Lockton Australia has introduced Lockton Pulse, a new digital insurance platform targeting small and medium-sized enterprises (SMEs) and individuals.
Built in partnership with insurtech firm Kanopi, the platform is Lockton’s first fully digital product designed specifically for the retirement living sector. It is part of a broader strategy to release a range of new insurance offerings over the next year.
The Lockton Pulse platform enables users to access insurance quotes and complete transactions entirely online. In addition, it offers risk management services, traditionally reserved for larger enterprises, now made accessible to SMEs and individuals.
According to Lockton Pacific CEO Paul Marsden, the digital solution was developed to respond to the shifting needs of the market, where faster, more flexible services are essential.
“We needed a differentiated proposition for Lockton against industry peers who might be hamstrung by complex legacy systems or outdated propositions that do not resonate with insurance buyers in 2024,” he said.
Initially, Lockton launched the platform with a product designed for retirement living communities, developed in collaboration with the Retirement Living Council.
Tanya Dasgupta, head of Lockton Pulse – Affinity & Digital Solutions, highlighted that the platform’s development aligns with Lockton’s broader mission of making high-quality risk management accessible to a wider audience.
“By bringing together the power of advanced technology with local-Australian support service, resources, and accessible experts, we’re ensuring our clients and customers have access to the best insurance solutions and support available in a way that fits seamlessly into their busy lives,” she said.
Nigel Fellowes-Freeman, CEO of Kanopi, emphasised that the platform’s scalable technology could help drive growth across various sectors.
“Kanopi’s technology is designed to support this kind of scalable growth. It’s particularly exciting to collaborate with a business that has such a strong vision for reshaping the way insurance is delivered and creating dynamic distribution channels across multiple business lines, and delivering diverse products,” he said.
Customers using Lockton Pulse gain access to a self-service portal, where they can handle tasks like automatic renewals, claims reporting, and downloading necessary documents, it was stated.
Dasgupta noted that these efficiencies are designed to improve the customer experience while helping Lockton better manage operational demands.
The launch of Lockton Pulse comes amid broader economic challenges.
According to a recent Business NSW survey, 13% of SMEs in New South Wales (NSW) have indicated that the increasing cost of insurance is putting their viability at risk. One-quarter of surveyed SMEs reported that their premiums had risen by more than 30% over the past year, creating further challenges for these businesses.
Business NSW CEO Daniel Hunter said the growing cost of insurance is a key issue.
“The current economic environment is slowly boiling businesses, and the cost of insurance is the number one culprit turning up the heat,” he said.
Business NSW has proposed several measures to help SMEs manage these rising costs. These include reforms to the state’s Emergency Services Levy, which directly affects premiums, and providing more education on managing risk effectively.
If insurance premiums continue to rise, the group warns, more SMEs may become underinsured or drop non-mandatory coverage altogether, exposing themselves to increased risk.
Nationally, business failures are projected to increase in nearly 90% of regions, according to CreditorWatch’s latest Business Risk Index.
Queensland is expected to have the highest rate of business insolvencies, while Western Australia is predicted to see the largest year-on-year increase. High-risk areas include Western Sydney and Southeast Queensland, where businesses are contending with rising interest rates, reduced consumer demand, and escalating costs.
