L&G: early warning tool has cut protection lapse rates
Legal & General (L&G) has seen a marked decline in lapsed policies across its protection product channels, which it partly put down to an ‘early warning system' it rolled out to advisers in 2006.
The provider said its clients reported a 22% improvement in lapse rates across all protection channels since 2010.
Good business practices and tight client relationships have also helped, it said.
L&G completed the roll-out of its ‘new early warning system' (NEWS), which alerts advisers when premiums have not been paid on their clients' policies, seven years ago.
The tool is designed to flag up missed premiums and ensure clients are not left exposed by lapsed policies.
Duncan Finch, managing director, L&G retail protection, said: "Of course better client intelligence is a very good way to ensure [advisers] are keeping business.
"But travelling around the country has revealed some amazing stories of advisers going above and beyond the call of duty to help their clients."
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