"This range of GI products from LV= has only recently become available to advisers and we are therefore very pleased to be able to add it to our panel"
From today, Paradigm Protect member firms will be able to access LV= GI products including buildings and contents insurance and landlords insurance for the first time.
The insurer offers two buildings and contents insurance products – Platinum and Gold, which provide cover up to £1.5m for rebuilding costs. Accidental damage cover is included as standard with Platinum, customers can choose between £80k or £150k of contents cover, and contents stolen from outbuildings is also included.
Its landlord insurance product provides buildings and contents cover for rental properties, with optional extras such as home emergency cover and legal expenses.
LV= GI also offers its SmartQuote tool allowing advisers to provide a home insurance quote in minutes. It works by combining data points from various public sources to generate a quote, cutting down on the number of questions advisers need to ask.
Mike Allison, head of protection at Paradigm, commented: “This range of GI products from LV= has only recently become available to advisers and we are therefore very pleased to be able to add it to our panel so that our member firms can access it on behalf of their clients. For too long, clients have often been left to their own devices when it comes to GI, and can be left with inadequate cover not fit for their own circumstances which ends up not living up to expectations when a claim is made.
“Advisers can ensure this doesn’t happen by including GI as part of their full advice proposition and by doing so, not only do they ensure their clients have the right cover, but they can also develop a potentially valuable income stream for many years to come. Providers such as LV= also offer a range of support to get the most out of this sector, and in utilising everything Paradigm Protect has to offer, we can help firms develop a very healthy advice proposition that can make a considerable difference to both clients and the bottom line.
“The FCA has recently highlighted the need for advisers to distribute suitable and ‘fair value’ products. It wants to see a market where customers are appropriately supported in purchasing the correct insurance products for their needs and also when they come to make a claim. The new Consumer Duty rules will drive further focus on to distributing all GI products and we want to ensure we offer the best possible support in doing so.”
Sarah Watts, head of intermediary at LV= General Insurance, added: “We are thrilled to become part of the Paradigm panel and help advisers provide the cover their clients need. We’ve worked really hard to ensure our products have great value and protection, with two levels of cover, but also focused really hard on how advisers can get access to our products with ease. Our five-question quote journey means advisers can spend more time assessing clients’ needs, which we know is so important to ensure they offer the right level of protection.”