The latest figures show that 56.2% of applicants are now getting accepted for cover automatically, up from 52.3% in June and 48.3% before OLP Connect was launched.
These rates are not just for life insurance but also cover critical illness cover, waiver of premium and total and permanent disability. For applicants aged under 35, the figures are even better at 65%.
OLP Connect is Legal & General's new business system, which has been built with high level of underwriting decision-making capability. It incorporates sophisticated risk assessment functionality, which means that even applicants where loadings or exclusions are applied can get accepted straight away.
Russ Whitworth, underwriting and claims director for Protection said: "If you want fast turnaround and quick underwriting decisions then we have set a new benchmark for online capability. The days of waiting for underwriters to scrutinise every application are gone - technology is taking over."
