Leadenhall InsuranceSystem, or LIS for short, is a new transactional platform resulting from over24 months of work by a team of experts, including UX specialists, analysts, programmers, testers, and individuals with a deep understanding of sales and customer service. It also represents a new approach to a distribution model based on experiences from the e-commerce world and observations of intermediary-client interactions during the pandemic.
Nobody probably has any doubts that themobile phone has long ceased to be just a device for making calls and hasbecome a centre for data management and communication in many aspects of ourlives. On our phones, we use banking services, pay for services, order food,make purchases, and communicate via email, messengers, or social media. The intermediary or client cannot always be at the computer, but they always have their smartphone at hand. That's why at LIS, we focus on full responsiveness so that the system adapts to my device regardless of where I am currently and what device I'm using. It's not just about screen scaling but also the flow of the sales process, as the simplicity of navigating through forms, user-friendliness, and native communication between the intermediary and the client determine the system's value.
The novelty lies in a different approach to customer service that combines transactional aspects with sales path modelling, similar to what we know from CRM systems. The customer service centre revolves around a "Case," an electronic folder containing the complete history of interactions between the intermediary and the customer throughout the sales process of a specific insurance product, including all documentation from the application, offers, and policy. This allows the distributor to immediately see, at a glance, the stage of the sales path they are at with the customer, the possible next steps they can take, and have access to the complete history of previous actions. This is particularly important because intermediaries typically handle multiple clients simultaneously, offering them in different systems, and they do not have the capacity or time to remember every step they have taken in the sales path.
Despite insurance being a traditional industry, itdoesn't change the fact that e-commerce solutions are increasingly penetratingit, not only in terms of technology. This was demonstrated during the pandemicperiod when we operated under lockdown regimes. All the trends we know frome-commerce indicate that engaging customers in the purchasing process increasesthe chance of conversion, that is, finalizing the agreement. The earlier we dothis in the sales funnel, the more dynamically the chances of acquiring acustomer grow. On the other hand, distributors have more and more regulatoryobligations (GDPR, AML, etc.), meaning they spend more time on bureaucracy thanstrictly sales-related activities, even though these activities directlyinfluence the number of acquired customers, policies sold and increasedcommission revenue. By autonomously delegating part of the sales processactivities to potential policyholders, we gain twice: we increase the chancesof making a sale and get the additional time we can dedicate to acquiring newcustomers or upselling to existing policyholders.
LISallows us to engage the customer already at the first stage of the salesfunnel, i.e., when filling out the application form, which serves as thecentral repository of customer information, the risk they want to insure, andthe scope of protection they expect. This applies to both simple and complexproducts, where we gather a range of health information (life insurancepolicies) or financial information (D&O policies). Customers can do this thoroughlyand securely, using double verification (email and SMS) on their smartphone,tablet, or computer. They can contact their advisor anytime through the system,send them a message, or opt out of independent work and hand over furtherhandling of the matter to the advisor. Notably, the distributor does not losecontrol over the sales process because additional steps (offer, policy) belongto the advisor.
AlthoughLIS already offers a range of functionalities today, we consider it the foundation for platform development. In the upcoming quarters, we will introduce new tools to our Partners that support sales, save time on handling, and increase revenues. This aims to ensure that cooperation with Leadenhall delivers even more outstanding quality and value that cannot always be measured in numbers.
