Barrie & Hibbert collaborate with Norwich Union to support their new Pension Tracker website
Last updated 16th April 2009 - Barrie & Hibbert has been appointed by Norwich Union to provide stochastic modelling via their Wealth Scenario Generator.
Barrie & Hibbert has been appointed by Norwich Union to provide stochastic modelling via their Wealth Scenario Generator for Norwich Union’s new pension tracker website - a service which will give their customers greater control of their pensions.
The stochastic analysis provided by Barrie & Hibbert via the Wealth Scenario Generator is essential to the online calculator – a central component of the new website. This service will give Norwich Union the capability to generate projections of potential retirement income and present the results to advisers and their clients using a customer friendly interface.
Phil Mowbray, Head of Product Risk for Barrie & Hibbert comments, “Norwich Union had very specific requirements, so we worked together to create a framework which would deliver the output required to make this service invaluable for their customers.”
Iain Oliver, head of pensions, at Norwich Union added, “Our Pension Tracker is first in the industry to give customer’s access to a Virtual Online Guide (VOGcaster) and to graphically show projections for their pension as a ‘beam of light’. This approach was created following extensive customer testing and was only achievable because of the stochastic analysis from Barrie & Hibbert. The team shared their expertise with us throughout the development process and helped us to fully understand the benefits of their analysis.
We believe that this new service encourages customers to take a more active role in controlling their pensions and planning for their retirement. “
