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Service is a two-way street, L&G tells IFAs

Service is a two-way street and advisers need to focus on improving their communications with providers, says Legal & General group product and corporate director John Pollock.

Speaking at Money Marketing Live in London last week, Pollock said in his former role in L&G’s service department, the insurer had to reject more than 25 per cent of protection applications because they were not filled in correctly.

He admitted that life offices need to make improvements but said IFAs have to follow suit.

Pollock added that despite money and data being readily suited to electronic transfers, the industry remains too reliant on paper.

He said building straight-through processing capabilities to support this remains a key goal.

Standard Life UK life and pensions chief executive Trevor Matthews told delegates that an increased focus on delivering online services will improve efficiency and, ultimately, the reputation of the industry.

Citing his Australian experience, Matthews said advisers started to build a truly professional reputation after wrap accounts took off.

Prudential distribution director Andy Briggs said the insurer invested 100m in its service proposition in each of the past three years. It now executes 50 per cent of group pension service online and is looking to raise this to 80 per cent by the end of the year.

Pollock said: “When I was in a service role, over 25 per cent of protection opportunities came in wrong. We, as an industry, do not provide the service to the IFA community we could but there is an element of vice versa.”

Matthews said: “We need service to play a meaningful role in our relations and there is a real threat to providers who do not deliver.”


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