Legal and General  

L&G to slash protection paperwork


Legal & General Insurance has put processes in place to help consumers and advisers have an easier process when it comes to obtaining protection. 

Mark Holweger, managing director of Legal & General Insurance, said: "There is still a huge protection gap. 

"Our survey, From Deadline to Breadline, found people have generally one month before people run out of money."

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Therefore, he said Legal & General was making it easier for people to buy insurance and for advisers to recommend it to them.

He said: "Some of the things we are doing is improving the AdviserHub we launched, which is giving advisers lots of benefits, such as enabling advisers to track all their live policies online.

"Also, where advisers are having a conversation with their client, they can now pass certain aspects for the customer to complete in their own time, such as lifestyle and health questions.

"This means the adviser can have a more informed conversation with the customer about the benefits of protection, without them having to ask the client lots and lots of questions."

He said this would enable the adviser to spend more time discussing what sort of protection the individual might need rather than having to go through so much paperwork.

Legal & General is also exploring ways to use data intelligently to cut down on the need for so many questions before people can get an indicative quote.

Mr Holweger said the company was also looking at different ways to use technology to help inform people about protection.

He told FTAdviser: "We are looking at video technology and how to give customers and advisers information about the policy and the cover.

"We are also looking at how to tailor the video around the customer, around the product they have actually purchased."

He said the firm was committed to helping customers contact Legal & General in any way they like, whether it is over email or over the phone. All of the Legal & General claims advisers have Samaritans training to help people who are going through a difficult time.

"These are the sort of things we can do to improve the claims journey and process."

When it comes to reporting claims, Mr Holweger said it would make sense to have one standardised process for calculating claims "as we would them be measuring the same thing and it would be easier for the customers and their adviser.

"That would be a good route to go down and as an industry we should work together to make that happen, as this would be beneficial from a customer and from an adviser perspective", he said.

Earlier this year, Legal & General lnsurance launched an app called Selfie Quote in the US to help get millennials engaged with protection.