View more on these topics

NU and Post Office in protection deal

Norwich Union has struck a distribution deal with Post Office Financial Services which will make NU protection products available to post office customers.

The first product will be a 50-plus life insurance plan, with another life cover policy planned later in the year.

Products will be available to buy over the phone, through the Post Office website or at the 14,000 branches.

Norwich Union intermediary and partnerships director David Barral says: “We are delighted to build on our existing relationship as the Post Office’s lead insurance provider.

“This is an exciting opportunity which supports our strategy to develop new distribution channels, in particular to increase our offerings direct to customers and to develop new, simpler products which are affordable and easy to buy.”

Post Office director of insurance Phil Ashkuri says: “The Post Office has already attrac-ted well over half a million insurance customers and this new launch builds on our existing range, which now includes travel, home, motor and van insurance and payment protection policy life-style protection.

“As with all our financial services products, our new over-50s life plan offers a simple and straightforward solution at a value-for-money price.”

CBK IFA Peter Chadborn says: “We do not feel this is a threat. Consumers should always check with an IFA before going ahead with a protection plan. There are a lot of protection companies to choose from. Some have a quality product but it is not just about cost or quality. It is about how good the service proposition is. Norwich Union will profit from this because it has a major concern over market share and this will do that for them.”

Recommended

ABI has lost sight of the market

The ABI seems to forget that more than 60 per cent of all investment products are sold through IFAs, many of whose clients still prefer to pay, even in part, by commission. Just whose interests does it think it is representing? The issue has been underlined by Scottish Life, which commented recently that it was […]

Confident Infinity sets up a packager in 10 days

Infinity Mortgages has set up Infocus Mortgage Packaging.The move to launch a packager comes as Infinity head of marketing Simon Biddle confirms the company it will be relaunching in the market as a lender in the coming weeks after it withdrew early last month.He says: “We are absolutely confident that we will have new products […]

Cameron calls for transparency on BoE’s role

Conservative leader David Cameron says he fully supports how the Bank of England and FSA have handled the Northern Rock funding crisis but is calling for greater transparency in financial markets.Speaking at a KPMG event this week, Cameron said the immediate priority was to reassure investors about the safety of their deposits but he added […]

Consumer panel demands WP service

The Financial Services Consumer Panel wants the FSA to introduce focused advice for with-profits policyholders via specialist firms and trade bodies.

Protecting long-term savings from short-term policy

By Jamie Clark, Business Development Manager The pensions revolution is almost upon us. As with any revolution, there will be winners and losers. The winners in this case could presumably be the politicians that orchestrated pensions freedom and choice just before the general election. As for the losers, there may be many thousands of people […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment