NORWICH Union Life will outsource the administration of almost three million of its existing life and pension policies to global reinsurer Swiss Re.
It means Norwich Union will be able to decommission 220 of its 550 product systems as the company seeks to improve customer service and reduce the costs and complexities of its legacy systems. Approximately 1000 employees, who currently administer these policies at locations in Norwich and Stevenage, will also be transferred to Swiss Re. Norwich Union said it will continue to actively manage customers’ policies and funds with Swiss Re taking on the responsibility for administration. It stressed customers will see no changes to their terms and conditions, the premiums they pay or t...
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
