Session 7 from Acceptiv Online Distribution Conference Sept 2017 Some say North America is at least 5 years behind the UK when it comes to online distribution. Is this true, and what lesson can we learn from the UK and other countries?

1. The experience of online
distribution elsewhere in world
Kevin Pledge
CEO and Founder
Acceptiv Inc
Acceptiv Confidential

2. How much personal protection insurance will be sold online
five years from now?
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0
5
10
15
20
25
0 - 9% 10 - 19% 20 - 29% 30 - 39% 40 - 49% 50 - 59% 60 - 69% 70 - 79% 80 - 89% 90 - 100%
Response(%)
Amount of protection sold online by policy count 5 years from now

3. UK online sales are healthy
2015 :
Online up 216% (115,633 policies)
Bancassurance down 48%
(122,250 policies sold)
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4. The Approach
(1) Challenge the status quo
(2) Think Customer Centric
NOT
Product or Process Centric
The Vision
To make life insurance accessible to everyone
Price | Simplicity | Ease of use | Help when needed
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5. Key Milestones
5
Market size
and scope
assessment
Competitor
landscape
analysis
Define target
operating
model
Business Case
for Board
approval

6. What was different?
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 agent distribution
No medical evidence underwriting
Online, with offline support if needed
Mobile device accessible
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7. 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
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Life Insurance & Critical Illness
cover 5 - 40 year term
Single and joint cover
Sum insured – up to £750,000
Cover age range – 18-75
No minimum premium
No medical evidence referrals

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12. Lessons Learned by Beagle Street
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
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13. Can we learn from this?
Regulatory environment
Consumer behavior
Products and processes
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14. Kevin Pledge
CEO and Founder
Acceptiv Inc.
Thank You
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