Online insurance sales and supporting client app and portal for supercar clubs and high net worth collectors
Lockton's discerning customer base expects exceptional service on and offline when they pay to protect their cherished vehicles. It's complicated, too, because some customers have LOTS of cars and even more nuanced requirements.
Lockton's discerning customer base expects exceptional service on and offline when they pay to protect their cherished vehicles. It's complicated, too, because some customers have LOTS of cars and even more nuanced requirements.
A large book of demanding clients and a very manual service model left a great opportunity for growth and service improvement.
Behind the scenes, manual processing and admin can take you away from core customer service. The success of Lockton Performance led to exactly this conundrum. How can we digitise the service, increase face time with customers, scale and perform better behind the scenes?
With renewals and adjustments often taking up to an hour to complete, a great team of customer-focused brokers were constrained by invisible work. We set out to change that.
Lockton Performance customers tend to be members of luxury and supercar car clubs, or collectors with multiple exotic vehicles. The quality of insurance and service really matters to them, so digitisation had to be sensitively managed to their direct benefit.
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One size doesn't fit all, so we couldn't treat this like a job for a mainstream motor insurer.
We needed to maintain business as usual, enhance customer service and automate what we could for the brokers while maintaining visibility for the senior team.
Scope:
- A comprehensive analysis and documentation of customer journeys for each core customer cohort to understand exactly how they interact with the business and where technical complications in servicing their business digitally might occur.
- A similar analysis of the broker workflow through each of these core journeys and the key administrative tasks outside of this core client work, such as regulatory requirements and onward reporting to the insurance companies underwriting the business.
- Full software requirements documentation supported by research findings, prototypes, project plans and expected phases and costings.
- A broking environment GUI and technology with tracked workflows and automation for client, price, asset and document management, and onward reporting.
- Document generation tools for generating client-specific quotes, including eligibility, endorsements, loadings and discounts.
- Bespoke affiliate accounting system to track recommendations, referrals and commissions to the various car clubs and marketing partners.
- 3rd Party integrations with vehicle registration, motor insurance, postcode databases. Plus, on-page integration with payment gateway, premium credit provider and internal accounting and ledger systems.
- Client-facing website with logged-out and logged-in states, on-site data collection (application forms), and a client self-serve portal for managing applications, renewals and mid-term policy adjustments.
- Built-in rating and quoting capabilities using our own bespoke rating engine.
- Client-facing smartphone app for clients to maintain and manage policies.
PRINT
An operational and commercial success
The broking operation has become leaner, faster and more able to scale, with renewal times reduced by over 90% behind the scenes. Of the thousands of monthly transactions and interactions, less than 0.3% need to be supported by our team and can instead be managed either automatically or are expedited via the digital systems that are in place.
Full auditable transparency and automation of key regulatory tasks have removed additional administrative and governance burdens, and clients can now enjoy a 24/7 rather than 9 to 5 relationship with the business.
The systems we have put in place do the back office work of between 5 and 10 staff members, which has given brokers far more face time with their valued client base. Automation has also positively impacted retention, and both can feed into more competitive pricing.
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A perfect partner for heavily regulated industries
Our first financial services project dates back to the 1990s; with continuous service in insurtech since 2013, we understand the landscape. Crucially, we also understand the customer side from a commercial and processing perspective, which the vast majority of insurtechs cannot claim to do. We can assist with the complex workflows that fall outside of platform and SaaS solutions, and the small books of business that are too costly to digitise through the big-player ledger systems.
To understand how we can help you, please call Karl on 0121 616 0093 for an informal conversation.
Across our portfolio of clients, our systems manage the affairs of tens of thousands of commercial and personal lines customers, generating 9-figure annual revenues for our clients and accounting for over half of our technical workload.
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