Liverpool Victoria launches online processing system
Liverpool Victoria has launched an intelligent online processing system for their flexible protection plan, mimi, which will allow financial advisers to apply online for their clients’ protection needs in a hassle-free way.
Called straight through processing (STP) the new system lets advisers choose cover for mortgage payment protection, income protection, critical illness and life. Advisers can complete applications online and can also get instant acceptance and policy tracking. The system also allows advisers to review previous cases and to produce illustrations.
STP allows advisers to receive quicker decisions and clients will be contacted directly, reducing the need for reports from GPs and avoiding processing delays. There are two application routes. The short form option allows advisers to enter basic client information. Within 10 minutes the application goes to a telephone interviewer who completes the rest of the questions with the client. The normal route allows advisers to complete risk and medical details on clients’ behalf and the system uses rules based decisions to give immediate decisions.
Stuart Tragheim, Director, Intermediary Business at Liverpool Victoria, said: ‘Our new STP system demonstrates our commitment to making the life of the adviser easier. Any technology that can be put in place to speed up policy applications is a positive step, and the ease and breadth of choice of cover available through the mimi Flexible Protection Plan means advisers can find quick and individual solutions to their clients’ needs.’
STP can be accessed directly through Liverpool Victoria’s IFA website or through portals such as The Exchange, Webline and Assureweb.