Chris Samuel's presentation from the 2014 SOA Annual Meeting on how Beagle Street disrupted the UK market by selling life insurance online.

1. TOGETHER WE
PROGRESS
Entrepreneurial Start ups
Launching a new Life Insurance
provider in the UK
Chris Samuel
www.tcplifesystems.com

2. A bit about me
2
• Worked in Financial Services since 2002
• Customer Journey and Customer Experience advocate
• Led many Group-wide, multi-brand Customer Journey and
Customer Experience initiatives
• 2010 seconded to a small project team to conduct a feasibility
review and develop a business case to launch a direct-to-consumer
UK Life Insurance proposition
• July 2012 launch of the UK’s first online direct-to-consumer life
insurance proposition - Beagle Street – www.beaglestreet.com

3. Why Life Insurance?
• No real Direct-to-Consumer proposition or presence
• Forecasted growth in Direct-to-Consumer, and online
• Opportunity to apply brand and e-commerce expertise from P&C to
Protection
• Pending regulatory changes
3

4. The UK Life Market
Good intentions don’t materialise
4
5.2m
people
intended
to
purchase
life
cover
1.7m
policies
sold
Source TGI / YouGov 2012

5. The UK Consumer’s Experience
5

6. The UK Consumer’s Experience
6

7. If you try to fix a broken solution…
7

8. The Approach
8
1)
Challenge
the
status
quo
2)
Think
Customer
Centric
NOT
Product
or
Process
Centric

9. The Vision
9
To
make
life
insurance
accessible
to
everyone
Price
|Simplicity
|
Ease
of
use
|Help
when
needed

10. Key Milestones
10
Market
size
and
scope
assessment
Compe?tor
landscape
analysis
Define
target
opera?ng
model
Business
Case
for
Board
approval

11. What was different?
11
• Not a ‘me too’ entrant
• Not an insurer or risk carrier
• Applying P&C business model learnings to life & protection
• On cover in 15 minutes or less
• Direct-to-consumer only – no IFA distribution
• No medical evidence underwriting
• Online, with offline support if needed
• Mobile device accessible

12. What went live?
• Life Insurance & Critical Illness cover 5-25 year term
• Single and joint cover
• Sum insured – up to £500,000
• Cover age range – 18-70
• No minimum premium
• No medical evidence referrals
12

13. Breaking down barriers
Using film clips to explain and de mystify
A short film about life insurance
http://youtu.be/AeSKmyk_g2U
2 reasons to review your life cover
http://youtu.be/2na2Zj_c6GE
Level versus decreasing term cover
http://youtu.be/dQj3Mk3iKyU
Critical Illness cover
http://youtu.be/G5hL_cos9KY
13

14. Where are they now?
• Significant marketing investment now underway
• TV ad & PR campaign launched in October 2014
14
www.youtube.com/watch?v=ON8825F_Be8
hNps://www.youtube.com/watch?v=6JH1MC47tVM

15. The right partners matter
15
Underwriting Platform
Reinsurer Insurer
User Experience
Marketing & Brand
Software

16. Lessons Learned
• It is possible for a new entrant to disrupt the market
• Choose the right partners
• Know your customer and talk to them
• Test and learn, iterate and refine
• People will copy, but first mover advantage is important
16

17. Thank-You…
Any questions?
17