Scottish Widows becomes first UK life insurer to transform pricing with Montoux
The centuries old financial services organization says transforming the way they optimize the pricing of their risk is key to achieving broader innovation plans
NEW YORK CITY (November 6, 2019) - 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 “For most carriers, pricing is an incredibly outdated bottleneck that only shows them part of the picture.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.
About Scottish Widows
Created in 1815, as the Scottish Widows Fund and Life Insurance Society, the business’s purpose was to prevent the widows, sisters and other female relatives of fund-holders plunging into poverty on the loss of the male breadwinner during the Napoleonic wars – an ambitious undertaking. Now, more than 200 years later, the insurance provider continues to do so, helping millions of Britons plan for their financial futures and protect their families.