Beagle Street – Life Insurance Reborn

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Beagle Street’s innovation, creative thinking and adoption of the latest technology,enables them to offer a customer experience more akin to leading online retailers/P&C insurers and grow the D2C protection market

Beagle Street, a UK online life insurer promoted by BGL group launched its direct to consumer proposition for life insurance and critical illness in 2012. It was initiated to transform BGL’s legacy life insurance business by introducing a seamless online process that removes the need for medicals and face-to-face meetings when purchasing life insurance. Beagle street’s policies are underwritten by Scottish Friendly Assurance Society and it utilises an online assessment tool to give consumers a quote according to their budget.

As many life insurance policies are viewed as commodity products by consumers, Beagle Street makes use of affiliate channels and offline research to reach potential customers. This approach has generated 7 million policy holders for Beagle Street so far.

Beagle Street’s differentiation is that a term life insurance policy can be issued in just 10 minutes. Once your policy is created you then have access to your account area where you can view your policy document any time. Beagle Street policies are also stored on the cloud so that they can’t be lost and relatives can access policy details in case of a claim.

Ultimately, Beagle Street is increasingly simplifying and shortening the process of buying life insurance in the UK.

Benefit to Customers

Benefits to the Insurer

• Gain competitive advantage through increased conversion rate achieved through a single session underwriting strategy
• Increased trust and transparency in customer interactions
• No geographic limitation for agents
• Significantly accelerated speed of deployment of new product and services
• Lower costs per user

In today’s “online first” world, customers prefer products and processes to be simpler and faster so it is easier to make informed purchasing decisions. The rise of Beagle Street, a  new entrant in the UK’s life insurance market is another example of the instant gratification expected by modern consumers. Beagle Street’s innovation, creative thinking and adoption of the latest technology, enables them to offer a customer experience more akin to leading online retailers/P&C insurers than legacy life insurers. Some of the key highlights of Beagle Street’s approach are:

• Transforming the old way of selling life insurance
• With the traditional insurance business model getting threatened, Beagle Street explores new business models and capitalises on the D2C market
• Gives priority to customer experience rather than sales
• Operates in a fully online mode – no alternative distribution channels
• Key focus on offering an engaging quote and buy process

With reducing costs and advancing technology, the rise of such companies with digitally differentiated white-labelled propositions is inevitable. It’s a wake up call for traditional players who are still struggling to get over digital inertia.

Beagle Street Website
KPMG Insurance Innovation Report