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Our retention strategy

Keeping your clients protected

We have a bespoke and proactive retention strategy designed with the aim of keeping your clients protected. Our business development managers will work with you to embed value into your protection sales, identifying potential growth and development areas as well as flagging any issues.

We have a specialist team that includes call handlers experienced in dealing with clients who have missed a payment or cancelled their direct debit and who will intervene after the policy has been in force for more than 40 days (after the end of the cooling off period).

Their focus is on the quality of the conversations they have with clients, not the number of calls they make. You can be sure that each call handler has the time to focus on what the client is saying and to work with them to identify any areas of concern, for example cost, or confusion over what they’re covered for. We see our team as support for you, helping to keep your business on the books.

Our retention strategy is a practical and effective solution to the problem of lapses and loss of client engagement and our success in retaining clients speaks for itself.

 

What we will do
We can identify patterns of high lapse or cancellation rates and work with you to build stronger business foundations.
We’ll issue an annual plan summary to you and your client, giving you the opportunity to revisit your clients to review their protection needs and build an ongoing relationship.
When there is a missed payment our team will try to contact your client and, if successful, will email you with the outcome of their conversation. They will also email you if they are unable to make contact.

 

What happens when a policy lapses?
We’ll provide clients with every opportunity to keep their protection in place and, as well as talking to them, we will also write to them to encourage them to call us to discuss their premium payments.

As part of the overall support we provide to you and your clients, we’ll let you know the outcome of any conversations we have with your clients, whether this is positive and we are able to keep the policy in place, or whether the client still wishes to cancel their policy. If this happens we’ll let you know the reason your client has decided to cancel.

We allow 110 days before we will lapse a policy and a number of letters are issued automatically to clients over that period to remind and encourage them to pay any missed premiums, so they can continue to stay protected.

 

This timeline shows what our customer engagement team will do if your client misses a premium once the policy has passed the cooling off period (been in force for more than 40 days).

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Timeline

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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