Scottish Widows partners with Montoux
Scottish Widows, a subsidiary of Lloyds Banking Group, has signed a deal with Montoux. This marks the official UK launch for Montoux which, until now, has been active in the US, Japan, Hong Kong and Australasia.
Established in 2012, Montoux provides an actuarial modeling platform that blends actuarial and data science into an easy-to-use software that helps insurers price their risk.
“Right now, we know we are one of the best aids a life insurer has to reach both its strategic innovation goals and deliver a financial return. For most carriers, pricing is an incredibly outdated bottleneck that only shows them part of the picture. A transformed pricing process is something they can update today – given better tools – and immediately see a return.” – Montoux’s Co-CEO Geoff Keast.
“The committed blend of actuarial and data science in Montoux’s price optimization offering is compelling. It’s practical innovation that delivers genuine ROI, allowing us to be more responsive to the market, and ultimately provide better products and services for consumers, for the right price at the right time.” – Scottish Widows’ Product Owner of Innovation & Analytics, David McLeay.