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

Pension policy's long distance roadmap
The Pensions Schemes Bill has fired the starting pistol on a marathon set of proposals for pension change. The passage of the Pension Schemes Bill and
Guided Retirement Duty a promise or pipe dream for savers
The Pensions Policy Institute (PPI), sponsored by The Pensions Regulator (TPR), recently highlighted a key challenge for defined contribution (DC) pen
Design Thinking in practice starting with Empathy
You may ask “But why bring empathy into pensions?”. Checking your projected pension or receiving a correct payment each month - surely this is all jus

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.