31 Jul 2017
Legal & General Insurance appoints Nick Frankland as the Managing Director for its new Fintech business
Legal & General Insurance (LGI) has appointed Nick Frankland into a new role of Managing Director, Fintech, effective from 1 August 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”.
Further Information (Journalists Only)
Notes to Editors
The information contained in this release is intended solely for journalists and should not be used by consumers to make financial decisions.
Legal & General Assurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Legal & General Assurance Society Limited. Registered address: One Coleman Street, London, EC2R 5AA. Registered in England Number 66055.
The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies. As at 30 June 2016, the total value of assets across the group was £841.5 billion, including derivative assets. We also had over nine million customers in the UK for our life assurance, pensions, investments and general insurance plans.