Legal & General Insurance unveils fintech business
Legal & General Insurance (LGI) has created a new business to build and buy into a range of fintech companies.
LGI says its fintech subsidiary Investments Discounts Online (IDOL), which was established in 1999, will form a key part of the new fintech business area.
Nick Frankland, who’s been with LGI since 2010, will take on a new role of managing director, fintech, effective from 1 August 2017.
Frankland says: “There are a number of exciting ventures already in the pipeline that will allow us to launch new offerings to customers. We have the capability and the opportunity using technology to make a radical difference and further grow our business.”
There are no more details at present, but this development signifies yet another firm jumping on the fintech bandwagon.
LGI was established in 1836. As at 30 June 2016, the total value of assets across the group was £841.5 billion, including derivative assets. It has over nine million customers in the UK using its life assurance, pensions, investments and general insurance plans.
