Article date: 2 February 2001
Norwich Union has launched an innovative on-line and printedprotection sales support package for IFAs. Using vital statisticson the disturbing inadequacy of protection provision in the UK, thepackage is aimed at helping IFAs emphasize the need for protectionproducts to their clients by illustratively using on and off lineaids to promote the need for critical illness and life cover.
The support is accessed through Norwich Union's IFA extranetsite: www.norwich-union.co.uk/ifa and covers all of Norwich Union'sprotection products including family, business and mortgageprotection. It also includes an on-line interactive underwritingguide and an interactive critical illness claims historyreport.
The critical illness report gives a full breakdown of the claimshistory experienced by Norwich Union. It also provides statisticsthat show Norwich Union paid a startling £13.4 million in 1999 oncritical illness claims only. Despite this and the fact that youare four times more likely to suffer a critical illness than diebefore age 65 a mere 4.2% of the working population hold criticalillness cover.*
The underwriting guide is aimed to give the IFA an insight intoNorwich Union's approach to life insurance underwriting. The guidewill answer the most commonly asked questions such as:
- Is my client likely to be rated or declined because of theirmedical history?
- What medical evidence may be required from my client?
- What should I do if my client tells me about an illness ormedical condition?
A key element of this service is a complete business developmentpackage to ensure IFAs have a full tool kit of aids to promotebusiness protection to clients.
Using a range of lead generation, and educational aids thepackage aims to help IFAs generate high levels of commission fromthis niche market.
Firstly IFA guides are provided to highlight the potentialopportunity available within the business protection market areas.In addition a suggested action plan is included to illustrate howtargets can be selected from a client bank and taken through asales promotion process. A mailer, and a series of specimenpre-approach letters are provided to stimulate client interest.Furthermore a range of client brochures are provided in relation toall areas of key man, partnership and shareholder life and criticalillness protection.
Secondly the term assurance with options product has immediatecover and renewal/conversion options making it flexible to meetmost business protection needs.
Commenting on the new launch, John Enos, Director of IFADevelopment, said:
"We are the market leader in the intermediary term market with acommitment to be competitive on price together with an aim toprovide IFAs with total support in selling protection across allsegments of the market. We have recognised time is an issue withtoday's busy intermediary and have therefore constructed a businessprotection development pack that will ease the sales process andmaximise earning potential in this lucrative area of the protectionmarket."
The on-line service is backed up by support packs which areavailable from your Norwich Union consultant.
*Source: ERC Frankona March 1998
Notes to Editors
- Norwich Union is the UK life and general insurance tradingbrand of holding company, CGNU plc, which was created from themerger between CGU and Norwich Union on 30 May 2000.
- Norwich Union is the UK's largest life and pension company(based on 2000 new premium income)
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