NU to sell risk information packs to homebuyers, offering discounts to those who buy cover
Norwich Union (NU) is developing information packs for homebuyers to detail insurance risks including subsidence, flooding, storm damage and theft.
The insurer is to use the packs to drive sales in its home insurance business by offering a refund on the cost of the packs for those homeowners who go on to take out home insurance with NU.
An NU spokeswoman said: "There is a team of people who are looking at our flood map and other resources to derive maximum benefit from them.
"One area could be by doing something like home information packs. However these things will take quite a long time to develop."
Norwich Union is understood to be concentrating on marrying the data management skills of its recent acquisition of data mangement company
HPI to information held within the company. The buyers' packs, which could cost anywhere between £20 and £40, is one example of how HPI's expertise could be used to drive sales in insurance products.
The spokeswoman said: "There are no firm ideas on what we will do. However, our business develop teams are looking at a number of possibilities."
' Abbey has introduced Norwich Union's subsidence map risk profiling into its home insurance offering.
Abbey protection director Richard Field said: "It is helpful to know we have the most up-to-date information for our risk modelling. Essentially we are piggy backing on a Norwich Union resource."
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