View more on these topics

NU chief’s apology to IFAs over service

Norwich Union chief executive Gary Withers has issued a personal apology to advisers for the company’s significant slip in service standards this year.

Letters are being sent out to 35,000 advisers around the UK to apologise for and explain why service levels in protection and investment bond application procedures started to slide significantly, particularly this summer.

Withers promises to cut backlogs in NU’s underwriting operations and cut the time taken to underwrite cases and has set up a team of 30 staff dedicated to sorting out the problem.

NU is also pledging a full review of its application pro-cedures in order to find simple and faster ways of processing business.

A study by Life Policies Direct found NU to be the slowest at issuing acceptance of terms for life and critical-illness cover applications. The fastest application took 11 days to turn around while NU’s took 40 days.

Withers says: “We genuinely regret the inconvenience that we have caused to advisers. This is not our proudest moment and I am not pleased at the time it has taken to recover from the problems. I have taken action internally and we are looking hard at our processes.”

Life Policies Direct man-aging director Jason King says: “There was a period where Norwich Union not only would not address their problems but would not even acknowledge that their problems exis-ted. But communication is a lot better now and things look like they are turning in the right direction.”

Recommended

Microsoft attacks new Origo system

Global software giant Micro-soft has attacked Origo’s new technology standards plans, branding them bizarre because they do not support its new systems. Microsoft Office 12 manager Darren Strange says Origo’s new systems will not interface with its new Office or Internet Explorer products. Strange says advisers wanting to use both Microsoft and Origo in the […]

Syndicate buys Chartwell Group

Syndicate Asset Management is to buy IFA and fund manager Chartwell House Group.SAM will pay 1.15m in cash now and then the balance annually between November 9 2006 and 2012, calculated at 15 per cent of annual turnover. The balance is capped at 900,000. For its financial year ended March 31st 2005, Chartwells profit before […]

Winterthur offers online fund service for advisers

Winterthur life is setting up an online valuation fund-switching and admin service for advisers. Advisers can now get up- to- the-minute policy and portfolio information for clients with Winterthur personal pension, Sipp trustee investment plan, SEction 32 and EPP contracts. The site offers online fund switching and premium redirection, client summary reports downloadable as PDFs […]

Ghiloni makes return in broker sales at the Pru

Former Britannic Asset Management chief Francis Ghiloni is returning to the industry as Prudential intermediary sales director. Ghiloni, who left Brit- annic AM last year after 22 years with the group, replaces Chris Traynor who has moved to Payment Shield. He will head a team of 165 sales advisers backed by a support team of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment