads into the market to ensure ACFP wasat the forefront of people's minds for long term care.
The assault on the market will combine the extensive expertiseand training capability of ACFP together with:
- 6 ACFP Long Term Care Development Managers
- New dedicated streamlined business processes exclusively forLTC
- Technical support team
- Support of Norwich Union's 32 IFA Regional Sales Branches
- Support of almost 300 Norwich Union IFA salesconsultants.
However long term care has long been seen by many as a nicheproduct in a market which has been dogged by uncertainty. This newpartnership approach - which utilises the full strength of theNorwich Union IFA sales force - will target the whole IFA communitywith the aim of promoting long term care as a key product offeringof an IFAs armoury.
The long-term care market is now at the edge of majordevelopment with Government CAT standards and regulation justaround the corner. We have also had clarity on the issue of freenursing care in England and Wales, although the situation inScotland may take a little longer to resolve.
The partnership will continue to develop custom-built IFAtraining programmes to ensure that IFAs are well placed tocapitalise on the LTC market and develop a professional andeffective approach with their customers.
Norwich Union LTC Strategy Manager, Sandy Johnstone, said: "Thepartnership is now well placed to take advantage of what is anincreasingly important market for long term care. There aresweeping changes taking place in financial services and the needsof older people will be a key development area for IFAs from nowon".
ACFP Director and General Manager Peter Gatenby, said: "Thecombined expertise of ACFP and the full weight of the Norwich UnionIFA sales force will ensure that we continue to grow the Long TermCare market. We will be doing all we can to assist IFAs in ensuringtheir older clients get the best protection for their futureneeds"
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James Evans - 01904 452791
Norwich Union Life Services Limited Registered in England No.2403746 2 Rougier Street York Y090 1UU
Norwich Union Life Services Limited represents only the NorwichUnion Marketing Group, members of which are regulated by thePersonal Investment Authority and/or IMRO, for life assurance,pensions and investments.
Age Concern Financial Partnerships Limited (ACFP) representsonly the Norwich Union Marketing Group, members of which areregulated by the Personal Investment Authority and/or IMRO, forlife assurance, pensions and investments.
ACFP is a trading company of Age Concern England and covenantsall profits to that registered charity.
ACFP is registered in England and Wales No. 3819694. Registeredaddress: Astral House, 1268 London Road, London SW16 4ER