Friends Life, a new organization formed by Axa's UK Life and Pensions business merging with Friend's Provident, said that it is to consolidate its individual protection propositions onto a single platform, using the recently acquired life assurance business from Bupa.
The new platform will also draw the elements of the Friends Provident individual protection offering and the heritage protection business acquired from AXA.
Friends Life expects that this consolidation approach will provide a strong base for building a protection offering for IFAs and strategic partners.
Friends Life CEO Trevor Matthews said that the consolidation of the business will enable Friends Life to offer the optimum protection product range to support the plans in the individual and corporate protection markets in the UK, whilst allowing to continue developing a low cost-operating model for the business.
According to the Friend’s Provident, it will continue to manage its three existing individual protection propositions and aims to consolidate the range under the Friends Life by the end of 2011.
As part of this process, Friends Life will work in partnership with IFAs and partners to ascertain how to implement the optimal solution for their business.
It will also adopt a new management structure for the individual business of Friends Life.
Bupa Health Assurance CEO Steve Payne will assume the responsibility for developing and implementing the strategy for the Individual Protection business marketed through IFAs.
Graham Harvey, managing director Individual, will be responsible for developing and implementing the strategy for the strategic distribution partners.