THE Co-operative Insurance Society has entered into a partnership agreement with Norwich Union to strengthen the distribution capabilities of both parties.
The arrangement will see NU supply four additional products to CIS's existing range – three of which will be distributed via CIS's 2,200 financial advisers and one to be marketed directly to
Co-operative Financial Service's seven million-strong customer base.
This announcement follows a comprehensive review of CIS's life and savings business which considered the opportunities presented by the new de-polarisation rules and the need for a broader range of long-term products for existing and future customers.
The review has considered how best to improve customer choice and value from CIS's unique co-operative business model using its nationwide network of professional financial advisers.
Under the new proposals, NU will provide a Personal Pension, a Unit-linked Bond and Inheritance Tax Planning through CIS's salesforce and a Guaranteed Acceptance Plan which will be directly marketed to CFS customers.
Work has already started on developing the proucts with a view to launching them early next year.