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NU is first firm to apply CI condition retrospectively

Norwich Union has become the first insurer to apply a new critical-illness condition to all its existing policies retrospectively.

The firm’s critical-illness policyholders can now claim for traumatic head injury, a condition which NU added to its policies in January.

Lifesearch has been campaigning for life companies which add conditions when implementing the Association of British Insurers’ critical-illness standard definitions to apply them retrospectively.

Product development and delivery manager Andy Knowles says: “We looked at backdating traumatic head injury when we introduced the new critical-illness definitions and after additional publicity we looked at it again and decided to go for it. It feels like the right thing to do.”

Lifesearch head of protection strategy Kevin Carr believes that the financial industry has been missing an opportunity to score points with consumers and the media.

Carr says: “Norwich Union’s existing customers are now covered for an extra condition for free. The bottom line is that it is good for the custo-mer. NU has dipped its toe in the water and other compan-ies will have to stand up and take notice.”


Johnson set to quit PosSol early to join True Potential

Positive Solutions chief executive Neil Johnson is to step down in the next few weeks, with former Barclays Financial Planning managing director Jim Reeve tipped as the favourite to replace him.Johnson said in April that he would remain at PosSol until the end of the year but this has now been brought forward to the […]

Urch joins Fidelity to target institutions

David Urch is to join Fidelity after announcing his decision to leave Scottish Widows Invest-ment Partnership last week. Urch will work in the group’s new Edinburgh office from the start of 2008 and, along with Jonathan Cobb, will build a team of UK equity portfolio managers targeting the institutional market.

GMAC-RFC latest lender to re-price sub-prime product range

GMAC-RFC has become the latest sub-prime lender to re-price its product range in the wake of the US sub-prime crisis.This follows the announcement by Mortgages plc that it will re-price its product range to reflect the recent widening of funding costs in the capital markets. Edeus has also confirmed it will be re-pricing this week.GMAC-RFC […]

Dedicated sales teams planned for RBSIP brands

Royal Bank of Scotland Intermediary Partners may look at creating separate salesforces for each of its brands next year but stresses it needs to put the right technology and processes in place first.Head of intermediaries Chris Pearson says the group needs to bed down recent changes before it considers further moves.RBSIP’s recent restructure saw the […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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