Financial services firm Legal & General has tapped insurance technology specialist SSP to help it provide easier home cover purchases.
SmartQuote, which uses the SSP Intelligent Quotes Hub, was introduced to make the process simpler for consumers instead of requiring them to complete traditional quote forms they normally are unable to answer accurately.
The technology allows for the integration of data from official sources, with the customer not having to provide estimates. L&G said the real individual risk posed is better reflected in the resulting quote.
“We are looking to significantly grow our GWP (gross written premium) in the next year through the implementation of new digital solutions,” noted David Robertson, Legal & General director of digital transformation.
He said: “With SmartQuote providing a hassle-free way to purchase policies, it will make insurance more accessible to consumers, and will form the centrepiece of our targeted growth.”
According to Robertson, SmartQuote will also drive opportunities across the direct, broker, and affinity markets as it gives distribution partners ease in offering insurance quotes.
Adrian Coupland, customer and marketing managing director at SSP, added: “The deployment of SmartQuote is a major milestone for SSP and will be truly transformational in the market.”
He said it’s frustrating for time-poor consumers to have to answer pages of questions to get an insurance quote.
“By utilising the ever-increasing amount of data available about people and risks, SmartQuote produces an informed and precise evaluation quickly with minimum customer effort,” he concluded.
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