Royal London, the UK’s largest mutual life, pensions and investment company, has reunited 36,000 customers with lost ‘penny policies’ worth more than £14 million.
The business has spent more than £2 million pounds tracking down lost ‘penny policy’ customers, which are often as a result of policyholders forgetting their policy exists. Royal London has worked closely with external tracing partners to help re-engage with customers where policies were historically sold by door-to-door agents. The key brands with lost policies are Royal London and United Friendly, Refuge Assurance and Royal Liver, all of which are now owned by Royal London.
Jon Glen, Group Operations Director for Royal London, said:
“Reuniting customers with money that is rightfully theirs is a priority for us. Many policyholders paid premiums for years but for various reasons have lost touch. Through our tracing programme we have successfully reunited thousands of customers with a total of £14 million in lost policies and we encourage anyone who thinks they may have had a policy with Royal London, or any of the historical brands we have acquired over the years, to get in touch with us.”
For those customers who haven’t yet been traced, the funds will always be available for payment when the policyholder either comes forward or is found. Royal London is urging people to get in touch if they remember setting up a policy many years ago or recall the insurance man knocking on the door. A team of experts will be happy to help them locate the policy and contact information can be found at https://www.royallondon.com/contact/contact-us/.
Notes to Editors
1. Royal London has reunited lost policies worth £14.5 million with their rightful owners (figure quoted are to July 2018).
2. Royal London is working with LexisNexis, an external tracing partner, to reunite customers with lost policies.
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.