LifeSearch has partnered with Trust Genie and Yavia to allow customers buying life insurance online to place their policies into trust during the same digital journey.
The firm said the development supports its ambition for 80% of the policies it arranges to be written in trust, helping ensure payouts reach the correct beneficiaries without delay or unnecessary tax exposure.
MARKET-FIRST DIGITAL INTEGRATION
The collaboration embeds trust creation directly into the LifeSearch quote and buy process. For the first time, customers can complete their purchase and set up a trust within a single digital experience.
LifeSearch said the approach is intended to make trust creation routine, improving policy outcomes and reducing the risk of complications at claim stage.
The new functionality is delivered through the LifeSearch app, which uses Yavia’s engagement technology and Genie’s trust engine to provide guidance, education and a communications hub. The service is offered to customers at no additional cost.
LOW TRUST ADOPTION
Swiss Re data shows that in 2023 only 18% of new life insurance policies were written in trust. The report also notes that 40% of under-45s in the UK live together unmarried, meaning a partner would not automatically receive a payout if a policy is not held in trust and intestacy rules apply.
Trust Genie already supports LifeSearch’s advised customers with guided trust creation, plain-English summaries and the removal of double data entry. Trustees are brought into the process through digital signatures, clear instructions and automated submission of completed documents using correct packaging rules.
LifeSearch aims to extend Genie’s trust completion rate of over 90% to self-serve customers.
FOCUS ON CUSTOMER OUTCOMES
LifeSearch said that placing a policy into trust helps dependants by reducing delays, avoiding unnecessary tax exposure and supporting faster claims settlement. The firm added that this aligns with consumer duty expectations to minimise foreseeable harm.
Debbie Kennedy, chief executive of 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.”
She added: “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.”
He said the platform synchronises logic, dynamic forms and bounded AI to create a personalised, compliant experience, while connecting policyholders, advisers, insurers and trustees.
Joanne Cole, founder of 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.”
She said the partnership enables “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”.
