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Catch up with the latest press releases from LV=

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LV= cuts protection business processing times

Press release: 11/10/2011

LV= has reduced the amount of time it takes to complete protection business sold through IFAs. Over the last 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=’s 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 (GPR). 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 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."


LV= employs over 4800 people and serves over four 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 offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trades unions.
LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG.

Registered address: County Gates, Bournemouth BH1 2NF. www.LV.com