With over five million customers, LV= is one of the largest insurance providers in the UK. It offers a range of insurance products along with investment and retirement solutions.
LV=’s challenge was to replace disparate systems which formed part of its Direct Protection business with a single, streamlined solution, eliminating inefficiencies and improving the customer experience. The introduction of XPLAN across LV=’ Direct Protection business, closely integrated with IRESS’ The Exchange, provides the first step to achieving this, enabling greater visibility of revenue, a quicker advice cycle and the ability to measure against key service benchmarks.
With the initial pilot of the phased rollout successfully completed XPLAN will now be fully implemented and the next phase of the project commenced encompassing compliance and suitability oversight and telephony integration.
Mark Loosmore, Executive General Manager, Wealth - IRESS, said: “The scale and structure of many businesses in the insurance industry often results in technology solutions evolving over time, resulting in a collection of varied and disconnected systems, each with various touchpoints. In practice this way of working can prove extremely resource intensive, creating duplications and with the obvious potential for letting inaccuracies creep in. XPLAN helps eliminate these challenges by providing a single unified solution that allows both LV= staff and the end consumer greater flexibility and efficiency – a must in today’s world of fast-paced technology.
“We have a strong, collaborative relationship with LV= and are looking forward to seeing the tangible benefits we believe XPLAN can deliver to the LV= business model.”
Mike Farrell, Head of Protection Sales at LV=, said: “We pride ourselves on our ability to deliver good customer outcomes for clients and XPLAN will hopefully allow us to help more people, more efficiently.”
1 Research conducted by YouGov found LV= in the top position on the BrandIndex Recommend measure when assessing the data collected between 01 November 2014 and 31 October 2015. All data was collected using an online survey and respondents are members of the YouGov panel. The 33,752 strong research sample for this study was sampled and weighted to a UK nationally representative 18+ adult profile. The Recommend metric measures a consumer’s willingness to recommend a brand, hence the ambassadors and equity destroyers of the brands: Which of the following financial institutions would you recommend to a friend or colleague? / And which of the following financial institutions would you tell a friend or colleague to avoid?
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Pamela Morris / Jenette Greenwood
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Telephone: +44 (0) 131 202 5994
IRESS is a leading supplier of technology for financial markets, wealth management and the mortgage industry in the United Kingdom, Australia, Asia, New Zealand, Canada, and South Africa.
All product streams support a diverse range of roles and offer front, middle and back-office functionality for clients that range from financial service institutions through to independent operators.
IRESS is a progressive, service-based organisation that employs over 1400 staff globally, with local knowledge and industry experience.
IRESS strives for excellence in relationships with clients and industry bodies alike. IRESS is client-driven, responsive and promotes a culture that supports working with customers and the industry to face challenges and keep pace with industry developments.
At the 2016 Moneywise Awards, LV= was named the UK’s Most Trusted Insurer.
LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.
When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF
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