Liverpool Victoria has taken a 'significant backward step' in the time it takes to underwrite protection applications, according to research from Torquil Clark Life Insurance.
Torquil Clark has produced a table ranking providers by the average number of days it takes to issue acceptance terms for an application submitted between 1 May and 31 July 2006.
It says Liverpool Victoria is the only insurer to have taken a significant backward step, with their service deteriorating by three days on average from 21 days in 2005 to 24 days in 2006.
Jason King, director of Torquil Clark, says Liverpool Victoria’s results are caused by its lack of an online submission process for pension term assurance (PTA).
He states: “Liverpool Victoria needs to address the fact that its PTA has no online submission process. These days a paper-only submission process is unacceptable and demonstrates an attitude that fails to consider IFA needs.”
Friends Provident has topped the table for the second year in a row with an average of 12 days, while Norwich Union has improved its turnaround time from 40 days to 19 days.
Legal & General has improved from 23 days to 16 days and Standard Life has reduced its turnaround time from 44 days to 28 days.
King adds: “Broadly speaking we are glad that service seems to have improved. However, much of this has been for clean applicants, whilst non-standard applicants have experienced a poorer service.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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