L&G in bid to lead home insurance with “digital centre of excellence”

Legal & General is placing digital at the centre of its home insurance strategy as it strives to build a “digital centre of excellence” in a bid to outdo the competition.

Its recent SmartQuote platform claims to provide an insurance quote in under 90 seconds when a customer answers five questions. Legal & General has also introduced SmartClaims, which uses technology and automation to simplify the claims process.

t became the third major insurer to use HomeServe’s Leakbot, a device that notifies users of potential water leaks. In August it emerged that its first half profit had been halved by escape of water claims.

Legal & General general insurance chief executive Cheryl Agius has placed the onus on the industry to keep up with digital advancements, or risk falling behind customers.

Agius said: “The insurance market needs to change the way they interact with customers using digital technology and smart data. Customers are not buying technology. Customers are looking for solutions that make their life better.”

Insurers must follow in the footsteps of the retail, media and music industries, according to Agius, as consumers are already used to digital interaction.

She continued, “The insurance industry needs to keep up with the same pace we have seen technology transform lives in retail, media and music. We aim to use our available data and new technology to play a major role in shaping the future of the insurance industry and prove how we can make life easier, simpler and safer for our customers.”