Articles - LV= cuts protection business processing times


 LV= has reduced the amount of time it takes to complete protection business sold through IFAs.

 Over the last twelve months the average time to process a protection application, including critical illness, income protection and life cover, has reduced by over 20% - from 17 days to 13 days. Over half (61%) of all protection applications from IFAs are completed in five days or less from the day the application is received.

 LV='s application processing time has reduced due to improvements in its risk recognition capability. LV= was one of the first providers to use telephone interviewing and has now reduced the average length of each interview to around 15 minutes.

 LV= has also enhanced its underwriting service by gathering more evidence up-front and introducing new medical underwriting limits. These changes mean that fewer applications now warrant a general practitioner's report (GPR). In 2008, 18% of LV='s protection applications required a full GPR - this has since fallen to under eight percent (7.6%).

 Mark Jones, LV= head of protection said: "Our in-house team of underwriters work with an invaluable team of nurses and health professionals and are dedicated to ensuring that placing business with LV= is as easy as possible for IFAs.

 "Waiting for a full GPR can add a month to the time it takes to write new business, so I'm delighted we have been able to reduce the number of applications that warrant one. LV= has seen its protection business grow by 16% in the last year and we are committed to continuous investment in our proposition to ensure we offer the best experience and service possible for advisers and their clients."

Back to Index


Similar News to this Story

The Pension Transfer Gold Standard
The Personal Finance Society (PFS) has seen more than 600 advice firms sign up to its Pension Transfer Gold Standard (PTGS) since it was announced i
Your insight into cost transparency
The benefits of widespread cost transparency implementation by pension schemes has been made clear in the Netherlands, where KAS BANK has been collect
Mobile Video Technology changes the game for home insurance
A couple I know were burgled before Easter. It was a professional job - the burglars left the bleach and cloths they used to wipe away their fingerpri

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.