Article date: 9 January 2001
Norwich Union has begun the massive task of converting twomillion policies, as part of its post-merger strategy to reduce itsproduct range from over 300 to 65.
According to intermediary business director Ken Wallace, initialreactions from intermediaries have been very encouraging, with overhalf saying they would recommend all or most Norwich Union renewalsto their customers, while 16 per cent would recommend half.
Wallace said: "Conversion will result in a 'win-win' forintermediaries; fewer products will make it easier forintermediaries and their staff to conduct business and will enableus to provide our intermediary customers with the quality ofservice they expect from the UK's leading general insurer."
He added that intermediaries have been fully involved in theconversion process from the outset to ensure that the new productrange consisted of the best of the merged business.
"Any major undertaking like this must be done in partnership andwe have recognised the importance of responding positively to theneeds of our intermediary customers.
"Early indications show that partnership is paying off; the vastmajority of intermediaries have told us that new documentation isclear and accurate, although a number have highlighted areas to beclarified and we are addressing these. Others have applauded thespeedy dispatch of documentation and the general clarity ofprocedures."
Ken said that his team would continue to research performance inorder to shape the conversion process as it gathers pace. "Our aimis to fine-tune the process and take account of any intermediaryconcerns. We also have a robust feedback mechanism in place toensure concerns are quickly passed to the business for action.
"There's plenty of hard work ahead for all of us before theprocess is completed at the end of this year, but this will besignificantly outweighed by the long-term benefits of improvedservice and quality."
- Ends -
Media contact: Liz Nicholson - Norwich Union press office on01603 688263
Notes to Editors
CGU and Norwich Union merged on 30 May to create CGNU plc - theworld's sixth largest insurer, the UK's largest insurance group andone of the top five life insurers in Europe, with substantialpositions in other markets around the world.
CGNU's principal business activities are long-term savings,general insurance and asset management with world-wide premiumincome and retail investment sales of £26 billion and assets undermanagement of more than £200 billion.
The combined life and pensions, general insurance and retailfund businesses in the UK operate under the Norwich Union brand,while the institutional business operates under the Morley FundManagement brand.