Legal and General (L&G) - Digital Transformation Strategies

Legal and General (L&G) - Digital Transformation Strategies

Summary


This report provides insight into Legal & General's fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Legal & General (L&G) provides insurance, saving, and investment products. The company offers individual and group protection plans, annuities, mortgages, pension plans, and general insurance products. It offers property, car, and mortgage life insurance. It also provides travel insurance, pet insurance, critical illness cover, lifestyle cover, retirement products, pension products, and investment and savings products. In addition, the group offers mortgage advisory services, risk management, and claims management solutions. It serves individuals, families, and business customers across the UK, the US, and Bermuda.

In 2020, L&G launched the Advanced Care Research Centre in the UK, in collaboration with Edinburgh University. This seven-year, multi-disciplinary program focuses on research, development, and partnerships with different public and private stakeholders in industries such as medicine, engineering, life sciences, informatics, data, and social sciences. The center provides data-driven and customized care to address the healthcare needs of older individuals.

In 2018, L&G Capital collaborated with Bruntwood to found Bruntwood SciTech, a company that supports technology startups working across the Internet of Things (IoT), AI, and blockchain and helps them scale up their businesses. The company provides a collaborative platform to startups based in the north of the UK, alongside access to mentorship, financial support, and expertise from selected partners and plans to open new tech incubators in other cities. This will see the creation of 20,000 science and tech jobs in the market over the next 10 years. The two companies have invested GBP360 million ($446.6 million) in building Bruntwood SciTech.

In 2016, L&G Capital, Woodford Investment Management, and British Business Bank launched the Accelerated Digital Ventures platform to help build a venture investment ecosystem across the UK.

As of August 31, 2019, L&G has increased its shareholding in Accelerated Digital Ventures from 48.5% to 97%. The platform provides funding to UK-based technology startups that have the potential to disrupt the insurtech landscape. It also offers access to industry expertise, capital, and customers.

Scope

• L&G has created the ATOM platform to centralize data from multiple platforms, investment management tools, and external applications. The platform allows companies to perform real-time analysis and projections to derive insights and derive insights about potential future growth in the oil and gas sector.
• L&G increased its focus on digital capital inclusion and is using a combination of digital services and traditional services to cater to its mixed demographic customer base. The digitalization of services is a key strategy that the company has adopted for online money management and better data collection for its operational efficiency.
• L&G is focusing on a digital-first strategy with new technologies such as AI, robotics and data and analytics. It has launched its blockchain-based Pension Risk Transfer (PRT) reinsurance platform “estua-re”, leveraging Amazon Web Services (AWS).
• L&G is investing in automation technology to streamline processes by eliminating manual tasks through RPA. It has invested in Salary Finance, a digital financial wellbeing platform. It has deployed NICE RPA into the organization, along with human employees, to maximize operational efficiencies and optimize call resolution times.

Reasons to Buy

• Gain insights into Legal & General's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships, investments and acquisition strategies.