L&G moves to gender neutral early

Sarah Davidson

November 1, 2012

From 21 November 2012, all individual protection products will be quoted using gender-neutral pricing.

This means that all new quotes given to customers from that date will show the gender-neutral premiums for both males and females. All quotes will be valid for 90 days from that date.

The industry faces huge challenges in managing the amount of pipeline business in the run up to the deadline, which is just days before the Christmas break.

Legal & General’s move to gender-neutral pricing from 21 November will offer certainty to advisers and customers and ensures the compliant control of existing pipeline business.

Their Gender Response Team which launched in September has completed over 60,000 gender-specific application reviews with the single aim of getting business completed before the deadline of 20 December 2012.

Stuart Welch, actuarial director for individual protection at Legal & General, said: “As the leader in the protection market we’ve been working hard to ensure our strategy is robust enough to give certainty to our advisers and customers.

“That’s why we are moving to gender-neutral pricing on 21 November 2012. We’ve seen a fantastic response to our Gender Response Team which we set up in September to ensure applications are processed quickly and efficiently.

“Our priority at all times is to ensure customers know the exact status of their cover by midnight on 20 December 2012. And advisers will be able to focus on building their 2013 pipeline as our gender-neutral quotes will be valid for 90 days.”

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