Gibraltar-based life insurance provider London & Colonial Assurance PCC Plc (LCA) has announced its implementation of the MorganAsh Resilience System (MARS) to enhance its efforts in identifying and supporting vulnerable customers in both the UK and international markets.
LCA, along with its sister company STM Life, also based in Gibraltar, serves the UK and international markets through a range of annuities and investment bonds. Both entities are part of the broader STM Group Plc, which focuses on retirement, estate, and succession planning, as well as wealth structuring, with offices in the UK, Gibraltar, Spain, Malta, and Australia.
Following a successful trial, LCA has fully adopted the MARS platform to assess customer vulnerability.
LCA highlighted that this system is designed to improve decision-making and customer service by providing a comprehensive evaluation of each client's vulnerability and its severity. The adoption of MARS also aligns with LCA's commitment to meeting UK regulatory requirements, including Consumer Duty, and generates necessary data for reporting.
MorganAsh developed the MARS platform to assist firms in understanding and monitoring vulnerable customers, ensuring compliance with Consumer Duty. The platform is used across various sectors, including financial services and utilities, allowing businesses to identify vulnerable characteristics consistently and generate an objective Resilience Rating, similar to a credit score.
This partnership represents the first international adoption of MARS, though MorganAsh’s services are already in use by companies in the UK, Ireland, and Germany.
Peter Gatenby, managing director for LCA and STM Life, emphasized the importance of the Consumer Duty regulations and how the implementation of MARS is a key part of LCA's strategy to meet and exceed expectations from both adviser partners and clients, as well as the UK regulator.
Andrew Gething (pictured above), managing director of MorganAsh, also highlighted LCA’s proactive approach to understanding its clients beyond regulatory requirements.
“Good data is critical to this and, across multiple sectors, MARS has been generating the necessary intelligence to enable firms to make better business decisions and deliver a more tailored service,” Gething said.
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