Legal & General announced that to date they have invested over £2 million in systems and services that guide firms on best practice and help advisers to develop and monitor the quality of business processes which in turn improve client retention. Recent enhancements at Legal & General include improved methods of payments for arrears, with Legal & General’s credit and debit card facility replacing the more antiquated cheque and postal order methods.
Mark Holweger, Intermediary Director, Insurance at Legal & General, said:
“We are very proud of the work our distribution quality management team and network members have achieved together. Tools like the Early Warning System have helped over 15,000 advisers to go above and beyond the call of duty to save an impressive £41.2 million in potential unpaid claims, as their clients cover could easily have lapsed. Figures like these should act as a catalyst for advisers and the industry as a whole to keep clients protected for when unforeseen financial emergencies hit.”
“The industry has undergone some significant changes in recent years, with regulatory measures such as the RDR dramatically altering the business landscape. It’s extremely positive to see the industry continue to evolve and adopt more client-centric business models.”
Chris Chapman, Financial Services Director, Andrews Mortgage Services, said:
“The key to retaining business in today’s customer-centric industry is speed. Legal & General’s Early Warning System is a fantastic tool and advisers need to use it to its maximum potential by dealing with potential policy lapses quickly. We have a dedicated member of staff whose primary role is to action any policies at risk, as this is a full-time job. Where possible, we also put customers in touch with their original adviser who knows their case to ensure continuity of advice. Firms need to put the customer at the heart of everything they do and realise that retaining existing customers is just as important as winning new ones, if not even more so.”
