LV= sees protection sales rise by 50%

clock

LV= has seen its protection sales increase by 50% in the first six months of 2015 with £144m of sales.

LV= saw growth across the range, with income protection seeing the most increased sales out of all LV='s protection products.

The growth in IP was in part attributed in part to LV='s Wake Up to Income Protection seminars, seven further seminars were held during July 2015, the first having been held in January and February 2015.

The Seven Families campiagn was another contributing factor named by LV= for the growth in income protection sales.

The overall increase for LV='s Life sector saw growth in present value of new business premiums of 20%, to £864m, with flexible guarantee bonds up 136% to £139m while equity release fell 42% to £33m and annuities fell 37% to £146m.

Richard Rowney, managing director of LV= Life & Pensions said: "It's income protection that's our product we sell the most of [and its] the product with the most proportionate increase." 

Rowney said: "Undoubtedly 'Wake up to IP' has been successful for us and for the advisers that have attended it. 

"It is about supporting them, helping them have the confidence to raise what's perceived to be a complex product and giving them the skills to broach that with their customers."

He added: "Q2 showed no sign of let up vs Q1, I would hope that we maintain that kind of momentum through the rest of the year."

Rowney said: "In order to make it even easier for advisers to do business with us, we recently upgraded our adviser website.

"The new technology makes it easier for advisers to navigate it on their smartphones and they and their clients can now use the new site to book tele-interviews for themselves.

"This will further speed up the protection underwriting process meaning that clients can get access to valuable financial protection quicker."

Further Reading: 

LV= makes changes to adviser services

LV= joins UnderwriteMe

PG Mutual announces record results

More on Insurer

Dentists' Provident pays out £5.2 million in 2023

Dentists' Provident pays out £5.2 million in 2023

Decrease from £5.6m in 2022

Jaskeet Briah
clock 13 February 2024 • 1 min read
Nearly nine in 10 claims handlers impacted by distressing claims: CII

Nearly nine in 10 claims handlers impacted by distressing claims: CII

CII urges insurers to provide training on vulnerable customers

Jaskeet Briah
clock 07 February 2024 • 2 min read
Royal London names L&G's Fiona Wynn as head of protection proposition

Royal London names L&G's Fiona Wynn as head of protection proposition

Enhancing high net worth offering

Jaskeet Briah
clock 06 February 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read