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Corporate Responsibility

Responsible business practice

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Good business conduct

Our people are our business and we expect the highest professional standards of conduct from them. We ask every employee to manage and conduct business with due skill, care and diligence, acting with integrity and beyond what is required to meet our legal and regulatory obligations. We focus on educating our people through mandatory training.

Partnering with organisations that have the same values and principles as us is essential as it enables us to deliver on our brand promises. Our culture of partnering with reputable suppliers means that we’ve fostered an environment where we can work together on achieving the best outcome for our members and customers.

Modern slavery act

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All of our employees complete annual training on their business responsibilities

In accordance with the Modern Slavery Act 2015, LV= is committed to improving our practices to combat slavery and human trafficking. We are conducting a comprehensive review to identify and assess potential risk areas in our supply chains and to introduce systems which mitigate the risk of slavery and human trafficking.

Putting customers first

We follow the FCA’s ‘Treating Customers Fairly’ principles, which aim to ensure that customers receive a fair outcome when they deal with financial services companies. The principles mirror our own ethos to look after our customers’ and members’ best interests.

Actively seeking feedback, and responding to customer insight is important as it helps us to adapt to our customers’ needs. Our customer satisfaction scores speak for themselves as we do all we can to create the ‘wow’ factor and differentiate ourselves from our competitors.

UK Customer Satisfaction Index July'17

Supporting vulnerable customers

There are stages in our customers’ lives where they face challenges or circumstances which lead them to feel vulnerable. Be it through bereavement, ill health or a sudden loss of employment, there are a variety of times when additional help and support may be needed in making financial decisions.

We’ve built up an approach internally to provide products and services that are flexible and can be adapted to our customers varying needs. Our customer equality forums provide a central point in monitoring any issues arising across our General Insurance and Life businesses – and we regularly review the training that we give our employees to make sure they are equipped with the skills to offer help when it is most needed.

Fighting financial crime

We take financial crime extremely seriously and aim to protect our customers, members and employees against its harmful effects. We have invested significantly in establishing a great counter fraud infrastructure. We also proactively manage crime intelligence and analytics to support our investigation and wider business teams with strategic insight. LV= works closely with external organisations and regulated bodies to support the wider industry fight against fraud.

Case study - The CCTV Slam-on

When Mr Y, a cash-for-crash scammer, put in a personal injury claim for himself and his family he did not realise that his antics were being caught on camera. After his car was hit by an LV= policyholder, Mr Y was contacted and LV= accepted liability for the accident. He subsequently claimed for himself, his partner and three children because as passengers, he claimed that they were all suffering from soft tissue injuries. On investigation CCTV footage revealed that Mr Y had in fact not been in the car at the time of the incident nor had any of his family. After referral to IFED (the Insurance Fraud Enforcement Department) the case was referred to court and Mr Y received a six month suspended sentence and was ordered to pay costs. This resulted in £27,505 of costs being saved as a result of our investigation.

Find out more about our approach to fighting financial crime.

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in potential fraudulent claims

Source for all statistics: LV= Annual Report for the year ended 31 December 2016

Find out more about our Responsible business practice

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