Given the customer’s data is a perishing asset, and the cost of finding them once you’ve lost contact is expensive and time consuming, but also a regulatory necessity, we’ve developed a low-cost means for life insurers to keep in touch with the clients, reward their loyalty and regularly enrich their customer data.
If you’re suffering with legacy data and are considering how to best address it, then we have a comprehensive map of UK over 11 million UK consumers that we can use to trace clients and update their details in a GDPR-compliant manner. The combination of our rich database and cutting-edge technology means that this can be done at lower cost in a shorter timeframe, and in a manner that’s not invasive to your organisation.
The cost of providing life insurance has only increased, meaning customer retention is incredibly important. Having spun out of a life insurance group, we recognise that small actions can have big impacts on persistency and embedded value. To help maximise both, we developed a white-labelled technology solution centred around loyalty, rewards, customer self-service and hassle-free administration.
Innovation in life insurance can be hard. However, the focus on wellness, mental health and lifestyle means that life insurers are uniquely placed to develop the products of the future. We’ve helped life insurers, both active and in run-off, shape their proposition. Using our marketing data, our ability to generate communities and our proprietary technology, we can take the pain away from addressing this growing market and cut the time and cost of a new product launch.
One of the greatest trends we’ve seen is the move to “one-click” purchasing of life insurance and the packaging of the product in a clean, easy-to-understand proposition. To do this successfully requires a number of disciplines to come together. We can help put the data, analytics and technology together to launch at speed and avoid the expensive pitfalls.
People often think of life insurers as driven by large field-based sales teams selling through intermediaries or life insurers out bounding through a variety of cold or warm data. We’ve helped a number of life insurance businesses drive efficiency in their existing business model whilst making the transition to a web-based customer conversion. As a result, they’ve seen higher reward with lower risk.
Whilst the industry continues to improve its processes, systems and connectivity, consumer demands increasingly run ahead of the pace of change. Given the complex regulatory environment surrounding life insurance sales, we are experts in developing a seamless customer journey that satisfies the regulatory constraints and delights the customer.
The Holy Grail for life insurers is to be able to sell more than one product to the policyholder! One of the difficulties is understanding what your customer might want and when. Combining our marketing data and analytics which spans the range of financial services can help uncover those customer demands and needs and pinpoint exactly how to structure the proposition. Working with the existing life insurers’ teams and external consultants, we can bring the Grail closer to you.
As important as the product proposition is, often the difficulty comes from having the technological capacity to deliver it. We have developed the cloud-based systems to roll out and administer the full range of life products from term life and whole-of-life to unit-linked policies. Our system is flexible, robust and needs only limited input to roll out new offerings. Our clients have typically experienced substantial year one cost savings and we partner with them to drive additional sales across the business.