CLOSE BROTHERS PREMIUM FINANCE
“ We needed to re-architect the business into a truly digital entity ”
brand can provide a seamless experience !” This is an approach is known as ‘ white labelling ’ and is very common in the personal lines insurance market . At the other end of the scale , Close Brothers Premium Finance provides finance for much larger commercial insurance premiums for large companies . One construction company customer , for example , has over £ 23 million worth of annual insurance policy premiums to cover its insurable risks . “ In that case it ’ s unlikely that we can be or would be expected to be invisible in the background or white labelled ” he says . “ We want to be sure we understand the customer ’ s business and that they understand what we are doing for them . In that market segment it is a completely different offering . We need our business and our technology to be structured to support these different market segments .”
Having mapped the customer journey in each of the different segments , it was possible to plan the digital journey to deliver the ideal experience to them . “ There are two options ”, Loake says , “ You could decide to build a new business alongside the old one , with new systems and ways of operating , and flip over to that when it is ready . However I think that is an approach that is set up for failure . It ’ s not much use saying that we will give you a splendid service in three years ’ time – they want to know how we can help them now !”
Partners in progress An incremental approach gets over
44 June 2016