Company Description: LifeLock (www.lifelock.com) helps consumers to render their personal information useless to thieves, backing it up with a one million-dollar service guarantee. Unlike other security services, LifeLock specializes in the prevention of identity theft rather than the reporting of it, providing customers with the tools to proactively protect their personal information.
Nomination Category: Products & Product Management Categories
Nomination Sub Category: Best New Product or Service of the Year - Consumer Services
Nomination Title: LifeLock Ultimate: Creating the Most Comprehensive Identity Theft Protection Service in the Industry
Tell the story about this nominated product or service (up to 500 words). Describe its functions, features, benefits, and sales results to date:
Launched in October of 2011, LifeLock Ultimate is the most comprehensive identity theft protection service available on the market today. Building upon the ground-breaking success of LifeLock’s previous identity theft protection services, Ultimate wraps consumers in layers of protection that include non-credit and credit threats, checking and savings account takeover fraud, even peer-to-peer file sharing network protection.
LifeLock took a new approach with the development of this industry-leading product. Detailed consumer research was conducted to clearly identify what components of an identity theft protection service are more desired and valued in a premium protect product.
The company listened, and used that feedback to help design our most consumer-focused product ever.
LifeLock Ultimate protection includes all services provided by LifeLock identity theft protection, plus:
- Expanded monitoring of personal information across a comprehensive network of databases
- Enhanced, online reporting of threats
- Advanced checking and savings account application alerts
- 24/7 online access to your annual TransUnion credit report and monthly score
- Surveillance of unregulated global networks and file-sharing sites
- Public record surveillance
- Payday loan monitoring
- Daily monitoring of all 3 credit bureau reports
- Alerts when contact information changes on existing credit card, checking, and savings accounts
- Guidance to correct accidental disclosure of personal information on file-sharing sites
LifeLock Ultimate is the only identity theft protection service available that offers all of these functions in one package. At $25 per month or $275 annually, Ultimate delivers maximum value and protection to members at a price that fits most budgets.
Since its launch, Ultimate has exceeded all internal expectations and has become the fastest selling premium product in the history of the company. The strength of being the most comprehensive identity theft protection product available has rapidly grown Ultimate to over 5% of our overall member base in the span of a few brief months. On average, LifeLock welcomes nearly 1,110 new members to the Ultimate service every day.
Key to the success of this service has been the inclusion of checking and savings account takeover fraud alerts. Whereas many financial institutions offer this service to their customers, it is potentially limited to accounts being opened solely with that particular bank. With LifeLock Ultimate, members are notified if accounts are being opened or altered with their information across a wide network of financial institutions. Ultimate is the only product that provides this level of protection, and our members view it as a key component of the product.
LifeLock Ultimate is a living example of our continuous commitment to relentlessly protecting the identities of our members.
- 36% of new LifeLock Ultimate members are currently from existing member upgrades
- LifeLock Ultimate represents 30% of our gross new members YTD
- 96% member retention rate since October 2011 launch
- 29% over member forecast as of 3/1/2012
Provide a brief (up to 100 words) biography about the leader(s) of the team that developed the nominated product or service:
Currently the Director of Product Marketing for Tempe-based LifeLock, Erick Dickens is a consumer marketing and general management professional with over fifteen years of experience. As a brand marketer, Erick has overseen several national 360 campaigns that include traditional television, radio and print advertising, sponsorship, digital marketing and consumer promotions. While managing household brands such as Post Grape-Nuts and Right Guard, Erick led the launch of seven new products – six of which were #1 in their respective categories. Erick graduated with a business management degree from Western Carolina University and holds an MBA from the University of Arizona.