Disrupting the Playing Field with Digital Innovation ... · Building a customer-centric marketplace...
Transcript of Disrupting the Playing Field with Digital Innovation ... · Building a customer-centric marketplace...
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Guy WilliamsVice President Sales and Marketing
Liss Systems
Building a customer-centric marketplace with new innovations
Using data insights and turning them into customer value propositions
How technology will be used to maintain relevance in a rapidly evolving market
Disrupting the Playing Field with Digital Innovation & Analytics
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Digital magicDigital vision
Setting the scene
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Pharmaceutical history Paramedical screening exams Previous claim and application history - MIB Medical records No central medical records
Learning from the USA
2 year contestability rule
Life Insurance applications are underwritten at the application stage not during a claim
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Disrupting the Playing Field with Digital Innovation & Analytics(Necessity is the mother of invention)
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DATA BASED risk assessment
“TransUnion TrueRisk® is an industry-leading, credit-based insurance
score that uses TransUnion’s individual-level credit data to predict the potential loss ratio for a given consumer seeking an insurance policy.”
Disrupting the Playing Field with Digital Innovation & Analytics
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California-based Ladder allows users to get a quote and apply for instant life coverage online or via mobile in a
matter of minutes
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Using data insights and turning them into customer value propositions(Where is the money?)
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=+
New Bank Account online within 3 minuets
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Powered by fairy dust
Tom Blomfield, CEO and co-founder of Monzo: ‘A lot of young people feel anxious and stressful about money.’
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Using data insights and turning them into customer value propositions(Where is the money?)
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Mortgage Protection Market 2016
1st time buyers 337,000Average loan £132,000
Total new mortgages 1,230,000Average loan £167,000
Why?
Long mortgage application process
Made longer by new mortgage legislation
Complexity of buying mortgage protection
50% of borrowers have less than 2 months income in savings
50% of borrowers have no Life Insurance
Source CML
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How does it work
Lots of personal
data
Mortgage application
Protected
Import some US thinking and apply UK technology
ClickTo protect my
Mortgage
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How does it work
Protected
Import some US thinking with UK technology – how?
ClickEmailPortalLink
GDPR compliant
Datahub
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How does it work
Lots of personal
data
Mortgage application
Protected
Import some US thinking with UK technology – what else?
ClickTo protect my
Mortgage
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How does it work
Lots of personal
data
Mortgage application
Protected
Why not protect your family as well as you home?
ClickTo protect my
Mortgage&
Family
Protected
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How does it work
Lots of personal
data
Mortgage application
Protected
Seminal moment?
ClickTo protect my
Mortgage&
Family
Protected
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Click on app to buyHow technology will be used to maintain relevance in a rapidly evolving
market
In collaboration - People working together
By necessity and rapid evolution - Expect the unexpected
By following the money – ROI remains alive and kicking!
Protected
“Its not the big that eat the small but the fast that eat the slow”
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Click on app to buyThank you