A great example of insurance innovation based on the ability to remove silos in a business and address a real policyholder issue.
How often have you heard of multi-line insurers saying they cannot get co-operation across their IT and business silos? The different departments don't want to give up control, possibly don't trust their colleagues not to make their customers unhappy and certainly don't want to give up control of the IT or even don't have omnichannel capability to be able to do it.
Well done Admiral! How fast will the others follow?
Admiral has launched a new MultiCover insurance product to combine car and home cover into a single policy. According to recent research commissioned by Admiral, half of us spend as much as five hours a week on “life admin” or tasks such as paying bills, booking appointments, buying insurance, and organising holidays. A third are found to be spending up to 10 hours on life admin, while one-tenth allot up to 15 hours a week. With Admiral’s MultiCover, the insurer aims to reduce the time policyholders spend arranging and managing insurance policies to result in less stress for customers. “Time-consuming life admin detracts from relaxation away from work, so we’ve designed a product that gives some of that time back,” explained Alistair Hargreaves, head of service at Admiral MultiCover.