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NU halves underwriting time but Friends still leads league

Norwich Union more than halved the time it takes to underwrite protection policies in the last year and has leapt up Torquil Clark Life Insurance’s annual rankings.

NU cut underwriting times from an average of 40 days last year to 21 days this year, moving it from 10th to fifth in the rankings.

Friends Provident is the fastest provider again, taking an average of just 12 days to issue acceptance terms.

The league table of 10 providers is based on the average number of days it takes to issue acceptance terms for life and critical illness cover applications submitted between May 1 and July 31, 2006.

The average time to underwrite has reduced from 25 days last year to 18 days but, within this, non-standard applicants experienced a poorer service.

Liverpool Victoria’s underwriting times rose by three days, which saw it fall from fourth to eighth place.

Torquil Clark director Jason King says: “Liverpool Victoria needs to address the fact that its pension term assurance has no online submission process. These days, a paper-only process is unacceptable.”

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