Mortgage News
LV= cuts application processing time
LV= has revealed it completed almost two thirds (61%) of all protection applications from IFAs in five days or less last year.
It also said it has cut the average period of time it takes to get new business on risk from 17 days to 13 days during the same period.
The provider said this was down to improvements in risk recognition and its underwriting process.
This includes just 7.6% of applications requiring a GP report (GPR) compared to 18% in 2008.
Mark Jones, head of protection at LV=, explained that waiting for a full GPR could add a month to the time it takes to write new business.
“I’m delighted we have been able to reduce the number of applications that warrant one,” he said.
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“We have seen our protection business grow by 16% in the last year and we are committed to continuous investment in our proposition to ensure we offer the best experience and service possible for advisers and their clients.”