Legal & General save Â£1billion of protection business
08 September 2011
Legal & General are proud to announce the launch of the 2011 Business Quality Awards. These awards are designed to recognise those firms and individuals who have demonstrated a proven commitment to the retention of their protection business. By doing so, they ensure that customers retain the valuable cover that they need to protect themselves and their families.
Over the last five years Legal & General has invested in a number of key initiatives to help around 15,000 advisers highlight over £1billion of protection business at risk, helping reduce lapses and increase persistency as a result.
These include the following:
- A unique electronic Early Warning System (EWS) which gives advisers the tools to recognise very early on when a policy may lapse.
- Expertise and specialist face to face advice and help for firms, so that they can learn and benefit from retention best practice.
- A dedicated retention unit formed to focus on the prevention and management of lapses and cancellations.
- A new electronic reinstatement tool providing firms with direct access to reinstatement systems and services.
- A new retention MI tool giving advisers critical sales data to help identify trends and issues.
In 2010, use of the EWS alone, helped over 1000, firms and saved more than 70,000 policies being terminated.
£7.3million worth of customer claims were paid out last year as a direct result of these retention tools which proves the real difference these business practices have made.
Presentation of the awards will take place at a champagne lunch on Friday 11 November at One Coleman Street which will be hosted by John Pollock, Legal & General Group Board Director for Risk.
There are four awards categories that advisers can enter: Best Business Practice, Special Recognition, Most Improved Performance and Best Reinstatement Performance.
Commenting on the launch, Peter Graham, Managing Director, Legal & General, Individual Protection said, "These awards are the first of their kind and I am proud that Legal & General are leading the way in rewarding retention. As an industry we tend to focus on the 'front end' processes for acquiring new business but it is critical that we also focus to manage the persistency of that business. We lead the market in retention expertise and best practise for advisers and I do hope that firms will support these awards by entering. It promises to be a fantastic event".
Notes to editors
Full details of the event can be found on the retention awards web page.
Terms and Conditions
- These awards are open to Tied Business Partners and Independent Financial Advisers only.
- The closing date for nominations is 23 September 2011.
- Open to UK advisers.
- Only one nomination per firm/adviser.
- Organisations and individuals who are short-listed will be contacted after the nomination closing date.
- Once you submit your nomination we will send you a confirmation email within 24 hours. If this doesn't happen, please re-submit your nomination or email our mailbox QualityandRetention@landg.com.
- The judging panel's decision is final on all awards.
- Data Protection - we will process your data in accordance with the principles of the UK Data Protection Act (1998).
- Winners will be announced at the Business Quality Awards awards event on 11 November 2011 at One Coleman Street, London, EC2R 5AA.
- Firms can nominate themselves or be nominated by Legal & General.
- Judges will measure firm submission against set criteria.
- We expect all entrants to treat their customers fairly. We reserve the right to exclude nominations if any entrant does not treat their customers fairly.
For more information please contact:
PR Manager, Legal & General Group
t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574
About Legal & General
Legal & General Group Plc.
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Registered in England. Registered Number: 1417162.
Legal & General Group Plc is a holding company, subsidiary undertakings of which are fully authorised as appropriate under the Financial Services and Markets Act in respect of their investment activities in the UK.
© Legal & General Group Plc 2011