We asked for feedback on rating, the market et al and we got it...thanks.
Part of the feedback was keep communicating please. So I am...Maybe not astounding new news but little and often was the general message.
So...It's important I let you know how we are going to take the initiative on moving the market forward; starting now.
Household rates are going to be rising by circa 5% more than we had planned i.e. we were already planning 3% and indexation so the total is up to 10%! (notquite as the media reported it!)
Car rating has already moved but there's more to come ... and the competition has moved significantly over the last couple of months.
And from Q4 we are planning to increase Commercial rating by up to 5%; it's not a blanket approach (that was your feedback); it's not a knee jerk (that was your feedback) and it's proportionate (yes ... feedback again!) ... Some cases will need a bit more, some less...
Alongside this we'd like to stop going backwards straight away ...! Easier said than done we know but needs must...
We'll review this constantly and then plan for further movement in the early part of 08.
Your ideas and challenges are fundamental to the success of this journey ... but above all your support. All my team are moving in formation on this so they'll be briefing your teams in September with support material and ideas. If they haven't and you hear nothing SHOUT! LOUD!
If we can get this right with your help, we'll all benefit in the long term.
Yours
John Kitson
Director
Intermediary Business
Norwich Union
Email address: kitsoj1@norwich-union.co.uk
