For those internal administrators out there on the verge of pulling your hair out, look no further… we have the answers for you!
Let’s face it, we all know how painfully time-consuming chasing insurance companies can be! Unfortunately, we can’t create any miracles here – however, we may just have some handy hints and tips to ease your stress levels when sending off a Letter of Authority (LOA).
Letter headed paper
To begin with, we would always recommend your LOAs are printed on letter headed paper. You may slip through the net on occasion without a letter headed LOA, but the chances are slim these days. There’s an hour of your life you won’t get back sitting on hold, waiting to find out it’s been declined! If your letterhead doesn’t include the firms’ company address and FCA number, we would recommend that this is to be included within the main body of the letter. This is always required by insurance providers so shouldn’t be avoided.
Info, info, info!
No doubt you will have come across a situation where the adviser has met with a client and the client has no idea what type of plans they have, just a few annual statements stored away from previous years. Our advice to you would be to find out as much information you can from any documents the client has such as, what type of plan this is & plan numbers etc.
You should then have enough information to confirm with the provider which department to send the LOA to, how they would prefer to receive this and whether they require a wet signature, or are happy with a scanned copy. The more groundwork that is done at this stage, the easier it should be once the LOA has been sent off, as you should have a specific department to chase and confirm turnaround times etc. Otherwise, the LOA could disappear into the depths of Aviva, never to be found again.
Most providers will only implement LOAs for a certain period of time. Therefore, if your firm is looking to retain ongoing servicing for the client until requested otherwise, it’s worth including a brief sentence stating this.
Other points we would recommend to include in your LOAs would be the following;
Clients’ NI Number (required for Final Salary schemes, not generally necessary for money purchase & investments)