Article date: 12 April 2001
Norwich Union, the UK's largest insurer, has ledthe on-line stakeholder market by being first to link up with newIFA portal services. On 6 April Norwich Union was the only providerto offer on-line applications via AssureWeb and the Exchange forNorwich Union stakeholder pensions.
Norwich Union has also taken the lead in being the only insurerproviding stakeholder pension illustrations on AssureWeb andExchange portals. This will be shortly followed by the launch ofpension illustrations on Bankhall and the Synaptic/IFA On-Lineservices.
As a result, over 50,000 IFA portal users will have access toNorwich Union stakeholder illustrations and new businessfunctionality, with a wide range of supporting documents andproduct information.
Together with illustrations and on-line applications via NorwichUnion's own dedicated IFA Extranet*, this latest developmentreinforces our commitment to offer a wide range of customisedaccess options to on-line products and services for IFAs.
Iain Buckle, Head of individual pensions, said "Portals are akey tool used by IFAs to access the new stakeholder market.Transacting business electronically is faster and more convenientfor IFAs, their clients and providers. The provision of efficienton-line services to IFAs is a crucial element of our drive toachieve a significant lead in the new '1% stakeholder world'."
* The IFA Extranet can be accessed through : www.norwich-union.co.uk/ifa
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Notes to editors
- A stakeholder pension is a new type of private pensionavailable from 6th April 2001 and meets new regulations set downby the Government.
- The value of investments can go down as well as up and is notguaranteed. Full written details are available on request.
- CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc, the UK's largest insurance group and one of the top-fiveinsurers in Europe with substantial positions in other marketsaround the world, making it the world's sixth largest insurerbased on gross worldwide premiums.
- 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 £210billion.
- 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.
- CGNU's news releases are available on the internet at/www.cgnu-group.com
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