On Friday (11 November) Legal & General handed out prizes for intermediaries who were deemed to write and retain quality protection and insurance business.
There were four awards categories that advisers could enter: best business practice, special recognition, most improved performance and best reinstatement performance.
For best reinstatement performance, Assured Futures scooped the prize for best IFA, while TopQuote won the award for best Legal & General network and the overall award.
For most improved performance, Clarity Financial Solutions was named best IFA, with Thameside Associates being named best network and best overall advisory firm in that category.
For best business practice, Lifesearch won best IFA, while Mortgage Advice Bureau was named best L&G network partner. Best overall firm in this category was Mortgage Advice Bureau.
In the special recognition category, Personal Touch Financial Services was named best IFA and Andrews Estate Agents won best Legal & General network advisory firm.
Personal Touch won the best overall firm in the special recognition category.
Presenting the awards Duncan Crocker, managing director of Legal & General Network, said: “The thing that has driven businesses to fail is the back door. The front door was pretty OK but it was money running out the back door that led to failure.
“Commission walks through the front door and flows out the back door. All the while the house that is your business is working. But lost customers and commission lost is the danger to your business.
“Our technology is aimed at stopping that loss of customers because perhaps there is no longer that queue of new customers that were once outside your front door.”
One of the judges of the awards, Ian McKenna, director and founder of F&TRC, said it was a great idea to recognise business quality and the good the industry does.
He said: “Legal & General probably lead the market on business retention. I certainly think you can argue retention is almost as important as writing the business in the first place.
“Technology has a role to play. Automated underwriting engines can help us see who really gets the full information from the customers and those who do not. As yet, this has not been as harnessed as it could be.
“Those who are not as thorough may get cheaper premiums now but their clients could face non-disclosure problems in the future and that is not a good thing for our industry. Next year I would like to see a prize for best underwriting disclosure.”