BGL Group, a leading digital distributor of insurance and household financial services, has announced its move into the Insurer Outsourcing arena with the launch of a new proposition. BGL’s ‘Distribution as a Service’ builds on the Group’s existing partnership capabilities, which includes links with some of the UK’s leading household names in banking, retail and motoring to sell car, commercial vehicle and home insurance to their customers.
With many traditional insurers keen to grow and diversify but remaining hindered by costly legacy systems and processes, BGL identified an opportunity to expand its successful corporate partnership model – with the aim of helping insurers to cost-effectively drive growth with direct GI propositions. The launch follows significant investment in the Group’s technology capabilities over the past few years, giving it the ability to deliver innovative and market leading digital journeys for partners – with new developments around automation and AI at the forefront.
Utilising BGL’s resources and capabilities, Distribution as a Service enables insurers to open-up new product lines – delivering incremental growth while allowing them to focus on other key business priorities. Alternatively, it can also manage individual elements of an insurers existing direct GI offering, such as the digital customer journey, or lead on the entire end-to-end process, from product development and channel distribution, through to customer servicing.
Peter Thompson, Chief Executive Officer of BGL Group’s Insurance, Distribution and Outsourcing (IDO) division, said: “Insurers are extremely well placed to capitalise on growth from the General Insurance market. The insight and analytical capabilities they hold, coupled with our tech innovation and market-leading customer service, has the potential to create some extremely powerful partnerships. Frequently evolving and stringent regulatory demands continue to challenge our industry and therefore, a key part of our ‘Distribution as a Service’ proposition is to leverage our investment and expertise to help partners navigate these areas.“
Peter continued: “When talking to insurer partners, it’s clear that many would like to launch new product lines but have struggled to break through their current technology priorities to do this. Our partnership model can quickly help insurers to diversify and expand, allowing them to continue focusing on other key business priorities. It also allows insurers to deploy the very latest digital journeys and customer interfaces without significant investment. I’m excited for the next phase of BGL’s journey in creating new, highly effective and agile insurance for customers from some of the UK’s most trusted brands.”