During this year, Norwich Union has conducted a detailed and comprehensive review of the possible providers in the market and as a result has selected and now signed agreements with IFDS.
As a result of the agreement, all Norwich Unionâs collective investment administration, customer and intermediary call centre functions will be transferred to IFDS at a date to be finalised in 2009. At that point the Norwich Union business will migrate onto IFDSâ FAST administration platform.
Cathryn Riley, Chief Operating Officer, Norwich Union Life said:
âWe continue to see collective investments as an important area of future profitable growth. It is important that we have a low cost scalable platform to help us achieve this. IFDS are specialists in this particular area and they offer a robust model which will help to deliver economies of scale and cost efficiencies in our operation which will ultimately enable us to deliver further improvements in service."
Simon Hudson-Lund, Chief Executive Officer, commented:
âWe are delighted to have secured this deal with Norwich Union to provide our market leading administration and customer services to Norwich Union and its customers and eagerly anticipate the commencement of those services upon transfer of the functions in 2009. At IFDS we are committed to providing our clients with the highest quality administration services and customer support. Norwich Unionâs decision to outsource to IFDS is testimony that we are the leading provider of such services.â