The new approach aims to make trust creation a routine part of buying life insurance, ensuring that protecting people properly doesn’t simply end at the point of sale.
The new LifeSearch app - which is is supported by engagement platform Yavia and end-to-end trust engine Trust Genie - will provide a free communication and education hub for customers.
In 2023, a report from Swiss Re found that fewer than one in five (18%) of all new life policies were written in trust. The report also estimated that 40% of under 45s in the UK live together unmarried, running a risk that a partner would not automatically receive a pay out if a policy was not held in trust and intestacy rules were applied.
In keeping with the Consumer Duty focus on reducing foreseeable harm, placing a life insurance policy into trust can ensure that the payout goes directly to the intended beneficiaries without delay or avoidable tax exposure. It also supports faster claims settlement and gives dependants clearer financial outcomes.
Debbie Kennedy, chief executive at LifeSearch said: “At LifeSearch our purpose has always been focused on the customer – to protect people properly. That is why we are passionate about supporting our customers beyond the sale of a policy, whether that’s through an advised or a self-serve journey. By both educating and supporting all of our customers to put their life insurance into trust, we can help ensure the right money reaches the right people at the right time, avoiding unnecessary delays and tax exposure.
“This market-first digital solution for online self-serve journeys shows our commitment to innovation and investment in our customers. By partnering with Trust Genie and Yavia, we're combining technological excellence with genuine customer care. Being first to market with this solution demonstrates our technology credentials and our determination to drive meaningful change across the protection industry."
Neil Glover, chief commercial officer at Trust Genie, said: “We’re incredibly proud of Trust Genie. It’s accepted by all major insurers, delivers over 90% completion and, most importantly, supports the outcomes and personal motivations behind a client’s decision to purchase protection. A trust is the starting point, but good outcomes rely on connecting the client and their adviser with the insurer who will deliver the benefit, and the trustees who may one day need to act.
“We built Genie to do exactly that, synchronising logic, dynamic forms and bounded AI to create a safe, compliant and personalised journey. We’re grateful to the insurers, particularly their trust and legal teams, for the time and expertise they shared, and to LifeSearch for insights in helping us shape such a strong customer experience.”
Joanne Cole, founder, Yavia said: “Yavia is already powering digital engagement for advisers across the UK, and we are excited to bring that same proven technology to LifeSearch and Trust Genie. Together, we are enabling a modern, intuitive trust journey that delivers better customer outcomes, creating a more educated and engaged customer who understands the importance of their policy and recognises the value of protecting their money through the trust process.”
