LV has launched an innovative pre-underwriting tool to give instant decisions 24 hours a day.
It is hoped that the online tool, which is in partnership with UnderwriteMe, will improve the underwriting process for advisers.
The service is available through LV's Fastway quote and apply system and will let advisers check instantly whether a specific illness or condition would result in standard rates, increase premiums, or lead to an exclusion being added to the policy.
The tool provides an outcome for the most common underwriting questions seen at LV, including body mass index, depression, blood pressure, history of heart problems and diabetes.
It aims to speed up the underwriting process and also make it more flexible and convenient for advisers.
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 uses this tool during the underwriting process and knows 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.”
The tool is available online any time, which means advisers are able to submit business outside of regular working hours and receive instant decisions without having to call an underwriter.
Gemma Siddle, chartered financial planner at Newton Aycliffe-based Eldon Financial Planning, said: “We had a case recently where it would have been ideal to have had a tool to check a specific condition for a client needing cover quickly. The availability of the service outside hours isn’t essential for us, but the facility to receive an instant decision is very appealing. We promise a first class service to our clients that is often compromised by the service of providers, so this new use of technology by LV is very welcome.”
