Legal & General

GI Provider of the Year: Legal & General Insurance, part of the LV=General Insurance Group

We’re a champion for financial advisers and intermediaries. We lead the way on technology delivery and support. Throughout the past year we’ve relentlessly improved in both areas, to expand advisers’ revenue opportunities, make product access easier and faster and help our valued distribution partners through the challenges of the pandemic.

Our web based SmartQuote tool, launched in 2019, streamlines the home insurance quotation process for intermediaries and their customers. Using what we already know about a customer’s local area and property from publicly available data sources, SmartQuote gets rid of the need for complex questions, allowing advisers to provide their customers with a quote in just five questions. This year we’ve listened to adviser feedback and made improvements to SmartQuote to make it faster, easier and smarter. For example, we’ve reduced the number of screens an adviser has to click through to get a quote and improved our quotability to include newer built properties and properties in Northern Ireland.

We’ve integrated the revolutionary SmartQuote system into protection sourcing and software systems, such as Ipipeline’s ‘SolutionBuilder’ and Iress’s ‘Xplan’. We’ve also made the system directly available for intermediary customers via SmartQuote for Partners. The quoting engine is now implemented by intermediaries including Just Travel Cover, Mojo Mortgages and Look After My Bills.

Mortgage Advice Bureau is one Partner to have newly integrated SmartQuote directly into their CRM system. With SmartQuote, MAB’s ‘InstantQuote’ now allows advisers to effortlessly enhance the customer journey (and increase their business) by seamlessly offering building and contents cover alongside the mortgage.

Andy Walton, Protection Proposition Director at MAB, says the integration has “made a transformational difference to the B&C process for our advisers. We have seen a 50% increase in B&C sales since launch.” He says SmartQuote “ticks all the boxes” because it “removes almost all disclosure liability as SmartQuote is able to determine property details instantly behind the scenes” and because “getting a guaranteed price purely from the mortgage fact find reduces time considerably for advisers”. The underlying insurance product is “excellent quality and the price is keen”, Walton declares, while “the removal of the service charge for customers who want to pay monthly has been very well received – there is really nothing not to like about this product!”

Meanwhile, we’ve worked continuously to support advisers during the Covid-19 crisis. We adapted our learning and development programme including the launch of a new online Hub with access to materials to help advisers kickstart and tailor their conversations with new and existing clients.

Traditional face-to-face training has been converted to virtual events. Popular webinars and virtual workshops give advisers the tools necessary to engage their back-books. To maximise their relevance during lockdown, we’ve launched new subjects such as ‘Psychology of sales’, which looks at customer behaviour and ‘Talking to your back-book’.

It’s all designed to make the customer journey easier and give intermediaries new ways to connect with their customers to create additional sales revenue. We believe it’s a formula that makes us a worthy contender for GI Provider of the Year.

Image 1 – Our SmartQuote improvements infographic

Image 2 – Our Learning and Development Hub