Over the past 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= says its 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. 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.”