It is often thought by advisers that a high percentage of their clients will get rated before the policy can be put on risk and perceive this figure to be as high as 25% of all cases. However, Legal & General are keen to dispel this myth and stress that the reality, with Legal & General's underwriting process is far lower at only 12% of clients.
With the continued development of Legal & General's online quote and apply system that has been built with sophisticated risk assessment functionality, an increasig number of clients are accepted straight away without the need for additional evidence.
For example, anyone with asthma can receive an underwriting decision based solely on the information given via our interactive underwriting rules at the point of sale, which saves time and inconvenience for both clients and advisers.
Legal & General offer advice and support to advisers to help them 'understand underwriting', with a website dedicated to providing in depth information on all aspects of underwriting. In addition, Legal & General have an underwriting helpline, the Medical Advice Technical Helpline (MUTAL), which provides support to advisers to ensure they know the likely underwriting decisions or what information is required and so help their clients through the process.
Finally, we have a team of underwriters promoting our philosophy and service through road shows, seminars and other events all of which help educate advisers and make it easier for them to place business.
Russell Whitworth, Legal & General Underwriting and Claims Director said:
"Our aim is to offer cover to as many clients as possible on the appropriate terms based on our assessment of risk factors. This philosophy is applied across all our applications ensuring our clients receive a decision at the earliest point possible.
"The number keeps increasing and over 60% of protection applicants in the IFA market are now getting an underwriting decision instantly. It is possible to see even higher figures depending on the client profile, for example over 70% of life applicants under 35 receive a decision at point of sale."
