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

Closing the net on ghost brokers with email intelligence
As households face the biggest economic squeeze in generations , finding ways to cut the cost of everyday but essential living expenses such as moto
10 Plus C level Claims Executives share their insights
C-level claims executives from Arch, Aviva Canada, Berkley Mid-Atlantic Group and SageSure have just been announced as speakers for Intelligent Insure
Recycling knowledge to fuel green investments
Thursday is ‘bin night’ in my household. A day not to be forgotten if I want to avoid overflowing bins for the next week. It is also the weekly opport

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.