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, 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 "For most carriers, pricing is an incredibly outdated bottleneck that only shows the part of the picture.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.