Innovating Life Insurance to Empower Families
In this episode of Life Accelerated we speak with Fred Tavan, Senior Vice President and Chief Pricing Officer at Legal & General America (Frederick, Md.), also known as LGA. A unit of the U.K.-based firm Legal and General, LGA is a prominent financial services provider in the U.S., offering life insurance, pensions, retirement, and investment services to more than 1.4 million people.
As prestigious as Fred’s title is, his contributions to LGA’s life insurance operation go well beyond it. Fred is a lifelong self-innovator and he brings to his position a background that includes electrical and computer engineering and actuarial credentials. He leads actuarial, underwriting, and data science innovations, and he works closely with distribution partners both internally and externally to disrupt the term insurance marketplace.
In this episode, we get to the meat of those innovation efforts, including LGA’s omnichannel distribution strategy, the firm’s competitive edge in re-pricing, and Fred’s view of the market as a few leading companies beginning to outpace the pack.
Fred tells us that he thinks of himself as a disruptor, modernizing the historically poor experience of purchasing life insurance. He reminds us that digital is critical because it provides the automation that speeds processes and thus improves the experience.
In my conversations with Fred, I couldn’t help thinking of him as a kind of secret weapon for LGA, bringing his diverse skills together on all the major competitive fronts. And it seems to be working: As Fred tells us, LGA has been able to grow its life insurance premium by 70 percent in just a couple of years, and to go from being the number 8 provider of Term Life to number three. This is disruption for real.
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