Legal & General has launched e-Protection Choices, the online version of its family and mortgage-rel...
Legal & General has launched e-Protection Choices, the online version of its family and mortgage-related protection range.
As an added incentive to encourage advisers to use the online technology, L&G is offering an additional 10% basic commission for applications submitted electronically until 28 February 2003.
Protection Choices enables advisers to construct a bespoke, value for money package of family, personal and mortgage protection benefits to match individual client's needs.
e-Protection Choices allows advisors to continue to work offline after providing a quotation to collect all the client's proposal data before going online to submit applications directly to Legal & General.
The options now available from Legal & General include online term assurance (OLTA) offering fully online application with immediate acceptances in 50 per cent of cases. Additonally, advisors can benefit from links from IFA portals offering pre-population of applications from portal quotations with online completion and submission. Applications can be completed and validated offline and then submitted online when convenient.
Application forms are tailored to individual customers and there are faster turnaround times with an average of seven days removed from the normal processing period for a typical case. Graham Newitt, protection and housing director at L&G, said: 'Single data entry which is used across all applications reduces paperwork and time for advisers and availability of new business tracking within 24 hours of submitting applications.'
He added: 'The changes to the regulatory regime highlighted by the FSA's CP 121 paper will mean that more financial services firms will be looking at their trading models. The use of e-commerce is an important element for consideration, particularly for those working in the protection market.'
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