Norwich Union is the name of the insurance company Aviva's British arm before June 2009. It was originally established in 1797. It is listed on the London Stock Exchange and was once a constituency of the FTSE 100 Index.
On April 29, 2008, Aviva announced that the Norwich Union brand will be removed and disappear within two years, arguing that the consistent brand Aviva will bring "global impact". On June 1, 2009, Norwich Union was branded as Aviva.
Video Norwich Union
Histori
Norwich Union was founded in 1797 in Norwich, when a 36-year-old merchant and banker Thomas Bignold formed "Union Norwich Society for Home Insurance, Stock and Merchandise from Fire", a community shared by policyholders who receive a share of the profits. This came to be known as the Norwich Union Fire Insurance Office.
In 1808 Thomas Bignold established the second mutual, the Life Insurance Society of the United Norwich Society. The Fire Society was demutualized in 1821 when it pervaded the Norwich General Assurance Company. Like many insurance firms against fire losses, they operate their own fire brigade to protect (only) community policyholders whose buildings are identified by "Fire insurance marks". New in 1929, the Fire Society handed over its last private brigade, in Worcester, to the city government.
At the beginning of the 20th century, the Norwich Society community operated around the world, although the last two decades of the century saw austerity and withdrawal from a number of seemingly unstable markets, especially in Africa.
In 1997, in the two centuries, Norwich Union was demutualized and hovered as a public limited company on the London Stock Exchange. Although selling general insurance, automotive, health care and life policies - a wide range of products that indirectly lead to its slogan nothing to protect more - it is listed in the market as a living company, and in the future year was under pressure from analysts to release the insurance arm generally.
In 2000, the Norwich Union joined CGU, formed from the merger of the General Accident and Commercial Union in October 1998. Norwich Union had tried to take over the General Accident more than 100 years earlier. CGU also offers a wide range of life and general insurance products, with a stronger global presence than Norwich Union based in the UK. After joining, they formed a CGNU group which later became the Aviva group. In 2005, there were still two companies operating in the UK under the Aviva umbrella using Norwich Union brands: Norwich Union Insurance (NUGI) and Norwich Union Life (NUL) . Outside the UK, the Aviva brand is already dominant.
After extensive trials, in October 2006, Norwich Union introduced a new type of car insurance called "Pay as You Drive (PAYD)". GPS receivers and cellular technologies are placed in the car and risk factors (time, distance, mileage) are monitored. The information is sent back to the insurance company. Drivers who use their vehicles at times of low risk during the day or on low-risk roads or low mileage get a discount on their motor vehicle insurance premiums. There are several business method patents covering this invention. Pay as you Drive Service was withdrawn in 2008 due to a new business volume that was lower than expected.
Norwich Union supports European public service advertising campaigns against careless riders at too high a speed. The ad campaign is known as "The Faster Speed, The Greater Message."
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Customer Service
In December 2007, Norwich Union was fined Ã, Â £ 1.26m by the Financial Services Authority (OJK) after customers with a life insurance policy were placed at a small risk of fraud. OJK says that the company has failed to address this issue well even when it has been warned for this problem.
After finding excessive filling errors in 2001, Norwich Union agreed to compensate their clients with their respective checks Ã, Â £ 300, due to fees that exceed the 1% limit imposed by the government. The final amount of compensation is expected to exceed Ã, Â £ 11 million.
International operations
In Canada, Norwich Union is known as a direct marketer of life insurance products, often promoted through frequent repeated television ads. The most famous is the starting point with the phrase, "It's Patrick! He took life insurance." After the Norwich/CGU merger, the unit was sold to American International Group and renamed AIG Assurance, which decided to remove the "Patrick" ad. The unit was then resold in 2009 to the Bank of Montreal, and is now known as BMO Insurance. (Aviva continues to do business in Canada in other categories of insurance such as homes and cars.)
In Australia, the Norwich Union Australia operation was renamed Aviva in October 2003. The company subsequently comprised three businesses: life insurance, fund manager, Portfolio Partners (reporting directly to London) and the main trust/Navigator financial planning service.
Note
External links
- History of the Norwich Society
Source of the article : Wikipedia
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