LV= has cut the time taken to complete its tele-interviewing process by 50% during the last 12 months.
The provider removed 10 questions from the initial process to reduce the average interview time to around 15 minutes.
The move continued industrywide efforts to speed up and ease the process of getting on risk and equaled its reduction in doctors reports' use, although this was done over two years.
LV= said that with the majority of tele-interviews taking less than 5 days to complete (compared to an average of a month for a GP report) this approach improved customer satisfaction and made the application process easier for advisers and clients.
Anna Rogers, head of underwriting at LV=, added: "Reducing our tele-interviewing times by half, coupled with our recent announcement of reducing the number of GP reports we request by half, will add considerable value to advisers by reducing the overall time it takes to get a protection application completed, and makes the whole process simpler for clients."
