soa annual meeting 2014 - entrepreneurial start ups

TOGETHER WE PROGRESS

Entrepreneurial Start ups Launching a new Life Insurance provider in the UK

Chris Samuel

www.tcplifesystems.com

A bit about me

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•  Worked in Financial Services since 2002

•  Customer Journey and Customer Experience advocate

•  Led many Group-wide, multi-brand Customer Journey and Customer Experience initiatives

•  2010 seconded to a small project team to conduct a feasibility review and develop a business case to launch a direct-to-consumer UK Life Insurance proposition

•  July 2012 launch of the UK’s first online direct-to-consumer life insurance proposition - Beagle Street – www.beaglestreet.com

Why Life Insurance?

•  No real Direct-to-Consumer proposition or presence

•  Forecasted growth in Direct-to-Consumer, and online

•  Opportunity to apply brand and e-commerce expertise from P&C to Protection

•  Pending regulatory changes

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The UK Life Market

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 5.2m  people  intended  to  purchase  

life  cover  

1.7m  policies  sold  

Source TGI / YouGov 2012

Good intentions don’t materialise

The UK Consumer’s Experience

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The UK Consumer’s Experience

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If you try to fix a broken solution…

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The Approach

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2)  Think  Customer  Centric    NOT    

Product  or  Process  Centric  

1)  Challenge  the  status  quo  

The Vision

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To  make  life  insurance  accessible  to  everyone  Price  |Simplicity  |  Ease  of  use  |Help  when  needed  

Key Milestones

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Market  size  and  scope  assessment  

Compe?tor  landscape  analysis  

Define  target  opera?ng  model  

Business  Case  for  Board  approval  

What was different?

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•  Not a ‘me too’ entrant

•  Not an insurer or risk carrier

•  Applying P&C business model learnings to life & protection

•  On cover in 15 minutes or less

•  Direct-to-consumer only – no IFA distribution

•  No medical evidence underwriting

•  Online, with offline support if needed

•  Mobile device accessible

What went live?

•  Life Insurance & Critical Illness cover 5-25 year term

•  Single and joint cover

•  Sum insured – up to £500,000

•  Cover age range – 18-70

•  No minimum premium

•  No medical evidence referrals

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Breaking down barriers

Using film clips to explain and de mystify

A short film about life insurance http://youtu.be/AeSKmyk_g2U

2 reasons to review your life cover http://youtu.be/2na2Zj_c6GE

Level versus decreasing term cover http://youtu.be/dQj3Mk3iKyU

Critical Illness cover http://youtu.be/G5hL_cos9KY

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Where are they now?

•  Significant marketing investment now underway •  TV ad & PR campaign launched in October 2014

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www.youtube.com/watch?v=ON8825F_Be8   hNps://www.youtube.com/watch?v=6JH1MC47tVM    

The right partners matter

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User Experience

Reinsurer Insurer

Marketing & Brand

Underwriting Platform Software

Lessons Learned

•  It is possible for a new entrant to disrupt the market

•  Choose the right partners

•  Know your customer and talk to them

•  Test and learn, iterate and refine

•  People will copy, but first mover advantage is important

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Thank-You…

Any questions?

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