Norwich Union is set to completely revamp its protection range in a bid to better meet consumer needs.
This month they will undertake 70 in depth consumer and adviser interviews aimed at determining what consumers actually need from a protection product and why many drop off during the application process. It will then generate ideas from the research that it will test among consumers.
The process, which NU has used in the past to overhaul its investment and post-retirement offerings, should take around four months. Its current range will be scrapped and the new range is expected to launch in early to mid-2008 starting from a clean sheet of paper.
Norwich Union is also researching a protection product that is guaranteed to pay out. The product would require more detailed underwriting that may lengthen the application process and bump up the cost but the insurer thinks that many consumers would do a lot for the peace of mind that their claim won't be declined for non-disclosure.
NU has been advertising life insurance on TV with a message along the lines of "we can't make you immortal but we can protect you."