Norwich Union To Outsource Administration Of Almost Three Million Life And Pension Policies To Swiss Re

Norwich Union Life has reached an agreement to outsource the administration of almost three million of its existing life and pension policies to Swiss Re. This is a significant part of Norwich Union's existing business which is made up of

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Norwich Union Life has reached an agreement to outsource the administration of almost three million of its existing life and pension policies to Swiss Re. This is a significant part of Norwich Union’s existing business which is made up of policies from different companies as a result of mergers and acquisitions.

Norwich Union will continue to actively manage the customers, their policies and their funds, with Swiss Re taking on the responsibility for administration. Customers will see no changes to their terms and conditions, the premiums they pay or the benefits they receive, says Norwich Union.

The administration of the policies will be migrated across to Swiss Re’s IT platform, enabling Norwich Union to decommission 220 of its 550 product systems. The approximately 1,000 employees who currently administer these policies at locations in Norwich and Stevenage will be transferred under TUPE (Transfer of Undertakings (Protection of Employment Regulations) 2006) to Swiss Re.

“This is a major strategic development for Norwich Union,” says Mark Hodges, chief executive Norwich Union Life. “We have set out a clear plan to materially reduce the complexity of our life and pensions operations.”

“We are confident this is the right solution for this existing business. These customers and their funds will remain actively managed by Norwich Union. We are absolutely committed to transparent and open communications and consultation with the employees involved throughout the transfer process,” he adds.

“Norwich Union selected Swiss Re based on our long-established reputation for excellent policyholder service, our proven administration platform and our long-term commitment to the insurance industry,” comments Weldon Wilson, member of Swiss Re’s executive board. “This agreement adds significant strength and depth to a key client relationship.”

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