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Corporate
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Legal & General Insurance (LGI) has appointed Nick Frankland into a new role of Managing Director, Fintech, effective from 1 August 2017.
31 Jul 2017
As the number one insurance provider for UK Retail Protection for 14 years with a 25% market share, Legal & General has been at the forefront of technology innovation and digital business practices for nearly two decades since the launch of Online quote and apply for life insurance in 2000. This has enabled straight through processing for over 80% of customers and digital marketing has helped to grow our direct business by 56% over the last 3 years.
This newly created business will build and buy into a range of fintech companies that use the latest technology and innovative approaches to help and engage customers.
Legal & General, through its fintech subsidiary Investments Discounts Online (IDOL), has been helping customers for many years get better value insurance products operating as an online comparison tool for life, travel and pet insurance. Last year more than 2 million travel policies were arranged via the IDOL comparison tool. IDOL will form a key part of the new fintech business area.
Nick joined Legal & General in 2010 as a senior director and has since led a number of major businesses across the group including a period as Group Digital Operations Director. Nick specialises in transformation and Chief Operating Officer roles and has an extensive background in sales and marketing. Nick’s most recent success has been as interim CEO of Legal & General Modular Homes where he was asked to take the company through its final stages of set up and into the commercial market. Prior to that Nick was Chief Operating Officer and Transformation Director for Mature Savings.
Bernie Hickman, CEO, LGI said, “I'm delighted to announce the appointment of Nick Frankland to the role to take this business forward.
Legal & General have been industry leaders in technology and innovation for protection for many years and we have the opportunity to bring together the many benefits and strategic advantages that Legal & General enjoys with the fast pace, technology first, customer centric features of successful digital start-ups to create fintech businesses with the aim of delivering exponential growth”.
Nick Frankland, Managing Director Fintech for LGI commented, “I am looking forward to joining LGI to lead the fintech business. There are a number of exciting ventures already in the pipeline that will allow us to launch new offerings to customers. We have the capability and the opportunity using technology to make a radical difference and further grow our business”.
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Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.