17:12 24 April 2017
LV is taking bold steps towards future-proofing itself against emerging technologies and has appointed TH_NK to advise on its digital transformation strategy. Last year, its chief executive, Richard Rowney, has vowed to increase its digital spend by £100million over three years to effectively meet customer expectations on how insurance services should be delivered.
The company also hired Heather Smith from rival Aviva as well as appointed a new chief information officer and head of digital.
Smith said: “LV had been doing a lot of things in the digital space but the opportunity was to join that up and make the sum of the parts align at a pan general insurance level and follow the customer away from products and channel and into customer experience,”
LV’s biggest motivation to make drastic changes has come from large tech groups such as Google, which are now controlling more and more of the data that sits at the heart of the insurance industry.
Tarek Nseir, the chief executive of TH_NK, said: “A lot of what the market is talking about is the role of the internet of things and an increasingly connected environment in automotive in particular, which means that those who control the data in the marketplace, around how a car is being driven or otherwise, won’t always be the insurers,”