Industry: NU Healthcare takes on group life business to increase premium income
Norwich Union Life has transferred its group life business to its healthcare arm in a strategic bid to grow its share of the market.
The move brings the group life book of business under the banner of Norwich Union Healthcare, which already has income protection and private medical insurance in its remit.
Critical illness however, will remain on the life side of the business and will continue to be sold through Norwich Union Life.
Following the company's strategic review, called Vision 2008 (V8), in May, which examined the future of the business over the next three years, Norwich Union Life has signed off a strategic plan to grow its healthcare arm.
Under the leadership of managing director, Graham Boffey, who joined the company in August 2004, the firm's strategy for growth focuses on increa sing its premium income by maximising the opportunities available in the group market.
Following the introduction of the group life business into the healthcare division, details of Norwich Union Healthcare's growth strategy includes plans to roll out its Health Solutions product to the family and small business market in Q4 2005.
The product was officially launched to individual consumers earlier this year.
Commenting, Phillip Willcock, who was appointed sales and marketing director in May 2004 at Norwich Union Healthcare, said: "The strategic agenda includes significantly growing our premium income through offering a set of propositions in our chosen markets. We are committed to being a significant player in the healthcare market."
