Legal & General paid out £19.5 million in 2018 as a direct result of its Early Warning System (EWS).
In 2018, the insurer received 541 claims from families and beneficiaries who benefited from the EWS. Since 2010, Legal & General has paid out £220 million from 3,206 claims as a direct result of the introduction of the system.
The EWS is a free tool created by Legal & General to make sure advisers are aware of any policies that are about to lapse, helping to ensure clients receive a more personalised and proactive service from brokers.
EWS flags policies which are at risk, encouraging advisers to get in contact with their clients to discuss renewing or updating their policies.
These statistics have been published ahead of Legal & General’s annual Business Quality Awards on Thursday 7 February. Launched in 2011, the awards recognise Intermediaries who have demonstrated best practice in customer service and who have shown a proven commitment to retaining clients in the protection business.
Craig Brown, director of intermediary at Legal & General Insurance, said: “Our Early Warning System continues to support advisers, alerting them when a client’s policy is nearing the end of its term. Our free tool has resulted in a total of 3,206 claims being renewed and we have paid out over £220 million to our customers since 2010.
“With our Business Quality Awards just under a month away, we’re looking forward to celebrating the exceptional standards that our advisers achieve. These awards highlight the hard work that advisers have put in over the past year and emphasises the importance of retaining clients for their future businesses.”