soa annual meeting 2014 - entrepreneurial start ups
TRANSCRIPT
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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