It’s that time of year again as brokers and insurers around the country gear up to head to Manchester for BIBA Conference 2019. Train tickets are printed and hotels are booked, so I thought it was about time to share a little of what LV= Broker has in store for this year’s event, and my thoughts on the wider market in 2019.
It’s been a big year for LV= Broker. As part of the business transfers with Allianz, we’ve taken on around 150 new broker partnerships as well as increasing our trading with existing partners. It’s really allowed us to double-down on the areas that make us easy to deal with, and also branch into new products and solutions.
Underpinning this transformational year is an unwavering focus on broker needs. As an industry, if we’re not scrutinising our products and services through the lens of our customers then we are missing the mark. We’ve listened to our broker partners and as a result have extended our product range. ‘Not just vanilla’ is the tagline we’ve been using, but what this really means to me is that the industry shouldn’t try to shove square pegs into circular holes; we need to be working with each other to create solutions that work for individual needs.
Investment is also key across the piece; you need to put your money where your mouth is at times. We’ve brought in a number of keys hires since BIBA 2018 to bolster our high-achieving teams in underwriting and distribution. Redesigning the way our people deal with claims and queries has also been fundamental to this work. We have implemented Systems Thinking to help keep brokers at the heart of everything we do, this approach means we start with the best outcome for the end user in mind then work backwards from this point – come for a chat on our stand at D30 to find out more about this.
Data plays an ever more important part in our business. Customers now expect a lot more value for their data disclosure than any time in recent memory. As an industry we have to come up with solutions for this that streamlines the process on both sides of the chain. One way we’ve tried to do this at LV= Broker is by introducing machine learning into some of our existing systems, such as claims image upload. This technology allows our customers to send us a few pictures at the roadside following an accident which we then plug into our machine learning algorithms to seamlessly analyse millions of data points and make an accurate decision about the level of loss at first notification. The result is unanimously better outcomes for our customers, who have reported double-digit improvements in our NPS, and our business through reduced claims costs.
No matter how much technology is introduced to our industry, it is and always has been a people business and I very much look forward to seeing you all in Manchester for some meaningful discussions about our collective future ambitions.