LV= slashes doctors' reports

LV= has continued the market’s focus of reducing reliance on GP reports (GPRs) by slashing the number requested for its income protection (IP) applications.

The provider has halved its rate of request in two years from 19% in 2008 to 9% in 2010.

It said this was largely due to the success of online and tele-underwriting systems which gather more evidence up-front and the introduction of new medical underwriting limits in 2009.

Other insurers have also amended their underwriting rules to reduce the need for medical reports on protection products, including life and critical illness.

Anna Rogers, head of underwriting at LV=, explained some of the benefits of using fewer GP reports.

"A reduction in the number of GPRs we request can only be good news. It has resulted in an increase in our point of sale acceptance rate and cuts down on the time it takes to put a policy in force, helping both advisers and customers," she said.