The UK insurer, Norwich Union, is planning to return around GBP40 million of unclaimed assets, held in life and pension policies, to 40,000 customers.
The money is held in these policies dating as far back as the 1950’s, with many held by other companies which were subsequently merged into Norwich Union and its subsidiaries.
The initiative builds upon the success of the ‘Find the fisherman’ campaign earlier this year, where Norwich Union successfully traced around 4,000 fishermen, returning almost GBP2.5 million. The techniques used in the Fisherman campaign will be applied to this wider project across all of the company’s unclaimed assets.
Mark Hodges, chief executive of Norwich Union, said: This is our customers’ money and we are quite simply asking them to come collect what is theirs. We had a great success earlier in the year finding many fishermen who were entitled to claim a pension, eventually returning almost GBP2.5 million. We learned a great deal from this and we are able to use the knowledge we gained to create the robust processes we are employing now.