Fidelity Life To Re-Imagine Insurance Model

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Fidelity Life is hoping its $25 million investment in new systems will help it deliver a new insurance model that will help advisers and customers.

The firm’s Chief Technology Officer Dan Wilkinson says that without fundamentally transforming its technology the company won’t succeed.

“Our aim is to deliver sustainable, profitable growth, so we can protect our capital,” he says.

Wilkinson says the firm is in the throes of equipping its teams with the “…tools and insights to deliver a more personalised experience” for customers.

Chief Technology Officer Dan Wilkinson
Fidelity Life’s Chief Technology Officer Dan Wilkinson.

“If we want to build genuine relationships with our customers as people, we need to know and respond to them as individuals, not just disjointed datasets,” he says.

“This type of approach is what’s going to help the insurance industry build trust. By 2025 our objective is to re-imagine the insurance model.”

Wilkinson points to the time wasted when a contact centre operator is trying to “find” a caller in the system.

“On our new platform we’ll be able to match their phone number to their record instantly and eventually anticipate their needs before we pick up the phone.”

Our industry is suffering from low consumer trust…

He says the new system will help advisers better understand their customers as well, “…allowing them to focus on higher-value activities”.

He says: “Our industry is suffering from low consumer trust, and both regulators and customers are demanding more focus on good customer outcomes. Incremental change won’t be enough to see off these challenges.”

Last year the insurer embarked on an update of its computers that involves replacing its 35-year-old systems by 2025. (see our story Fidelity Life completes phase one of $25 million tech update).