Norwich Union has launched an innovative on-line and printed protection sales support package for IFAs. Using vital statistics on the disturbing inadequacy of protection provision in the UK, the package is aimed at helping IFAs emphasize the need for protection products to their clients by illustratively using on and off line aids to promote the need for critical illness and life cover.
Norwich Union has launched an innovative on-line and printed protection sales support package for IFAs. Using vital statistics on the disturbing inadequacy of protection provision in the UK, the package is aimed at helping IFAs emphasize the need for protection products to their clients by illustratively using on and off line aids to promote the need for critical illness and life cover.
The support is accessed through Norwich Union's IFA extranet site: www.norwich-union.co.uk/ifa and covers all of Norwich Union's protection products including family, business and mortgage protection. It also includes an on-line interactive underwriting guide and an interactive critical illness claims history report.
The critical illness report gives a full breakdown of the claims history experienced by Norwich Union. It also provides statistics that show Norwich Union paid a startling Ł13.4 million in 1999 on critical illness claims only. Despite this and the fact that you are four times more likely to suffer a critical illness than die before age 65 a mere 4.2% of the working population hold critical illness cover.*
The underwriting guide is aimed to give the IFA an insight into Norwich Union's approach to life insurance underwriting. The guide will answer the most commonly asked questions such as:
- Is my client likely to be rated or declined because of their medical history?
- What medical evidence may be required from my client?
- What should I do if my client tells me about an illness or medical condition?
A key element of this service is a complete business development package to ensure IFAs have a full tool kit of aids to promote business protection to clients.
Using a range of lead generation, and educational aids the package aims to help IFAs generate high levels of commission from this niche market.
Firstly IFA guides are provided to highlight the potential opportunity available within the business protection market areas. In addition a suggested action plan is included to illustrate how targets can be selected from a client bank and taken through a sales promotion process. A mailer, and a series of specimen pre-approach letters are provided to stimulate client interest. Furthermore a range of client brochures are provided in relation to all areas of key man, partnership and shareholder life and critical illness protection.
Secondly the term assurance with options product has immediate cover and renewal/conversion options making it flexible to meet most business protection needs.
Commenting on the new launch, John Enos, Director of IFA Development, said:
"We are the market leader in the intermediary term market with a commitment to be competitive on price together with an aim to provide IFAs with total support in selling protection across all segments of the market. We have recognised time is an issue with today's busy intermediary and have therefore constructed a business protection development pack that will ease the sales process and maximise earning potential in this lucrative area of the protection market."
The on-line service is backed up by support packs which are available from your Norwich Union consultant.
ENDS
*Source: ERC Frankona March 1998
Notes to Editors
- Norwich Union is the UK life and general insurance trading brand of holding company, CGNU plc, which was created from the merger 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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