NU to sell mid-market personal lines products through commercial brokers
Norwich Union (NU) is to refocus on mid-market personal lines with a new range of products designed to be sold by commercial brokers with personal lines books.
The insurer claims to have identified a strengthening of what it calls the 'non-commoditised' personal lines broker market.
NU director of distribution Tim Rolfe said: "The business that has moved away from the broker channel is the commoditised products. The business that will stay is that which requires some underwriting input. This is where we will be focusing the investment."
NU is looking at launching the mid-market drive over the New Year with a number of new products designed to give brokers the flexibility to tailor products around their clients needs.
These will include Family Fleet, a multi-car scheme designed to encompass a number of cars under one policy, cutting down on administration and cost for the broker.
Rolfe said: "We are looking at ways to connect various risks, be they household and motor or commercial and motor."
The initiative will look to develop on NU's existing mid to high net worth offering Tapestry, and could run to an investment in excess of £1m.
Rolfe said: "The type of service we will offer will be important, especially with regard to the claims activity that supports the offering.
"We will be looking to develop a more tailored response to the claims proposition with more input from brokers."