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L&G are life savers

Ryan Fowler

April 8, 2014

Thanks to the system IFAs and advisers have helped clients claim £41.2m against Life and Critical Illness Cover policies in 2013.

Legal and General has invested over £2m in systems to guide firms on best practice and monitor business processes.

Mark Holweger, intermediary director of insurance at Legal & General, added: “Figures like these should act as a catalyst for advisers and the industry as a whole to keep clients protected for when unforeseen financial emergencies hit.

“It’s extremely positive to see the industry continue to evolve and adopt more client-centric business models.”

Recent enhancements include improved methods of payments for arrears, with Legal and General’s credit and debit card facility replacing the cheque and postal order.

In 2013 Vita Financial successfully saved 95% of at-risk policies from lapsing.

Chris Chapman, financial services director of Andrews Mortgage Services, added: “Legal and General’s Early Warning System is a fantastic tool and advisers need to use it to its maximum potential by dealing with potential policy lapses quickly.

“We have a dedicated member of staff whose primary role is to action any policies at risk, as this is a full-time job. Where possible, we also put customers in touch with their original adviser who knows their case to ensure continuity of advice.

“Retaining existing customers is just as important as winning new ones, if not even more so.”


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