Capita Regulatory Services today announces its new partnership with LeanApps, a standard software provider for the insurance and pensions markets.
The partnership will allow Capita’s clients to launch new protection products, such as critical illness cover, private medical cover or life assurance, to the market quickly.
Research shows that just half (50%) of the population have sufficient savings or other means to meet household bills, including mortgage payments, for six months should they lose their regular income. Now consumers will be able to buy cover through digital channels, including apps, and social media. The design of the online application process is so simple and intuitive that forms can be completed during a TV ad break, while still ensuring that all relevant information is gathered.
The partnership will allow companies, such as major retailers and mobile operators, which are moving beyond their core focus, to provide new and additional regulated products and services to their customers.
Nick Greatorex, executive director for Capita Regulatory Services, said: “We know that the average UK household spends £13 a month on the lottery. But many are not making provision for events such as unemployment, illness or worse that would seriously affect their ability to pay bills. Protection benefits can be bought for as little as £6 a month and more than 9 in 10 income protection and critical illness claims are met by insurers.
“We know, too, that consumers expect to engage with companies and manage their accounts in a way, and at a time, that is convenient to them. This expectation is forcing a change in the financial services industry as providers, even outside of the core industry, seek to offer outstanding, easy to purchase digital products and services that will attract and retain the growing army of digital-savvy customers.
“LeanApps is a great strategic fit for Capita. It shares our passion for innovation and vision for growth in the UK and European markets.”
LeanApps was recently acquired by Keylane with a mission to drive international expansion. Andy Watts, UK Director, from LeanApps, said: “The partnership with Capita is an early endorsement of our strategy and we look forward to a long and successful relationship with the UK’s leader in business process management and outsourcing solutions."