Norwich Union has signed a major outsourcing contract which will see the administration of almost three million life and pensions policies in the future handled by reinsurer Swiss Re.
It means the management of 220 product-related technology systems – acquired in part as a result of NU’s various mergers and takeovers in recent years – can now be decommissioned to improve its admin handling and so the company can concentrate on customer service. In a statement just issued by the firm, Norwich Union Life says there will be no change to the company’s terms and conditions, or to clients’ premiums and benefits but will mean NUL can focus on managing customers, their policies and funds. NU has in the past received serious criticism from financial advisers and customers about...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
