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Crunch time approaching for NU’s Lifetime wrap

The future of Norwich Union’s Lifetime wrap could be decided in weeks, Money Marketing understands.

Money Marketing has learnt that an executive meeting has been scheduled in two or three weeks’ time to decide the future of Lifetime.

The wrap has been plagued with technical problems that resulted in its closure to new business last summer.

A source close to the provider says: “Norwich Union has said it is committed to carrying on with a wrap proposition, but the question is whether they bin what they have at the moment and start from scratch, buy someone else or continue to work with what they have got.”

Toby Strauss was appointed managing director of the Lifetime in March and has been bullish about the wrap’s future.

A Norwich Union spokesman says: “Norwich Union Life has previously made various commitments to reduce its overall operating costs while continuing to drive through improvements to service.

“Consequently we are looking at a range of options, however no decisions have been made yet.”

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