Norwich Union live with The Exchange's policy valuation service

Source: The Exchange

The Exchange, the leading provider of portal services to intermediaries and a key part of Vertex's Financial Services Division, today announces that Norwich Union is now live for policy valuations on Exweb Gold.

Norwich Union joins Legal & General, Friends Provident, Prudential and Standard Life on Exweb Gold.

Exweb Gold builds on the existing research, quote and buy services of Exweb and can deliver considerable time and cost savings to intermediaries by expanding the client servicing tools available to them. The valuations service, for example, is unique in that it provides real-time aggregated policy valuations for pensions and bonds via electronic links that have been established with participating product providers. Other providers expected to go live later this year are AXA, Scottish Equitable, Scottish Widows and Skandia.

A supplemental price feed from Financial Express is integrated within Exweb Gold enabling daily pricing of many other key asset classes such as unit trusts (including PEPs and ISAs) and individual shares. In addition, a manual update feature is available for assets where electronic updates are not available.

Exweb Gold also enables advisers to store this contract information against client records held in its integral client database and produce client reports, which can be printed as a financial statement or exported as a data file for tailoring by the intermediary if required.

Andrew Simon, head of ebusiness development at Norwich Union, says: "Enhancing our e-commerce capability to allow real-time valuations is key to our service proposition, making it easier for intermediaries to access valuations from Norwich Union. Going forward our plans are to widen access to our real-time valuation capability with future deployments to other portals and back office systems."

David Child, managing director at The Exchange, comments: "We are delighted to welcome Norwich Union as the fifth provider on the valuations service on Exweb Gold. Further providers are due to join the service in the near future and as this number grows so does the efficiency and cost saving benefits Exweb Gold can deliver to intermediary businesses."

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