LV promises to speed up underwriting

LV promises to speed up underwriting

A pre-underwriting tool has been launched by LV to make the underwriting process quicker and more flexible for advisers.

The online tool, available through LV's Fastway quote and apply system, enables advisers to check instantly whether a specific illness or condition will result in standard rates or higher premiums, or lead to an exclusion being added to the policy.

Available online 24 hours a day, seven days a week, the tool means advisers are able to submit business outside of regular working hours and receive instant decisions without having to call an underwriter.

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It can provide an outcome for the most common underwriting questions seen at LV=, including body mass index, depression, blood pressure, a family history of heart problems and diabetes.

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.”

Brian Hill, independent financial planner at Wiltshire-based Jones Hill, said: "This will undoubtedly help advisers meet clients' expectations. It would be great to see other providers follow in LV's footsteps in thinking how they can smooth the client's journey."

Paul Howard, proprietor at Reading-based Box Financial Planning, welcomed the news and said he would find the tool useful.

He said: “I have had a couple of cases recently where the rating has been quite significant but due to the medical information it has taken three months to get the results."