’It is by far the biggest challenge I have undertaken in the industry, but it is also the most rewarding,’ says top boss
Esure chief executive David McMillan has said that the completion of its wholesale transformation was one of the “biggest” challenges he has undertaken.
The three-year transformation was backed by £200m of investment and resulted in the firm moving its home and motor operations to a new platform.
Speaking at the Insurance Innovators’ Summit in London on Tuesday (5 November 2024), McMillan said that the goal was to completely rebuild the business and the way it operated.
He said: “It is by far the biggest challenge I have undertaken in the industry, but it is also the most rewarding.
“There were three key takeaways for me. First culture is king, you need to have a culture in the business that allows and embraces change.
”The second was the challenge of having to refuel the plane while it is still flying. Third is that legacy technology can be an anchor on a company. We released our legacy systems three months after migration.”
Customer service
The decision to rebuild the business came as a result of wanting to do more for customers.
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McMillan said that 81% of customer contacts were now self-serving on the platform, while 90% of claims can be handled digitally.
He added: “Having worked in markets across the world, I am in no doubt that UK personal lines insurance is the most competitive in the world.
“There is transparency though the access to price comparison sites and we have a diverse set of players, from insurers, brokers, MGAs and insurtechs. This comes alongside an extremely strong regulatory regime.
“Margins are tight and they are very hard won. From the customer point of view, it is very price conscious, however, they are looking for more. They are looking for peace of mind, a good experience and a recognition for loyalty.”
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