L&G pays out £19.5m through Early Warning System in 2018
Legal & General has paid out £19.5 million in 2018 as a direct result of its Early Warning System, which informs advisers of policies that are about to lapse.
"Our Early Warning System continues to support advisers, alerting them when a client’s policy is nearing the end of its term. "
The system flags policies which are at risk, encouraging advisers to get in contact with their clients to discuss renewing or updating their policies.
In 2018, L&G received 541 claims from families and beneficiaries who benefited from the EWS.
Since 2010, L&G has paid out £220 million from 3,206 claims as a direct result of the introduction of the system.
Craig Brown, director of intermediary at Legal & General Insurance, commented: “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.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
Santander
Santander joins mortgage price war with new rates from 3.51%
FCA
FCA sets out timeline for mortgage rule changes
Nationwide
FCA fines Nationwide £44m for inadequate financial crime controls
Inflation
Bank of England set to cut rates as inflation falls to eight-month low
FCA
FCA announces new measures to support growth of mutuals sector