Score of 95.3/100 qualifies for PaymentCheck Certification
The average time taken for LV INSURANCE MANAGEMENT LIMITED to pay invoices has fluctuated over the past three periods. It decreased from 21 days in Jan-Jun 2018 to 26 days in Jul-Dec 2018, then increased to 34 days in Jan-Jun 2019, and further increased to 38 days in Jul-Dec 2019. However, in the most recent period (Jan-Jun 2020), the average time taken to pay invoices has significantly decreased to 17 days.
The company has shown volatility in their payment processes, with a difference of 17 days between their shortest (or only) standard payment period of 30 days and their longest average payment time of 38 days in Jul-Dec 2019. However, in the most recent period (Jan-Jun 2020), the volatility has decreased to only 13 days between their shortest standard payment period of 30 days and their average time taken to pay invoices of 17 days.
From Jan-Jun 2018 to Jul-Dec 2019, there has been an overall increase in the average time taken for LV INSURANCE MANAGEMENT LIMITED to pay invoices, with the highest average time of 38 days in Jul-Dec 2019. However, in the most recent period (Jan-Jun 2020), there has been a significant improvement with the average time decreasing to 17 days.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2020 - 30 Jun 2020 | 28 Jul 2020 | 17 | 94% | 5% | 1% | 7% |
| 01 Jul 2019 - 31 Dec 2019 | 17 Jan 2020 | 38 | 65% | 25% | 10% | 38% |
| 01 Jan 2019 - 30 Jun 2019 | 11 Jul 2019 | 34 | 76% | 16% | 8% | 25% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 26 | 89% | 6% | 4% | 16% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 21 | 92% | 6% | 2% | 14% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our standard terms confirm the supplier will be paid within 30 days of receipt of a valid undisputed invoice unless otherwise agreed and stated in the order.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
60
If we dispute any item in an invoice, we aim to inform the supplier promptly of the disputed item and work with them to (1) explain why the invoice has been disputed; and (2) reach a mutually acceptable outcome. Suppliers are encouraged to contact their point of reference in the business to resolve any disputed work or invoices.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
LV Insurance Management Limited is a registered entity within the LV= group, the trading name of Liverpool Victoria, a UK mutual insurer founded in 1843. Its registered business classification covers other business support service activities, indicating it provides administrative or management functions supporting the wider group rather than trading directly with customers. The LV= group itself offers general insurance products such as car, home, travel and pet cover, alongside life insurance, income protection, investments, pensions and retirement solutions including equity release and annuities, serving over one million members and customers, often through financial advisers. This company's own registered office is in Guildford, Surrey, distinct from the group's Bournemouth headquarters.
Generated from the company's website and Companies House records. Sources: lv.com · lv.com