LV= has today announced the launch of its new pre-underwriting tool, in partnership with UnderwriteMe, designed to improve the underwriting process for advisers. The online tool, available through LV=’s Fastway quote and apply system, will enable advisers to check instantly whether a specific illness or condition will result in standard rates, increase premiums, or lead to an exclusion being added to the policy.
This new tool will not only speed up the underwriting process but will also make it much more flexible and convenient for advisers. The tool is available online, 24/7, which means advisers are able to submit business outside of regular working hours and receive instant decisions without having to call an underwriter. As well as an indication of the final underwriting outcome, it can also be used for multiple conditions and confirming any necessary medical evidence.
Anna Rogers, Head of Protection Underwriting, at LV= said: “We are constantly looking for ways to create an efficient and hassle-free experience for advisers. Our team already use this tool during the underwriting process and know the benefits it can provide, including time-savings and the ability to include multiple conditions. That is why we wanted to roll out the same tool for advisers to provide consistent results and enable them to offer an even smoother service to their clients. Advisers can access the tool through our quote and apply system, LV= Fastway.”
Emma Thomson, Life Office Relationship Director, at LifeSearch said: “This is fantastic news from LV=. This underwriting tool will enable advisers to access underwriting information much more easily and being available 24/7 will suit the increasing number of advisers who provide advice to their clients in the evenings and at weekends.”
The tool provides an accurate underwriting decision, which will help advisers manage their client’s expectations and get cover more quickly. It can provide an outcome for the most common underwriting questions seen at LV=, including:
- BMI
- Depression
- Blood pressure
- Family history of heart problems
- Diabetes
Advisers can find out more about the underwriting tool on the LV= Adviser site.
About LV=
LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We are currently the UK’s joint number one brand for Insurance and Investments, according to the 2016 YouGov Brand Index Buzz Rankings.
We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.