Lockton, the world’s largest privately-owned insurance brokerage, today launched Lockton Pulse, its new ground-breaking digital insurance offering for SMEs and individuals across Australia.
Lockton Australia marked this major milestone with the launch of its first end-to-end digital insurance product for the retirement living sector and is on track to deliver a diverse pipeline of other products within the next year.
Powered by market-leading Insurtech Kanopi, the Lockton Pulse platform allows customers to easily obtain a quote and purchase insurance online, at their convenience, from anywhere. The user experience is also designed to offer a fresh perspective on risk management for SMEs and personal lines of insurance, offering access to customised risk advisory services generally reserved by the industry for top-tier organisations.
The platform reflects Lockton’s commitment to staying ahead of the industry, disrupting segments such as SMEs and giving clients choice through distribution-led direct-to-customer insurance solutions. “We needed a differentiated proposition for Lockton against industry peers who might be hamstrung by complex legacy systems or outdated propositions that do not resonate with insurance buyers in 2024,” said Paul Marsden, CEO of Lockton Pacific.
“Coupled with new and fast-changing risks, speed to market and meeting unmet customer needs is vital, and capabilities within our Lockton Pulse ecosystem enable us to do this. From securing carrier support to our collaboration with Kanopi, we now have the ability to forge new client partnerships with a volume play at scale, for example, the Retirement Living Council.“
For the launch, Lockton collaborated with the Retirement Living Council as their preferred industry partner to distribute a Retirement Living Residents Contents Insurance product for residents.
Commenting on the announcement, Tanya Dasgupta, Head of Lockton Pulse – Affinity & Digital Solutions, said: “Lockton Pulse is a natural extension of our long-standing mission to empower and help protect businesses and individuals. By bringing together the power of advanced technology with localAustralian support service, resources and accessible experts, we’re ensuring our clients and customers have access to the best insurance solutions and support available in a way that fits seamlessly into their busy lives.”
Nigel Fellowes-Freeman, founder and CEO of Kanopi, said: “We're thrilled to be partnering with Lockton on this ground-breaking and market-leading digital offering and this transformative digital journey with incredible potential. Kanopi’s technology is designed to support this kind of scalable growth. It's particularly exciting to collaborate with a business that has such a strong vision for reshaping the way insurance is delivered and creating dynamic distribution channels across multiple
business lines, and delivering diverse products. Lockton's commitment to swift market entry perfectly complements Kanopi’s agile technology, allowing us to transform complex insurance processes into streamlined, user-friendly digital journeys for the end consumer.”
Ms Dasgupta added: “As our Insurtech partner, Kanopi has truly transformed our technology and customer experience. Customers can now easily opt-in for automatic renewals, update their coverage, report claims, download certificates of currency and more, through the Lockton Pulse Customer Portal. This, combined with the operational efficiencies our solution offers, will lead to better outcomes for both our clients and customers.”
“SMEs are the heartbeat of our economy. When you think about it, SMEs and individuals are in Lockton’s deep heritage. In 1966, Jack Lockton opened Lockton Companies when he partnered with his parents to share office expenses. Lockton Pulse is a nod to the entrepreneurial spirit of Lockton and the types of organisations we can help protect and grow together with,” concluded Mr Marsden.