View more on these topics

Friends Prov online protection service takes top spot in survey

Friends Provident has pipped Legal & General to first place in a Lifesearch survey of protection providers’ online offerings.

Scottish Provident and Liverpool Victoria are bottom of the survey, scoring 47 and 49 points respectively out oa possible 100.

The survey grades prov-iders on 10 criteria, including pipeline tracking, technical support, incentives, proposal forms, site navigation and money laundering.

Friends, which was awar-ded 82 points by Lifesearch, enhanced its online portal access last September by adding an automated underwriting service.

L&G, one of the pioneers of protection e-technology, scored 74 points. The firm got top marks for flexibility but its scores slipped on features, interaction and navigation. L&G is launching an online system to the whole of market later this year.

ScotProv scored well on stability, speed and technical support but its lowest mark was for pipeline tracking, where it only scored two points.

Liverpool Victoria scored just three points for features and interaction and post-sale confirmation.

Royal Liver, which laun-ched its pure online protection proposition last year, came third with 69 points. Norwich Union and Standard Life both scored 68 and Scottish Widows followed with 57 points.

Some providers are not represented. Bright Grey and Bupa do not have online systems while Axa’s system only became operational in November and Scottish Equit-able’s system has recently undergone major changes.

Lifesearch senior technical adviser Kevin Carr says: “Friends Provident had some teething issues at first but has now caught up and overtaken the competition.”

John Joseph Financial Services IFA John Joseph says: “I am not impressed with how quick a system can get people on risk. I want to know the claim history of those companies who came bottom of the pile but I am not at all surprised that Friends Prov-ident is top.”•E-commerce survey, p46

Recommended

Pru to help design multi-ties

Prudential has signed a deal to help Tenet IFA network and Burns-Anderson design their multi-tie propositions. Tenet has over 3,500 advisers and has picked Pru because of its experience in developing multi-tie distribution platforms.

Day is dawning for commodities

Structured product provider Dawnay Day Quantum has created another issue of protected commodities accelerator, capital-protected bond linked to a basket of eight industrial metals and energy-related commodities for a four-year term.

Nationwide’s Stuart Bernau becomes new CML chairman

Nationwide Building Society commercial and treasury director Stuar Bernau today becomes the chairman of the Council of Mortgage Lenders.He succeeds the former chairman, Standard Life Bank’s Anne Gunther.The deputy chairmen are RBS group director of mortgage sales and intermediary development Charles Haresnape and Cheltenham & Gloucester and Lloyds TSB bank savings managing director Jon Pain.Stuart […]

thimbnail

Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment