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I don't normally poke my nose in to the NU thread, but now I am glad I have.
I think it's great that there is a CRM on here potentially sorting things out, but there are a couple of issues.
I just want to know: Is this thread a PR excercise? I've gone through a dozen posts ending with the CRM "looking into it and getting back", with nothing further being reported. Has anything actually happened?
One of the main benefits of this forum is that people with a problem can look through these posts and come across situations similar to there own. They can then read through the posts and look at what action has been taken, what advice given etc etc, and hopefully be able to solve their problem or at least know what course of action to take.
Can the CRM, when looking into these problems, please give a timeframe and an update on what has happened? for example, "this problem came about because our advisors did not record detail on the system"?
It's like trying to learn how to cook, but not seeing the process involved - only the ingredients and then the end cooked product.
Fair point Gyzmo.
Often when I look into something and have to take the ddiscussion offline because we talk about specifics which obviously can't be discussed in an open forum.
But I do understand what you mean about people looking for more than a "I'll get back to you" type answer. I'll take your suggestion of coming back and saying something else on board.
As for a PR exercise, my role was genuinely started to try to help out our customers. I'm not here trying to say "NU/Aviva are fab look they've got someone talking to customers online" but I can understand where it could come across like that.
I want to know why Norwich Union are (seemingly) not willing to void policies that people cannot use.
I.E If they have been sold it and they learn they cannot claim on this as they have a pre-existing medical condition they were never asked about or said would be any excluder.
Other insurance companies have voided these and returned premiums - Norwich Union refuse to do so or even to look into the matter.
I thought it was industry standard the underwriter voided these obviously with suitable proof provided?
Hi Becca, thanks for that. I did not mean to sound so, well, bad for want of a better word, and I have no doubt of you intention to help.
I was just concerned that it might turn into a "solve the bad ones in public to get ourselves a good name".
My main point is that it would be nice to see:
The problem the customer has
What was done to investigate and what the investigation revealed.
I understand fully that there are confidentiality issues and issues of company confidentiality as well. However, I am sure that posters could state that they do not mind having the information I described being posted. Most in fact do post details themselves as to what is going on.
But at least you have taken the time to do something. Something a lot of other companies, insurers especially, could learn from.
Also, do you mind if I PM you on something only a bit related?
Are we talking specifics here?
I'm not sure if I'm being slow, or just not understanding what you are getting at. I will speak to some colleagues in underwriting and try to understand better.
Also,
gyzmo
I didn't think you came across badly, I understand what you were trying to say, and I agree that a bit more transparency could be useful.
I really just want to know if Norwich Union void policies with appropriate proof that they cannot be used.
I believed it to be industry standard the underwriter voided these.
I've spoken to a colleague who has confirmed that if there is a pre-existing condition we wouldn't pay if it comes to a claim, and this should be explained at point of sale. If you feel that that wasn't explained correctly the people that sold you the policy would be accountable.
Thanks Becca I appreciate that and I do understand having to complain to the person that sold it however is it not also normal policy for future premiums to be cancelled and the policy voided?
I believe this is the responsibility of the underwriter?
I also thought it was in the policy documents and the leaflets/info that you would have been given, if you were sold from a consultant or even a home visit, you would have received a "Reason Why" letter, it is a letter to state that you had the meeting and that you would like to buy the product and and an outline of what the policy covers.
If you find out you were not actually eligible for a policy then the policy would be voided and the premiums returned to the loan by the people that sold the policy, rather than the underwriters.
Lula
no apologies necessary! One of the best things about these forums is getting more than one persons perspective!
Ok becca - thanks but that doesn't jibe with what other insurers have told me - is that just an NU thing?
I have been told by for example Lloyds TSB and AXA insurers that it is industry standard that the underwriter voids policies and future premiums.
I'm not doubting you but surely if the premiums are paid to NU it should be them that void the future ones at least?
It's kinda like saying if I pay my gas bill to eon through the post office counter and then there is a problem I have to get my money back from the post office and not the person I actually paid it to.
If you find out you were not actually eligible for a policy then the policy would be voided and the premiums returned to the loan by the people that sold the policy, rather than the underwriters.
Lula
no apologies necessary! One of the best things about these forums is getting more than one persons perspective!
Becca
So at the time of cancellation the money paid to NU by Welcome would be returned to Welcome for Welcome to then sort out with the borrower is that correct
I've spoken with the people that deal with this and this is what I have been told.
For example, your premiums are added to the loan, and the company that we underwrite for would pay us for underwriting the policy, but unless we administer as well as underwrite them, then that is all we have to do with them.
You adminster through Direct Group whom I believe to be directly employed by you to adminster your polcies so therefore you do administer and underwrite them.
Sorry beccas I'm a bit thick but I'm trying to follow the money - If a policy is canceled because it was mis-sold or whatever reason what happens to the money paid is it returned to Welcome
Welcome front load their agreements to include the whole sum for PPI Is this whole sum then passed to NU OR are NU paid by installments??
I've spoken with the people that deal with this and this is what I have been told.
For example, your premiums are added to the loan, and the company that we underwrite for would pay us for underwriting the policy, but unless we administer as well as underwrite them, then that is all we have to do with them.
This is extremely interesting though - thank you very much.
Andrew Moss is going to be hearing from me very soon as it seems correct policy with regards to myself is not being followed.
I've spoken with the people that deal with this and this is what I have been told.
For example, your premiums are added to the loan, and the company that we underwrite for would pay us for underwriting the policy, but unless we administer as well as underwrite them, then that is all we have to do with them.
Apologies
You obviously have something specific in mind and I have tried to answer these questions to the best of my ability.
As you have mentioned Direct Group I have been advised that the policy you are talking about is most likely related to a Welcome Finance loan.
Norwich Union are the underwriters of these policies and receive the premium.
The premium will be a single payment that forms part of the total loan amount and an amount equal to the premium is passed to Norwich Union, through the administrator. I am told that the premium will be clearly shown on the loan agreement.
The policy is sold by the lender and if they receive a complaint and find that a policy has been mis-sold, they will refund the premiums - usually by crediting the amount back to the loan agreement. They then notify us, through Direct Group, of the refund and the policy will be cancelled/voided.
Because you have very specific questions and I have very much reached the end of my limited knowledge I would suggest you contact nuceo@norwich-union.co.uk.
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Originally Posted by beccus
