"High-net-worth clients typically have sophisticated financial needs and are looking for high levels of cover, so it’s vital that our proposition meets their needs and processing their business is as efficient as possible."
- Craig Paterson, Chief Underwriter at Royal London
Since the acquisition of Aegon UK’s individual protection book, Royal London has increased its focus on the large case market, bolstering its specialist team dedicated to supporting high-net-worth customers. Mark Preston was also appointed as Service Delivery Manager with responsibility for larger cases.
READ MORE: Royal London appoints new Head of Protection Proposition amidst new hires
Today, Royal London has reaffirmed this commitment by introducing vital changes to its underwriting limits. These changes focus on enhancing the underwriting journey and making Royal London easier to navigate for advisers and customers alike.
“Financial underwriting remains an important component of higher sum assured business, but the process should support the cover being applied for, not be a barrier to sale. The changes we’ve introduced should improve our speed to offer, conversion rates and make Royal London even easier to do business with,” said Craig Paterson, Chief Underwriter at Royal London:
| Life Cover (Single & Joint First Death) | Personal | Business | ||
| Current | New | Current | New | |
| No Automatic Evidence | <=£1,000,000 | <=£1,500,000 | <=£2,000,000 | <=£2,500,000 |
| Salary Sense Check | £1,000,001 to £2,000,000 | £1,500,001 to £2,500,000 | N?A | N/A |
| Financial Evidence | >£2,000,000 | >£2,500,000 | >£2,000,000 | >£2,500,000 |
| Corroborative Evidence | >£3,500,000 | >£4,000,000 | >£3,500,000 | >£4,000,000 |
| Life Cover (Joint Life Second Death) | ||
| Current | New | |
| No Automatic Evidence | <=£2,000,000 | <=£2,000,000 |
| Financial Information on Application | £2,000,001 to £3,500,000 | £2,000,001 to £4,000,000 |
| Corroborative Evidence | >£3,500,000 | >£4,000,000 |
| Relevant Life Plan | ||
| Current | New | |
| No Automatic Evidence | <=£1,000,000 | <=£1,000,000 |
| Salary Sense Check | £1,000,001 to £3,500,000 | £1,000,001 to £4,000,000 |
| Corroborative Evidence | >£3,500,000 | >£4,000,000 |
