Simplifying Advised Protection: Adopting Digital Techniques to Accelerate Sales

by Jamie Macgregor, September 19, 2016
Case Studies


Celent has released a new report titled Simplifying Advised Protection: Adopting Digital Techniques to Accelerate Sales. The report was written by Jamie Macgregor, Senior Vice President of Celent's Insurance practice.

In March 2015, Openwork (a UK network of advisors) chose to implement a new digital solution designed to support the sale of protection products alongside mortgages. By mid-2016, Openwork experienced:

  • An increase in new business client conversion rates by circa 8 percent, from 27.5% to 35.5%.
  • An increase in income protection sales of circa 104%.
  • An improvement in straight-through processing between the adviser and insurer by 30%.
  • A reduction in time spent on modeling and quoting of 45%.

As has been seen in retail personal lines (within non-life insurance), comparative quoting and modeling techniques have been in existence by consumers for over 15 years, and have often been seen as the catalyst for rapid adoption of digital sales and servicing. However, within life markets, we are yet to see mass adoption of direct sales for what is still a relatively complex product with low levels of everyday engagement (albeit for a critically important product for those with dependents). Solutions such as Openwork’s go some of the way to removing some of these blockages in an advised world and pave the way to greater success in conversion.

“Openwork have started to apply many of the digital practices and techniques that we take for granted as consumers when shopping online for vacations, for products and services on platforms such as Amazon, and for financial services and utilities using comparison websites,” says Macgregor. “The only real difference here is that Openwork have created their solution for a specialist audience of advisors.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
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Europe (London)
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Asia (Tokyo)
Yumi Nagaoka
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Table of Contents

Executive Summary



Key Research Questions





About Openwork



About this Case Study



Key Research Questions


Accelerating Advised Protection Sales



The Challenge and the Opportunity



The Solution



Implementation Considerations


The Results





For Insurers



For Distributors


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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