New non-exec Chairman for Exizent as they take next step in evolution to make bereavement experience better for everyone
Start-up tech firm Exizent, whose innovative platform is transforming bereavement by connecting legal services firms with banks and the wider financial services community,, has further strengthened its team with the appointment of Mitchel Lenson as Non-Executive Chairman.
Mitchel was a long-serving Non-Executive Director at Nationwide Building Society before stepping down in 2019 and brings extensive financial services and technology innovation experience to the Board, gained through both his executive and non-executive careers.
His career spans over 30 years, with roles at Deutsche Bank, UBS Warburg, Credit Suisse First Boston and J.P. Morgan. He currently sits on the board of Currency Cloud, which allows the next generation of fintechs to quickly and easily build cross-border payments and FX functionality into their platforms, as well BioCatch, the global leader in AI-driven behavioural biometrics.
Mitchel, who has an MBA in international finance from City University Business School and a BA in Business Finance from City of London Polytechnic, says he is excited to be joining Exizent, whom, he describes as “a fine example of the role technology can play in improving an area that has been long overlooked.”
He said: “Exizent’s vision to improve the bereavement experience and fundamentally reduce the administrative burden on families is a proposition that really resonates with me, and I’m looking forward to supporting them on their journey.”
Nick Cousins, who is founder and CEO, says he is delighted Mitchel has decided to join Exizent, saying his extensive experience will be a huge asset as they move forward with their vision of improving the entire bereavement process:
“Mitchel brings a proven track record in financial services and technical innovation and his appointment is a key step in our evolution as we seek to make the bereavement experience better for everyone involved.”
Exizent is the first ever platform that connects data, services and the network of people involved when someone passes away. The company’s mission is to reduce uncertainty, increase speed and make the process far simpler.
The company was founded by former financial services veteran Nick Cousins and transformation and technology leader Aleks Tomczyk (pictured left). The business successfully raised £3.6 million in funding from several investors including FNZ, the global platform-as-a-service firm which reached unicorn status in 2018.
Tech firm Exizent on why Bereavement processes are not fit for the 21st Century
Exizent, the Glasgow based technology firm recently launched its Probate Prospects survey which revealed why bereavement processes need a radical overhaul.
It surveyed the legal profession who handle probate, the process of dealing with the estate of someone who has died. It found that even though most law firms (64%) either have specialist probate teams or people who mainly work on probate cases, the vast majority feel the processes are inefficient and could be enhanced by technology.
The top reason respondents gave for why they think probate cases take so long was waiting for financial institutions to get back to them’, with more than half (56%) saying this was the main hold up. More than half of respondents also said they had to wait up to eight weeks for a response ”“ a third of those had to wait more than eight weeks.
After waiting on institutions’, respondents said administration’ was the next most time-consuming part of the probate process, with more than a quarter (27%) saying this causes the most delays.
Exizent’s research also revealed that Covid-19 has exacerbated the problem even further. Almost three quarters of those surveyed said the lockdown has impacted their executory work, citing financial institutions taking even longer to respond as a result of working from home.
Nick Cousins, founder and CEO of Exizent said:
“Our research shows that a significant majority of professionals think the time it takes to process probate cases is unreasonable, and that administration and waiting on institutions is taking up most of their time, yet most (85%) don’t have any technology dedicated to managing probate while 18% don’t use any software at all. “People’s lives are increasingly dispersed and varied. Performing executry work with a growing number of banks and institutions is more complex than ever. Without standardisation and the right tools available, too much time is wasted on administration. What this means for families is frustration, long delays and unnecessary anguish in trying to piece together what’s required to administer an estate and release assets to beneficiaries.
“However, with the right technology in place, we know professionals involved with estate administration could cut down the time and cost involved with managing probate cases exponentially and make the bereavement experience better for everyone involved.”
The Exizent online platform is specially designed for executry teams managing probate. Exizent is working with major banks, share registrars, and other institutions to build standardised requests and responses, making it easier for legal services firms and institutions to work together to sort out what is needed and making the process more efficient and easing the burden on executors and families.
Cousins’ and co-founder Aleks Tomczyk’s own experiences led them to establish Exizent. They felt that the administrative tasks facing families after the death of a loved one should be far easier.
They have spent the last 18 months carefully designing, developing, and testing the product with innovative partners, and, in September, successfully raised £3.6 million in funding from several investors including FNZ. It launched fully to legal professionals this month.
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