Left Menu
Development News Edition

Scottish Widows signs deal with Montoux to transform insurance process

Scottish Widows’ Product Owner of Innovation & Analytics, David McLeay says working with Montoux, discovered through their ongoing relationship with Rainmaking Insurtech, was an obvious decision.

Devdiscourse News Desk | Wellington | Updated: 07-11-2019 08:04 IST | Created: 07-11-2019 08:04 IST
Scottish Widows signs deal with Montoux to transform insurance process
Montoux, one of the few insurtechs with a reputation for transforming such a specialized core insurance process, calls itself an innovation enabler. Image Credit: Twitter(@deptoflabour)

Scottish Widows, a subsidiary of Lloyds Banking Group, is investing in real-world innovation by signing a deal for a pilot with Montoux, an insurtech company that transforms the way life insurers optimize premium rates.

Scottish Widows is one of the UK's oldest and most well-known financial services organizations, operating since 1815. While its name speaks to its history, this move signals the company's far-sighted strategy.

Scottish Widows' Product Owner of Innovation & Analytics, David McLeay says working with Montoux, discovered through their ongoing relationship with Rainmaking Insurtech, was an obvious decision. "The committed blend of actuarial and data science in Montoux's price optimization offering is compelling. It's practical innovation that delivers genuine ROI, allowing us to be more responsive to the market, and ultimately provide better products and services for consumers, for the right price at the right time."

Montoux, one of the few insurtechs with a reputation for transforming such a specialized core insurance process, calls itself an innovation enabler. "Right now, we know we are one of the best aids a life insurer has to reach both its strategic innovation goals and deliver a financial return," says Montoux's Co-CEO Geoff Keast. "For most carriers, pricing is an incredibly outdated bottleneck that only shows the part of the picture. A transformed pricing process is something they can update today - given better tools - and immediately see a return."

This marks the official UK launch for Montoux which, until now, has been active in the US, Japan, Hong Kong, and Australasia - boasting relationships with some of the biggest life insurers in each region.


TRENDING

OPINION / BLOG / INTERVIEW

South Africa's COVID-19 response: Surprising outcomes or just poor data management?

South Africa has been committed to improving its health information system and shows that a robust digital has considerable scope to improve healthcare for the entire population. But the COVID-19 pandemic has highlighted that significant ga...

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Videos

Latest News

Funds flow to Biden and Democrats after debate, boosting cash advantage

Money cascaded into presidential nominee Joe Bidens campaign and his Democratic Party on the heels of his rancorous debate with President Donald Trump, potentially widening Bidens financial edge as the White House race enters its final mont...

Soccer-Bayern ride luck to win Super Cup and fifth title of year

Bayern Munich wasted a two-goal lead and needed a lucky 82nd- minute winner from Joshua Kimmich to beat Borussia Dortmund 3-2 in Germanys Super Cup on Wednesday and secure their fifth title of the year.Midfielder Kimmich snatched the ball i...

Britain would work with Trump or Biden on U.S. trade deal after election -minister

Britain will work with Republican President Donald Trump or his opponent Democrat Joe Biden in order to clinch a U.S. trade deal, trade minister Liz Truss said on Wednesday, declining to comment directly on a chaotic first U.S. presidential...

EXPLAINER-President Trump asked the Proud Boys to "stand by." Who are they?

President Donald Trump, asked if he would denounce white supremacists and militia groups during Tuesday nights U.S. presidential debate, told the right-wing group the Proud Boys to stand back and stand by.WHO ARE THE PROUD BOYS The Proud Bo...

Give Feedback