The awards will take place on 11 November 2011 at One Coleman Street in London, hosted by Legal & General’s group board director for risk, John Pollock.
Advisers can enter four awards categories: Best Business Practice, Special Recognition, Most Improved Performance and Best Reinstatement Performance.
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.”
The awards follow on from the initiatives that Legal & General has implemented over the last five years aimed at helping brokers identify more than £1bn of protection business at risk and helping to reduce lapses and increase persistency.
These include Early Warning System (EWS) and dedicated retention unit.
Legal & General said that, in 2010, EWS helped more than 1,000 firms save more than 70,000 policies from being terminated, with £7.3m-worth of customer claims paid out as a result of the retention tools.
