Legal & General introduce faster application process
Legal & General have announced major improvements to their online quote and apply. These changes will ensure a faster and more efficient application process for customers wanting to buy Term Assurance, Critical Illness Cover, Income Protection Benefit and Fanily and Personal Income Plans and will allow more underwriting decisions to be made straight away which means policies will go on risk much sooner.
As the UK's number one protection provider we process thousands of applications every month through OLP Connect. In February this year we received in excess of 40,000 applications. It is vital that customers are able to experience a faster, shorter and smoother journey from start to finish whether they buy from an adviser or direct.
Acting on customer research findings, significant changes have been made to the questions customers are asked, so that they are more meaningful and understandable. There are fewer questions overall and the health questions have been changed making it easier for customers to understand and complete.
Key enhancements include:
Simplified underwriting with up to 30% fewer questions compared to the existing application.
Questions reworded helping customers disclose everything they need to and nothing they don't.
Increase in the likelihood of an underwriting decision at the point of purchase.
Fewer underwriting referrals.
Peter Graham, Managing Director, Individual Protection, Legal & General said," These enhancements give significant and tangible benefits for customers and advisers. We believe this is now the quickest online protection system there is of its kind in the market. We ask customers the minimum number of questions we need to allow us to underwrite their policy and get it on risk as soon as possible. We have listened to our customers and acted where they have told us to remove unnecessary questions and revise others, making the application for a protection policy a much clearer and simpler process. This is important, so that customers are confident that with Legal & General they are able to get the cover they want and the peace of mind that goes with it, fast."