Leading insurer builds digital capabilities to meet the needs of consumers and brokers
Legal & General is partnering with SSP, a leading global provider of insurance technology, to continue its digital expansion. The insurer, which has already started upgrading its general insurance policy administration systems, has now launched an enhanced technology platform that will enable much more sophisticated data analysis for ratings and pricing decisions. SSP is supporting delivery of the new technology platform over a series of phases, initially by implementing the SSP Select Insurance administration platform and deploying a new cloud-based SSP Intelligent Quotes Hub to enable underwriting, data enrichment and sophisticated rating and pricing.
The SSP solution enables Legal & General to deliver a ‘whole of market’ digital strategy. SSP’s Intelligent Quotes Hub will allow Legal & General to track and respond to the behaviour of general insurance customers and prospects in real-time, whether their contact is via Legal & General’s own website and contact centres or via aggregators and intermediaries. In addition to serving the 40% of the UK broker and intermediary market that utilise SSP broker software, Legal & General will be able to use SSP Intelligent Quotes Hub to support its business with other distribution channels and direct consumers.
SSP Select Insurance and Intelligent Quotes Hub provides Legal & General with flexible and agile product definition capabilities, which will enable it to respond to market dynamics and bring new products and schemes to market more rapidly and at lower cost. Implementation of this new platform is an important step in Legal & General’s “enhance & evolve” strategy for replacement of legacy technology, including Insure/90. SSP’s purpose-built Select Connect component will play a key role in enabling a phased replacement that minimises risk and cost.
Duncan Finch, Managing Director General Insurance at Legal & General, said: “Evolving our technology infrastructure is at the heart of our plan to meet the needs of the next generation of consumers. Born into a world of smart phones and tablets, they will expect to interact quickly, easily and digitally with their broker or insurer. In addition, having access to enriched data will enable us to better understand and target our customer base for better price optimisation and to maximise sales opportunities in an ever more competitive market.
“SSP’s modular approach is extremely helpful in moving towards this vision. The potential risks of upgrading are minimised and we won’t have to wait years before seeing the benefits. Unlocking the value of enhancements more quickly will also build the business case for the next stage of development.”
Stephen Lathrope, Managing Director of SSP’s Insurer Division, said: “We are delighted to be supporting Legal & General’s digital strategy, and are speaking to several other insurers about ways in which we can help them stay ahead of the rapid evolution of the general insurance marketplace. The challenge they face is how to meet the increasingly sophisticated expectations of consumers while bringing together the diverse range of internal and external data required for fast and accurate decision making.
“By applying contemporary technology, initially in combination with their existing core system, Legal & General will also be in a stronger position to launch new direct channels to market while still feeding data into their legacy platform and massively reducing costs.”
Support from leading insurance software provider SSP has resulted in a total of £20,000 going towards efforts to help local businesses and people affected by the recent flooding in Calderdale.
With its Head Office based in Dean Clough in Halifax, many SSP employees have been directly impacted by the recent floods and Laurence Walker, Chief Executive, was keen to find ways to support them and other local people as well as local businesses.
“When a local tragedy like this happens it affects everyone who lives and works here. Many people have been flooded out of their homes or businesses, and we can all help and support the amazing work of local groups who are working hard to put right the damage”, said Walker.
Altogether, the Community Foundation for Calderdale, received a £10,000 donation which included £5,000 government match-funding; the Calder Valley Search and Rescue Team received £5,000 to purchase new equipment and the further £5,000 has been allocated to donate to a local business support fund. Several SSP staff have been granted fully paid time off to volunteer with some of the many local flood response groups.
SSP has signed up CBL Insurance Limited (CBL), the largest and oldest provider of credit surety and financial risk insurance in New Zealand, to implement its SSP Pure Insurance and E5 Workflow solution into CBL’s operation.
CBL is a 100% owned subsidiary within the CBL Corporation Group. CBL Corporation Limited, the ultimate parent in the CBL Corporation Group, is a NZX and ASX listed company. CBL offers a wide range of credit insurance, reinsurance and financial surety related products through an international distribution network.
SSP Pure Insurance is a highly flexible, end-to-end core insurance system for all lines of business. It includes modules such as product development, policy administration and claims management. SSP Pure Insurance is a fully scalable, web-enabled solution, providing a modern platform for CBL to manage the entire business lifecycle from a single solution.
SSP Pure Insurance and E5 workflow will provide CBL with highly sophisticated policy and claims workflow facilities, enabling them to realise operational efficiencies and generate information intelligence.
Paul Miller, SSP general manager, Asia Pacific said :“We have built a strong and trusted advisor relationship with CBL, taking time to understand the business and ensuring that CBL’s strict high level requirements which included processing of high value multi-currency bordereaux, automating commission structures, claims processing and access to information,”
“This understanding has enabled SSP to customise the right solution for the client,” Mr Miller said.
With clients in New Zealand and around the world, CBL offers tailored products to individual clients, customised according to the regulatory environments in which they operate.
According to Carden Mulholland, Chief Financial Officer, CBL Insurance, implementing SSPs Pure Insurance and E5 workflow would provide greater efficiencies across the business and enable a uniform level of highest quality management information to support internal and external processes globally.
“As a recently public listed company in New Zealand and Australia, innovation and efficiency is high on our priority list,” Mr Mulholland said.
“Implementing SSP Pure Insurance and E5 workflow will enable us to automate the processing of highly complex charging and commission structures, provide enhanced efficiencies, and provide the management team with information that will enable them to make high quality informed decisions on the operational side of the business,” Mr Mulholland said.