LifeSearch is adding a digital trust solution to its self-serve life insurance journey.
It has worked with Trust Genie and Yavia on the process and embeds trust creation directly into the advice firm’s online quote and buy journeys.
“The new approach makes trust creation a routine part of buying life insurance, ensuring that protecting people properly doesn’t simply end at the point of sale,” it said.
“For the first time, customers can complete their purchase and ensure their policy will be paid to the right people, without delay or unnecessary tax exposure, in a single digital experience,” LifeSearch added.
A new app will provide a communications hub and educational content, delivering a compliant, fully digital trust experience at no cost to the customer, the firm said.
Trust Genie already supports LifeSearch’s advised clients and acts as a bridge between the client, their trustees and the insurer.
It uses contextual artificial intelligence (AI) to guide customers, produce personalised plain-English summaries, and eliminate double entry across multiple policies.
Completed trusts are automatically submitted using the correct packaging rules to ensure accuracy and auditability.
LifeSearch said it was aiming to extend Trust Genie’s present more than-90% completion rate to self-serve clients.
Low rates of trust take-up for life insurance policies have been a concern across the sector, as highlighted by research from Health & Protection and Swiss Re and Insuring Change.
Other moves such as the development of beneficiary nomination have also been welcomed as the sector aims to ensure payments from death claims are made to the correct intended beneficiaries as quickly as possible and avoid delays going through probate.
‘Money reaches right people at right time’
LifeSearch chief executive Debbie Kennedy (pictured) said the firm was keen to drive meaningful change across the protection industry.
“By both educating and supporting all of our customers to put their life insurance into trust, we can help ensure the right money reaches the right people at the right time, avoiding unnecessary delays and tax exposure,” she said.
“This market-first digital solution for online self-serve journeys shows our commitment to innovation and investment in our customers.
“By partnering with Trust Genie and Yavia, we’re combining technological excellence with genuine customer care.”
Trust Genie chief commercial officer Neil Glover said the technology was accepted by all major insurers, delivered more than 90% completion and supported the outcomes and personal motivations behind a client’s decision to purchase protection.
“A trust is the starting point, but good outcomes rely on connecting the client and their adviser with the insurer who will deliver the benefit, and the trustees who may one day need to act,” he said.
“We built Genie to do exactly that, synchronising logic, dynamic forms and bounded AI to create a safe, compliant and personalised journey.
“We’re grateful to the insurers, particularly their trust and legal teams, for the time and expertise they shared, and to LifeSearch for insights in helping us shape such a strong customer experience.”
Yavia founder Joanne Cole added: “Together, we are enabling a modern, intuitive trust journey that delivers better customer outcomes, creating a more educated and engaged customer who understands the importance of their policy and recognises the value of protecting their money through the trust process.”
