DIGITALLY TRANSFORMING THE NEW BUSINESS JOURNEY FOR GUARDIAN

INSURANCE EXPERTISE INNOVATIVE PLATFORMS

DIGITAL INTELLIGENCE

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CASE STUDY

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DIGITALLY TRANSFORMING THE NEW BUSINESS JOURNEY FOR GUARDIAN

The UK protection market is focused on digitally transforming its

business models to make selling protection an easier and more cost-

effective experience for financial advisers. However, many established

companies must overcome the challenges of replacing or working

around legacy systems, integrating new platforms and training

employees on new processes.

This market environment presented re-entrant Guardian with an

opportunity to develop and launch a bespoke online new business

system, built around the proposition, with different adviser models

in mind. Rather than having to redesign an existing complex web of

processes and systems, Guardian was able to create its technology

environment from scratch. Every workflow, program, and step in the

journey could be designed for the adviser to deliver the best outcome

for their client – the consumer.

Guardian partnered with EXL to bring together insurance expertise and

innovative technology to build an advanced platform that would both

simplify and enhance the adviser’s online journey.

ContextGuardian chose to design protection products that were easy for the

consumer to understand and easy for the adviser to recommend. Products

were to be simplified, but not at the expense of reducing cover. Each

product was to be added to build the right outcome for each client in

a way that minimised complexity for the adviser, maximised straight-

through processing, and still allowed the adviser to build bespoke policies.

This would require more than a traditional insurance software

platform. Delivering what Guardian wanted would require a contextual

understanding of the business of life assurance.

OrchestrationTo accomplish this, EXL worked with Guardian to implement its

advanced insurance platform and present the Guardian product range to

its full extent. By orchestrating EXL’s rules engine, workflow component,

electronic document system, quote engine, and life administration

platform, we enabled Guardian to stand out from its competitors.

The technology platform is called Protection Builder. This is exclusive to

Guardian. It’s custom-built and gives the adviser the ability to tailor the

offering for every client. Core products are stand-alone, and optional

products can be easily added to create a combination that truly

meets each client’s needs. With a single set of underwriting questions,

Guardian can underwrite for all covers, even when not applied for.

“Core products are stand-alone, and optional products

can be easily added to create a combination that truly meets

each client’s needs.”

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DIGITALLY TRANSFORMING THE NEW BUSINESS JOURNEY FOR GUARDIAN

EXL (NASDAQ: EXLS) is a leading operations management and analytics company that designs and enables agile, customer-centric operating models to help clients improve their revenue growth and profitability. Our delivery model provides market-leading business outcomes using EXL’s proprietary Business EXLerator Framework®, cutting-edge analytics, digital transformation and domain expertise. At EXL, we look deeper to help companies improve global operations, enhance data-driven insights, increase customer satisfaction, and manage risk and compliance. EXL serves the insurance, healthcare, banking and financial services, utilities, travel, transportation and logistics industries. Headquartered in New York, New York, EXL has more than 27,000 professionals in locations throughout the United States, Europe, Asia (primarily India and Philippines), South America, Australia and South Africa.

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Context

• Challenger brand Guardian set out to design everything it does with the consumer in mind

• Doing so would require deep expertise in the life insurance business

• EXL combined analytics, insurance expertise, and data visualisation to bring about Guardian’s vision

Orchestration

• Protection Builder enables the adviser to build bespoke policies and apply discounts when 2 people apply at the same time, or one person applies for 2 covers (Life Protection and Critical Illness Protection) at the same time

• Online dashboards provide the adviser with information they can use to better manage ongoing relationships with clients and build in annual reviews

Outcomes

• Guardian products are now available to the majority of protection intermediaries in the UK

• Designing Protection Builder around Guardian’s proposition has ensured that Guardian is well-positioned to gain competitive advantage in the protection market

SOLUTION SUMMARY

This allows the adviser to combine applications for multiple covers and

multiple people into a single application, all the while receiving multi-life

and multi-cover discounts. When a policyholder makes a claim against

one cover within the policy, the rest of their covers remain in force. This

simplifies both the application and claims process – and delivers a better

outcome for the consumer.

The platform also contains online dashboards to make it easier for the

adviser to track their work in progress – including quotes, applications,

and terms issued – but more importantly, service their clients in the

future. The ‘policyholder’ tab on the dashboard allows the adviser to

drill down to client level and use this information to manage ongoing

relationships more effectively.

As this is a bespoke system, the ability to nominate beneficiaries when

applying for life cover has been built in. Using what Guardian calls

Payout Planner, the adviser can specify who the client wants to receive

their death benefit. This information is recorded as part of the contract,

avoiding potential probate delays.

OutcomesAt the time of writing, Guardian has been open to the whole of the

market for only a few months. But already it’s clear from the speed

with which its proposition has been adopted by the major UK sales

distributors that the market has embraced Guardian’s product and

technology proposition. All the elements are in place to see Guardian

take a prominent position in the future of UK life assurance.

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