In 2002, Royal Liver needed to improve its business acquisition model and was keen to launch a market differentiating service to spearhead its entry into the IFA market and direct channel. Vertex were chosen as partners for design, build and implementation of the 'virtual life company', Royal Liver Progress. Today, Vertex continues to deliver innovative thinking to add value to this proposition.
Solution
Vertex had already invested heavily in a Straight-Through Processing (STP) solution for the L&P market and could demonstrate capability and expertise in delivering low cost infrastructure. With a spirit of innovation, Vertex were perfectly placed to build the technology platform and relationship network to
support Royal Liver going forward.
Vertex created a virtual life company for Royal Liver, bringing together its capabilities, administration, technology, distribution, underwriting and risk management, with the operations of Munich Re and Royal Liver Assurance.
Innovation and Results
Following implementation, the solution delivered:
- Profitability ahead of targets
- Accuracy levels in excess of 95%
- High levels of electronic processing and use of tele-underwriting both reducing cost and leveraging efficiency
Download the Royal Liver case study