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Liverpool Vic puts Mimi cover online

Liverpool Victoria has set up an online processing system for its flexible protection plan, known as “Mimi”.

The revised system allows IFAs to select life, criticalillness, mortgage payment protection and income protection cover using one online application.

Advisers can get instant acceptances and track policies completed through the system. It also enables advisers to produce illustrations and review previous business.

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

Liverpool Vic will back the system with a phone-based 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 phone 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.

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.”

Main Points

l Wholesale and retail regulation should be split, with a further split between the regulation of advisers and product providers

l Caveat emptor should play a wider role in retail financial services

l A review of the role of IFAs in the community and their positive impact upon the UK is required

l FSCS should be replaced with an insurance fund paid for by redirection of PI payments and product levies

l FOS should be dismantled and replaced by a number of tribunals made up equally of advisers and consumers

l Remuneration is a matter for adults and should not descend into a simplistic fees v commission debate. Method of payment is no guarantee of quality

l Product and commission bias not sustainable in an industry that relies on personal referrals and repeat business

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