Post on 23-May-2020
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
Digital magicDigital vision
Setting the scene
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
Disrupting the Playing Field with Digital Innovation & Analytics(Necessity is the mother of invention)
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
California-based Ladder allows users to get a quote and apply for instant life coverage online or via mobile in a
matter of minutes
Using data insights and turning them into customer value propositions(Where is the money?)
=+
New Bank Account online within 3 minuets
Powered by fairy dust
Tom Blomfield, CEO and co-founder of Monzo: ‘A lot of young people feel anxious and stressful about money.’
Using data insights and turning them into customer value propositions(Where is the money?)
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
How does it work
Lots of personal
data
Mortgage application
Protected
Import some US thinking and apply UK technology
ClickTo protect my
Mortgage
How does it work
Protected
Import some US thinking with UK technology – how?
ClickEmailPortalLink
GDPR compliant
Datahub
How does it work
Lots of personal
data
Mortgage application
Protected
Import some US thinking with UK technology – what else?
ClickTo protect my
Mortgage
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
How does it work
Lots of personal
data
Mortgage application
Protected
Seminal moment?
ClickTo protect my
Mortgage&
Family
Protected
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”
Click on app to buyThank you