Customer Impact 2008

Welcome to our second Customer Impact report, which details our performance in the annual Association of British Insurers' (ABI) Customer Impact Scheme. We have been members of the scheme since it was set up in 2006, and I am delighted to be able to share with you our results.

Our overall ambition is to grow value for our members through the provision of high quality, value for money products delivered by empowered and dedicated staff. We believe that as a mutual organisation we are well placed to deliver and exceed this ambition and, in common with the best of our shareholder-owned competitors, set ourselves demanding performance hurdles. Taking part in the ABI's Customer Impact Scheme is just one example of how we do this.

Over the last 12 months there has been a number of exciting and innovative developments within the Life and Pensions business at LV=. There are a couple of examples I would personally like to share with you. In 2007 alone we reunited 7,000 policyholders and deceased policyholders' families with policy proceeds totalling almost £20m through our tracing procedures, ensuring that policy claims and maturities were given back to their rightful owners. Into 2008 we launched our innovative new Mortgage & Lifestyle Protection product, which offers flexible mortgage payment and living expenses covers, and has recently been awarded a 5 star award by independent financial research company Defaqto:

"This is the first time I can recall a major company has come up with a policy that is providing what customers are looking for.  Most polices are designed around what the company wants to sell."
Ben Heffer, Principle Consultant, Defaqto.

This report also complements the continuous work we are doing to ensure that the Financial Services Authority's (FSA) Treating Customers Fairly outcomes are at the heart of everything we do here, and both reinforce and advance our existing robust processes and procedures.

The Customer Impact Scheme has become an important part of how we operate here at LV= and is helping us to become market-leading.

This year we have published the full report on the website, which lies within this section.  Alternatively, if you prefer, you can download the report below.

 LV= ABI CIS 2008 

Rodney Cook

Managing Director, Life and Pensions