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The Experience of Online Distribution Elsewhere in the World
The document discusses the potential growth of online personal protection insurance sales, highlighting a dramatic increase in the UK market in 2015. It outlines a customer-centric approach to life insurance that bypasses traditional methods, offering policyholders ease of access and no medical evidence underwriting. Key lessons emphasize the importance of market disruption, partnership selection, customer engagement, and the advantages of being a first mover.
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The Experience of Online Distribution Elsewhere in the World
- 1. The experience ofonline distribution elsewhere in world Kevin Pledge CEO and Founder Acceptiv Inc Acceptiv Confidential
- 2. How much personalprotection insurance will be sold online five years from now? 2 0 5 10 15 20 25 0 - 9% 10 - 19% 20 - 29% 30 - 39% 40 - 49% 50 - 59% 60 - 69% 70 - 79% 80 - 89% 90 - 100% Response(%) Amount of protection sold online by policy count 5 years from now
- 3. UK online salesare healthy 2015 : Online up 216% (115,633 policies) Bancassurance down 48% (122,250 policies sold) 3
- 4. The Approach (1) Challengethe status quo (2) Think Customer Centric NOT Product or Process Centric The Vision To make life insurance accessible to everyone Price | Simplicity | Ease of use | Help when needed 4
- 5. Key Milestones 5 Market size andscope assessment Competitor landscape analysis Define target operating model Business Case for Board approval
- 6. What was different? Nota ‘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 agent distribution No medical evidence underwriting Online, with offline support if needed Mobile device accessible 6
- 7. What went live? LifeInsurance & 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 7 Life Insurance & Critical Illness cover 5 - 40 year term Single and joint cover Sum insured – up to £750,000 Cover age range – 18-75 No minimum premium No medical evidence referrals
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- 12. Lessons Learned byBeagle Street 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 12
- 13. Can we learnfrom this? Regulatory environment Consumer behavior Products and processes 13
- 14. Kevin Pledge CEO andFounder Acceptiv Inc. Thank You 14
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