Article date: 18 July 2001
Norwich Union Healthcare will pay "Introducer" commission tonon-GISC intermediaries who pass on successful private medicalinsurance leads to the company.
This move is designed to support those intermediaries who decidenot to join GISC, but who nonetheless wish to be able to offertheir clients a source for PMI when required. The NUHC Introducerscheme means they can continue to meet clients' needs.
Intermediaries simply pass their PMI leads to Norwich UnionHealthcare's specialist Healthcare Bureau team who are beingspecially trained to follow them up. It is important to note thatintermediaries who opt for Introducer status will not be allowed tosell or advise on PMI products but rather to pass on information toNUHC so it can be followed up as appropriate.
Jack Briggs, head of intermediary sales for Norwich UnionHealthcare, said: "We fully support GISC and believe it will bringsignificant benefits for the industry.
"But we do recognise that those intermediaries for whom PMI isnot a core part of their business will still want to meet theirclients' needs, and Norwich Union Healthcare's Introducer statusallows them to do that.
"This innovative approach demonstrates Norwich UnionHealthcare's commitment to all our intermediary customers."
Norwich Union Healthcare will be contacting intermediaries bytelephone and letter to let them know about the Introducer scheme -but the company will also be recommending that as many of them aspossible join GISC.
GISC is the most important regulatory initiative in generalinsurance for many years, incorporating regulation of personal,corporate and voluntary business.
Under GISC, the consumer stands to benefit from the greaterprotection and higher levels of service which will result from aneffective single regulatory system.
GISC's Rule F42 is currently the subject of a CompetitionCommission Appeal Tribunal which is ongoing.
- Intermediaries wanting to know more about NUHC Introducershould contact the Healthcare Bureau on 0845 300 0649
Media contact - Louise Zucchi, Norwich Union Press Office,08703 666860
Notes to Editors:
- Norwich Union Healthcare was founded in 1990 as the healthcarearm of Norwich Union and now provides a range of income protectionand private medical insurance products to around 675,000customers. It is one of the largest providers of income protectionand private medical insurance in the UK.
- CGU and Norwich Union merged on 30 May 2000 to create CGNU plc- the world's 6th largest insurer, the UK's largest insurancegroup and one of the top-five life insurers in Europe withsubstantial positions in other markets around the world.
- CGNU's principal business activities are long-term savings,fund management and general insurance, with worldwide premiumincome and retail investment sales from ongoing business of over£27 billion and assets under management of more than £210 billion(correct as at February 2001).
- From October 2000, the combined life and pensions, generalinsurance and retail fund management businesses in the UK operateunder the Norwich Union brand, while the institutional investmentbusiness operates under the Morley Fund Management brand.
- Norwich Union's news releases are available on thiswebsite