LV= is trialling a robo-advice paraplanner service with advisers and says it has a pipeline of 40 deals with businesses wanting to access its online advice service.
Retirement solutions managing director John Perks says LV= is already using a version of the robo-paraplanner and is in discussions with clients about using the technology.
Perks says: “We are excited about the creation of a robo-paraplanner where we think we can help advisers create efficiencies in their back office and allow back office staff to provide full, regulated advice by working alongside our algorithms.
“It is in a position where we are in discussions with clients and we are using a version ourselves. We are just polishing the front end of it so it integrates with back offices. It is in a usable form now so we are trialling that with a number of advisers.”
Perks says LV= has 40 potential deals with either insurers, pension schemes, or employee benefit consultants that want to access its online advice service Retirement Wizard, or the white-labelled Wealth Wizard version.
LV= has already signed agreements with B&CE, Key Retirement Solutions, Reassure and Berkeley Burke.
It signed a deal with Capita in July.
LV= announced its interim results today, reporting an increase in operating profit in its life and pensions business from £12m for the first half of last year to £28m as at 30 June.