Aegon UK has said it will provide redress to consumers it finds have been disadvantaged by poor customer service as it undertakes a £38 million review of its systems.
In its third quarter update last week Aegon reported a decision to invest in analysis of customer consistency and service had pushed its underlying UK earnings to an £11 million loss.
The Dutch insurer expects the analysis to be completed by the end of the year.
It will then have to spend more money on changes to its systems over the next three to five years.
A spokeswoman could not confirm how much it would cost to overhaul systems but said the £38 million was just to cover the analysis.
Aegon director of life and pensions operations Feilim Mackle hired ex-Equitable Life corporate services director Simon Skinner as director for life and pensions customer service in January to conduct the review.
An Aegon spokeswoman said; ‘Before we can make improvement we need to go through the systems and see if there are any errors and if there is and customers have suffered any loss we will redress them.
‘The analysis will be completed by the end of the year and we hope to have visibility of the issues that exist.’