Zurich Middle East launches omni-channel sales solution, ZurichPro
ZurichPro digitizes the entire financial planning journey to create an almost paperless transaction that minimises the time it takes to acquire insurance, and that enables Zurich Middle East to seamlessly integrate omni-channel distribution of their insurance products
16 November 2020, Dubai/Singapore — 360F and Zurich Middle East have debuted a pioneering, deeply innovative solution, ZurichPro, which digitizes the entire financial planning process, and helps Zurich to meet its business sustainability goals.
Mr Walter Jopp, Chief Executive Officer of Zurich Middle East, says, “With ZurichPro, we have digitally transformed the entire financial planning process, from product recommendation, to authentication and processing, making it easy to work and very efficient for partners to work with Zurich Middle East. ZurichPro minimises the time it takes to obtain and process insurance products, and virtually eliminates paper consumption. And now, adhering to compliance, ZurichPro enables us to seamlessly distribute product sales online.”
ZurichPro was the result of a collaboration with 360F, a highly committed and valued innovation partner. 360F enables financial institutions to create data-driven, scalable financial advisory by applying intelligent automation and data science to build trust and drive engagement.
Michael Gerber, CEO of 360F, says “We brought to Zurich Middle East our capability in remote delivery and experience in delivering innovation across at least three time zones with time constraints. Our strong actuarial, operational and technical expertise helped them to meet the BOD49 requirements. We also introduced innovative and divergent thinking that brought in unique sales attributes such as greater personalization with 360-NeedsProfiler.”
Key attributes of ZurichPro include:
Omni-channel distribution
Zurich Middle East can now network with multiple partners, across multiple channels, creating an omni-channel distribution model to facilitate banks and other partners in the Middle East to on-sell our insurance products online.
Optimal, hyper-personalized product recommendation
ZurichPro draws on decades of actuarial data to help financial planners to optimize their product recommendations and to sell hyper-personalised, comprehensive product selections to their clients.
Instant Pricing
ZurichPro ensures that financial planners receive the right price at the right time. Digitizing the financial planning process has significantly decreased the time it takes for a financial planner to configure and issue a quote and to complete the application. Whereas a quotation could take 10 days to issue, it can now be offered in minutes.
Automated medical underwriting
Previously, the financial planning process required a manual underwriter to review and produce a decision. Now, at least 45% of medical underwriting is determined automatically.
Instant payments
Financial planners would acquire a client’s credit card details and write them on paper forms, which were then manually input by admin teams for collection purposes. Now credit card payments are transacted instantaneously via an online transaction on ZurichPro
Authentication
In the past, a customer and the distributor made declarations in a prescribed email format. Now digital signatures are collected in a few clicks via Adobe’s DocuSign software, and similarly, the KYC (Know Your Customer) documents are uploaded online
Transparency
ZurichPro helps customers to clearly, and unambiguously, understand the products being recommended, and comprehend what they are buying
Compliance
ZurichPro offers high levels of compliance, including the UAE’s Board of Directions 49 (BOD 49) regulation, which came into effect in October 2020
Paperless process
ZurichPro digitizes and streamlines the financial planning journey, so that it is paperless. Previously, the application process consumed 50 to 200 pages, which has been reduced to less than 14 pages. Everything that is needed to apply for a policy is now within the platform rather than on paper forms, such as the underwriting questionnaires. This helps Zurich to meet its sustainability pledge commitments for the UN Global Compact Business Ambition for 1.5°C pledge.
Addresses the ‘Needs Gap’
ZurichPro integrates a 360F solution, 360-NeedsProfiler® into the YourLife and YourCare solutions, enabling ZurichPro to bring customer-centricity to a highly personalised level. NeedsProfiler® helps a customer to identify their financial protection needs, to help address the perennial ‘needs gap’ problem. The information gathered helps the financial planner to make hyper-personalised, comprehensive, product recommendations.
In summary, ZurichPro makes it possible for Zurich Middle East to sell insurance products online and without face-to-face interaction, helping financial planners to comply with mandatory social distancing requirements during the COVID-19 pandemic.
Media Contacts
Pinpoint PR Pte Ltd
Illka Gobius, Managing Director
illka@pinpointpr.sg
+65 9769 837
Dean Bernales, Senior Associate
dean@pinpointpr.sg
About Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at https://www.zurich.com/en
Zurich International Life Limited is a part of Zurich Insurance Group and established in the Isle of Man which is licensed by the Isle of Man Financial Services Authority with established and registered branches in the UAE licensed by the Insurance Authority of the UAE, Bahrain licensed by the Central Bank of Bahrain, and the Qatar Financial Centre authorised by the Qatar Financial Centre Regulatory Authority. In the UAE it is registered (Registration No. 63) under UAE Federal Law Number 6 of 2007, and its activities in the UAE are governed by such law.
