The partnership between SSP Intelligent Quotes Hub® (IQH) and Legal & General (L&G) truly transforms the customer journey and delivers a quote in seconds.
The challenges facing L&G
L&G was looking to significantly grow its gross written premium (GWP) through the continued implementation of new digital solutions.
Traditional online quote forms require consumers to answer numerous questions. Yet making these forms responsive didn’t solve the problem, as they were still not suitable for mobile devices – which had become the interface of choice.
The process was made even more arduous and time-consuming for consumers by their knowledge gap regarding specific details about their property.
The impact of these challenges on L&G
Digitally-savvy, time-poor customers were becoming increasingly frustrated at filling in pages of questions to get a quote, especially on smartphones and tablets.
Additionally, as consumers often didn’t know exactly when their home was built, or the types and ages of locks, it was not possible to quote for the real risk at claims stage.
Therefore, L&G needed to find a mobile-friendly way to utilise the volume of available data to streamline the customer journey and improve their purchasing experience.
L&G’s requirements to overcome these challenges
L&G wanted to implement an innovative new digital solution that met customer demands for getting a quote quickly and easily on all devices, just by answering a few questions.
By being able to combine available data sources with its internal models and pricing capability, L&G could revolutionise the process of buying home insurance, making it quick, easy and more appealing to today’s customers.
This approach would also enhance L&G’s understanding of the risks it was insuring, resulting in the most accurate quote possible, and more efficiency at the point of claim.
The SSP solution
SSP partnered with L&G to launch the SmartQuote tool, which uses SSP IQH to take full advantage of the vast quantity of digital data sources available.
A sophisticated whole of market product rating and quotation solution, SSP IQH provides a single point of data integration for the internal and third-party data sources L&G requires to generate a binding customer quote.
Customers only need to input basic information, such as their name, address and date of birth, as well as the type of cover required to obtain an accurate quote in about 90 seconds.
Moreover, as the information comes from official sources rather than customer estimates, the price accurately reflects the real risk, which in turn reduces delays if a claim is made.
The business outcomes for L&G
By utilising the ever-increasing amount of data available about people and risks, SmartQuote enables L&G to produce an informed and precise evaluation quickly with minimum customer effort. As this hassle-free approach to purchasing policies makes insurance more accessible to consumers, SmartQuote will form the centrepiece of L&G’s targeted growth.
SmartQuote also makes it easier for L&G’s distribution partners to offer insurance quotes, so driving opportunities across the direct, broker and affinity markets.
In the future, as the number of data sources continues to grow, these can be fed into SSP IQH to ensure L&G continues to offer its customers the most accurate quotes, quickly and simply.
“In SmartQuote, we’ve delivered an award-winning, market-leading solution jointly with SSP, and I am very proud of that.
There is nothing like SmartQuote in the world, it is a completely unique proposition. It’s been enabled not just by the technology that SSP has helped us build and deliver, but also by the relationships we’ve got with the team there.”
David Robertson, Director of Digital Transformation at Legal & General
This article is an extract from SSP eye issue 11
About the Author
As the leading global supplier of technology systems and software for the insurance industry, our role is to help insurers and brokers operate more efficient businesses. So whether you’re a global insurer or an MGA, a high street broker or a start-up with a smart new idea, we can be trusted to support you on your journey, whatever the destination.Follow on Twitter More content by SSP Limited