Keith Binley is the managing director of LexisNexis Risk Solutions’ insurance business in the UK and Ireland, having joined the firm last year through the acquisition of Insurance Initiatives Limited (IIL), where he was previously managing director.
Insurance Business spoke to Binley about disruption in the UK insurance market, his 19 years of experience in finance and technology, and what his alternative career path would have been.
How did you begin your career, and what was your journey to your current role?
I started my career in the financial services area at GE Capital within the credit department, managing credit strategies with technology and big data. However, my first big role came as part of the team that started Capital One UK operations. Being part of that team taught me a lot about how to not only jump-start a company from the ground up, but also to see it grow in the market.Between these large companies I worked with several consultancy firms, including my own, serving the banking and utilities industries - always concentrating on the areas of technology and data for each client.
In 2008, I was recruited to be part of the launch team for Metro Bank in the UK, leading the risk management and fraud prevention division. In January 2014, I was asked by data distribution platform provider Insurance Initiatives Limited (IIL) to lead their operation in the UK. In 2016 IIL was acquired by LexisNexis Risk Solutions, the data and analytics leader.
What are some of the highlights of your career so far?
Capital One was a great experience for me. To be part of a team that was forward-thinking and willing to innovate to grow globally was an important part of my early professional development.
Another big highlight was Metro Bank. When it first opened its doors in 2010, it was the first independent high street bank to launch in the UK in over 100 years. It was a market disruptor that became very successful. During this time, using data and analytics became a key aspect of operations within the risk and fraud prevention team.
Being able to take IIL to market, and consequently its acquisition by LexisNexis Risk Solutions, brought everything full circle. To bring new insurance technology forward, while making the customer experience so much better and providing new products throughout the entire insurance process has been very rewarding.
What have some of the challenges been?
The challenge of creating a “model not proven” in any business has been one of those memorable and rewarding experiences. Launching into a new market while creating awareness of a new company, such as Metro bank, and selling products to the industry and consumers can be quite a daunting task.
The UK insurance market is not unique, however change management and the industry’s ability to address the challenges of digitisation, new competition, and consolidation are among the biggest challenges I’ve seen for the insurance sector worldwide. There’s no doubt that the insurers recognise the opportunities of digitisation, with improved speed to market for new products. In the UK, many insurers see digitisation leading to better customer retention rates, operational savings, an enhanced customer experience and access to new sectors.
Have you seen any significant changes in the insurance industry during your career? How have these affected the way that you work?
Technology and digitisation are the biggest disruptors to the industry. The way that the customer wants to interact with insurers has changed because of technology, however the industry needs to continue to adapt and take advantage of digitisation in order to stay relevant.In a study we completed earlier this year, we measured just how much digitisation has been adopted by the UK insurance market, and the threat this might pose in enabling traditional insurers to compete against wholly digitised new entrants. The study found that just 4% of personal lines insurers claim to be all or nearly all digital.
Through digitisation, insurers get customer data insights which allows them to enhance products so they are more tailored to market segments and ultimately individual consumer needs. This creates a whole new set of attributes and benefits to the industry that we have not seen before.
Complete the sentence: “If I wasn’t in insurance, I would be…”
Working with technology, data and analytics, even in another industry. These have been the common denominators in my career and have taken me on the journey that has led to where I am today.
I am excited to be in a position to help solve some of the challenges the insurance industry has around data and technology. At LexisNexis Risk Solutions we have a great team of experts, willing to work with the latest trends and research in order to make it happen. We are in a fantastic position to evolve and help develop the industry for a new generation of insurers.
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