JUST GROUP PLC Annual Report and Accounts 2021
RETURNED TO GROWTH
INNOVATION THE JUST WAY
We are positively disrupting markets to deliver better value for our customers and to fulfil our purpose. Just has become famous for its innovation and its pioneering credentials in the retirement market. That’s why people describe us as the retirement specialist.
Over a decade ago we started asking people about their medical conditions and lifestyle factors. By collecting this information we were able to provide the majority of people with more guaranteed income for the rest of their life. We found we could help around six-in-ten people get a better deal and this was typically an extra 20% retirement income compared to those who purchased an income without the benefit of medical underwriting. This innovation transformed the market and ensured we fulfilled our purpose to help people achieve a better later life. Today we have over 3 million person years of data that fuels our intellectual property. More than any of our competitors. WE ARE CREATING A NEW REVOLUTION In the second half of 2021 we’ve taken our intellectual property and used it to positively disrupt another retail retirement market. This time, the lifetime mortgage market. By asking customers a few questions about their medical conditions and lifestyle factors we’ve found a way to provide a tailored solution for each customer. And we’ve estimated that around six-in-ten customers will get a better deal than if they didn’t disclose this information. A better deal means they will get a lower interest rate, or for those that need to, be able to borrow a higher amount. Using medical underwriting in this way can provide customers with thousands of pounds of additional value. By adding medical underwriting into the industry’s core technology and sourcing systems, we’ve equipped financial advisers with the ability to lead this revolution just like they did in the retail retirement income market. By asking a few additional questions financial advisers can personalise their offer and ensure their clients attain the best deal – if they do not use medical underwriting they introduce risk to their business as they cannot attest to their client that they are delivering the best outcome. We think this revolution will diffuse through the market more quickly than the one we introduced in the retail retirement income market, thanks to the wide use of technology in the advisory market today. And we expect others will follow.
Six -in- ten Number of people we could help get a better lifetime mortgage deal 20 % extra The typical amount of additional retirement income people received medical underwriting
We continue to innovate to positively disrupt markets so that we may deliver fair value and better outcomes for customers Paul Turner Managing Director, Retail
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