Legal & General clients have seen a 22% improvement in lapse rates across all protection channels since 2010. Thanks to the firm’s early warning system, good business practice and excellent client relationships there has been a significant uplift in the number of Legal &General clients able to ensure they retain business.
The strong figures come in the wake of Legal & General’s annual Business Quality Awards which were set up to recognise Independent Financial Advisers (IFAs) and Network Advisers who have demonstrated a proven commitment to the retention of protection business. Those successful firms were recognised for their great work by Legal & General and presented with an award as recognition of these efforts.
Duncan Finch, Managing Director, Legal & General Retail Protection says: “Its very pleasing that thanks to the great work by our retention teams, and the distribution quality management team, our clients have seen significant improvements in retention levels within their businesses. Tools like the early warning system have helped us achieve a 22% improvement in lapse rates across all protection channels since 2010 and we should all be very proud of that. The challenge now is to continue posting such strong numbers.”
Finch continues: “Of course better client intelligence is a very good way to ensure that you are keeping business but travelling to advisers around the country has revealed some amazing stories of clients going above and beyond the call of duty to help their clients. By its very nature a protection policy is a product that is invoked at a time when a client is in a vulnerable position. It is therefore crucial for the client and the reputation of our industry as a whole that advisers do all they can to make the process as painless as possible. Hearing the examples of how our winners often went way beyond what could be reasonably expected to help clients shows that despite the negative headlines, there are still examples of the financial services industry going the extra mile to help and I was delighted to be able to recognise that via the Business Quality Awards.”
Guy Codling, Managing Director, Topquote says: “Legal & General’s early warning system has been a fantastic asset for us. By flagging up when our client’s policy payments lapse we are able to inform our clients in good time and ultimately provide a better service. As the figures show, making contact promptly allows us to flag when payments have lapsed in error or intentionally and there is nothing a client appreciates more than us being able to bring that to their attention before it becomes an issue.”
