Legal & General's (L&G) early warning system, which nudges advisers when protection policies are cancelled or lapsed, has so far led to payouts of £23.4m in 2015.
The early warning system alerts advisers to lapsed or cancelled policies giving them the opportunity to contact clients directly. Legal & General head of commercial management and distribution quality Andy Clark said the figures showed the initiative had helped advisers generate new business and retain existing clients. He said: "Helping advisers to develop and monitor the quality of business processes feeds into the level of customer service brokers can offer, which in turn improves client retention. "Ensuring that policyholders are kept up-to-date, particularly with developments ...
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