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Liv Vic updates its flexible protection plan using STP

Liverpool Victoria has added a new online processing system for their flexible protection plan using a straight-through processing system.

The revised system allowed IFAs to select life, critical illness, mortgage payment protection and income protection covers using one online application.

Advisers will also have the added benefit of instant acceptance and tracking of policies completed through the system. The system also puts advisers in control by enabling them to produce illustrations and review previous business.

The objective behind the launch is to ensure a more efficient service for advisers, enabling them to obtain quicker decisions for clients.

Liv Vic will support IFAs with an expert telephone team capable of contacting clients directly, reducing the need for GP reports.

The system offers two options – a short and a normal form. The short form requires basic information and takes around 10 minutes to complete before being passed to a telephone interviewer to complete the rest of the form.

The normal route offers IFAs a 10 per cent commission uplift for completing all the information themselves, on behalf of their clients.

Liverpool Victoria director, intermediary business Stuart Tragheim says: “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.”

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