General Insurance Article - LV= slashes GPR rate by 50%

 
•   The requirement for general practitioner reports falls due to tele-underwriting service and effective medical underwriting limits

 Leading protection provider LV= has seen the number of general practitioner reports (GPRs) it requests on income protection applications more than halve, from 19% of applications in 2008 to just 9% in 2010. This is largely due to the success of LV='s online underwriting and tele-underwriting system which gathers more evidence up-front, and the introduction of new medical underwriting limits in 2009.

 Anna Rogers, LV= head of underwriting comments: "A reduction in the number of GPRs we request can only be good news. It has resulted in an increase in our point of sale acceptance rate and cuts down on the time it takes to put a policy in force, helping both advisers and customers."

 "Great service is one of the core foundations of our business and we continue to build on the feedback we get from advisers and customers. We were one of the first providers to use tele-interviewing, and this approach of gathering more medical information up-front saves a lot of time in the application process, because we don't need to request information as frequently from customers GPs. We have a strong in-house team of nurses and health professionals who form an invaluable part of our underwriting proposition."