Legal & General leads digital revolution

Legal & General, the FTSE 100 financial services group and award winning home insurance provider, is leading the way in using technology to build their own “digital centre of excellence,” to help bring new approaches to customers for the provision of household insurance and other home management services.

Legal & General whose Digital project team has successfully taken the top honours at the 2017 Insuretech Awards for innovation and enterprise proves that using the right data analytics combined with technology, can transform long and time consuming quote processes to make life easier and simpler for customers.

Integrating multiple big data sources, complex algorithms and aligning these to simple customer journeys Legal & General have been able to launch SmartQuote, a unique home insurance proposition that provides an Insurance quote, in less than 90 seconds. SmartQuote is simple, easy to use and mobile friendly to get a household insurance quote with just five simple questions. One of those questions includes asking for the customer’s address, with the hardest question a customer has to answer being, “How many claims have you had in the last five years?”

Driving this innovative approach is the desire to be one of the first insurers to use available data and other focused insights combined with the latest technology, Legal & General can radically change the way customers purchase home insurance. These are some from a host of market leading initiatives that have been delivered and more that are in the pipeline which will continue to revolutionise the experience of customers.

Legal & General has recently launched SmartClaims for some of the straight through processing of standard claims that combines technology and automation to simplify the claims notification process, verification and validation process using external sources of data and technology for authentication. One recent household customer who recently experienced this service said, “39 minutes from first picking up the phone to settlement is remarkable. I have been working in insurance for 40 years with a large part of that trying to improve the claims process. You achieved in this claim what I aspire to do. Thank you.”

Earlier this year Legal & General launched Leakbot an award winning device that uses break-through Thermi-Q technology. Customers simply clip the small device onto their water pipe near the stopcock and download the app onto their smartphone for instant monitoring and updates on any potential water leaks in their property. The aim of this technology is to prevent water damage, which remains the number one reason for customers claiming against their insurance and is one of the most distressing.

Cheryl Agius, CEO of Legal & General’s General Insurance division, said: “The insurance market needs to change the way they interact with customers using digital technology and smart data. Customers are not buying technology. Customers are looking for solutions that make their life better. The insurance industry needs to keep up with the same pace we have seen technology transform lives in retail, media and music. We aim to use our available data and new technology to play a major role in shaping the future of the insurance industry and prove how we can make life easier, simpler and safer for our customers.”

Further Information

Alyson Bowcott

Alyson Bowcott

Media Relations Manager

Insurance, General Insurance and Health

T: 07764 582574

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Notes to editors

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

About Legal & General

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies. As at 30 June 2017, the total value of assets across the group was £951.1 billion, including derivative assets. We also had over 9.5 million customers in the UK for our life assurance, pensions, investments and general insurance plans.

SmartQuote

The Legal & General new product has two options – Gold and Silver.  Gold is the most comprehensive cover, including things like Extended Accidental Damage, Home Emergency and Trace & Access cover as part of the policy.

Legal & General customers will be presented the Silver and Gold options when they apply, and can also configure bespoke “add-ons” to make their cover more personal to their needs.

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