Norwich Union is undergoing a complete redesign of its protection range in a bid to meet consumer needs.
The firm is also researching a protection product which, for around a 3 per cent extra premium, is guaranteed to pay out.
NU will begin its protection overhaul in October with around 70 interviews with consumers and advisers aimed at determining what consumers need from a protection product and why many drop off in the application process. It will then test ideas generated from the research.
The process, which NU has used to overhaul its investment and post-retirement offerings, should take four months. Its current range will be scrapped and the new range is expected to launch in early to mid-2008.
Director of risk products Willie Mowatt says: “We are starting from a clean sheet of paper.”