Maite Mouraille
Head of Marketing, Middle East
Zurich Middle East
Maite.Mouraille@zurich.com
About 360F
Having built the world’s first ever solutioning optimizer that synergizes life insurance and wealth management, 360F automates solutions that have the best and self-verifiable fit for anyone, anywhere and anytime. This technology enables banks, insurers, wealth managers, agents and advisers to transform what’s usually a product-pushing and uncomfortable exercise for their customers into an intuitive, assuring and motivating one. We help to keep up the momentum of this transformed experience by additionally offering our expertise to build and integrate the infrastructure for seamless and instant execution – making advisory a highly scalable business.
360F is officially ranked top 10 Singapore’s Fastest Growing Companies in 2022, as compiled by Singapore local and national newspaper, The Straits Times, and research firm Statista. It is also among the top 20 in the 2019 Global Fintech Hackcelerator organized by the Monetary Authority of Singapore and Winner of the Insurance vertical in the 2020 Hong Kong Fintech Week’s Global Fast Track Programme.
360F is headquartered in Singapore.
www.360f.com
Clarie Kwa
Chief Market Officer
360F
+65 8163 3989
clarie.kwa@360f.com
Singapore-based Fintech 360F accelerates digital transformation for insurers in the Middle East
Innovative fintech company brings cutting-edge financial advisory and sales solutions to usher banks and insurers in the Middle East into a new era.
17 September 2020, DUBAI – 360F, a financial technology company that offers banks and insurers solutions and implementation services to enable digital multi-channel distribution models and automated financial advice for insurance and investment, has entered the Middle East with a pipeline of projects and an anchor client, Zurich Insurance.
360F partnered with Zurich Insurance to launch a direct-to-customer engagement application, 360-NeedsProfilerⓇ, in the Middle East. Zurich’s YourLife and YourCare digital insurance offering incorporate 360-NeedsProfilerⓇ, which is a highly interactive engagement tool based on actuarial rigor to help leads discover and prioritize their financial needs and risks.
Highly familiar with regulations in the Middle East, including the impending BOD-49 requirements, 360F is making headway with a string of projects that will mark as transformational milestones for the market in Dubai. One of it is in making financial advice hyper-personalized, arbitrary-free and self-evidently apt.
“Retail consumers acknowledge that they need financial advice, but they don’t trust financial planners easily,” says Michael Gerber, CEO of 360F. “And the 20-30s especially are demanding and independent. They expect holistic, personalized, and unbiased advice. That’s where we come in. We help make financial foresight accessible, and at the same time deliver trust and improve grounds for engagement.”
360F’s flagship solution, 360-ProVestment®, does the computer-intensive work of stochastic simulation and optimization to automate insurance and investment product recommendations, while making it easy for the layman to test alternatives and self-evaluate. The software also factors local regulations and makes hyper-personalized product recommendations based on the rules of each insurance company or bank that is deploying it, so that non-compliant products are filtered out.
Clarie Kwa, 360F’s Chief Market Officer says, “With computing-intensive simulation and optimization techniques on the back of Behavioral Science, we bring customer centricity to a new level. Because the solution offers product recommendations that are self-evidently apt, we help instill trust in the financial advisor, yet we also want clients to be able to check that for themselves.”
The benefits 360F brings banks and insurance companies is that they help reduce the sales cycle, increase case sizes and minimize compliance risk.
“360F’s technological expertise, entrepreneurial spirit and divergent thinking is helping us to achieve our ambition to disrupt legacy insurance rational and behaviour,” said Mr Anthony McGonagle, Zurich Insurance’s head of digital transformation.
Visit 360f.com to discover what more 360F has to offer.
About 360F
Having built the world’s first ever solutioning optimizer that synergizes life insurance and wealth management, 360F automates solutions that have the best and self-verifiable fit for anyone, anywhere and anytime. This technology enables banks, insurers, wealth managers, agents and advisers to transform what’s usually a product-pushing and uncomfortable exercise for their customers into an intuitive, assuring and motivating one. We help to keep up the momentum of this transformed experience by additionally offering our expertise to build and integrate the infrastructure for seamless and instant execution – making advisory a highly scalable business.
360F is officially ranked top 10 Singapore’s Fastest Growing Companies in 2022, as compiled by Singapore local and national newspaper, The Straits Times, and research firm Statista. It is also among the top 20 in the 2019 Global Fintech Hackcelerator organized by the Monetary Authority of Singapore and Winner of the Insurance vertical in the 2020 Hong Kong Fintech Week’s Global Fast Track Programme.
360F is headquartered in Singapore.
www.360f.com
Media Contacts:
Illka Gobius
Pinpoint PR Pte. Ltd.
+65 9769 8370
illka@pinpointpr.sg
Clarie Kwa
Chief Market Officer, 360F
+65 8163 3989
clarie.kwa@360f.com
360F and SBCN Announce Strategic Partnership in South Korea
This deal will localize 360-ProVestment® to integrate with the life insurers in South Korea.
16 December 2019, South Korea/Singapore – 360F, the trailblazing insurtech behind the behavioral finance-driven autopilot for financial happiness “360-ProVestment®”, and SBCN, leading fintech firm in South Korea for its artificial intelligence and big data financial applications, are proud to announce a software development and distribution partnership today. The co-operation will accelerate 360F’s global footprint in East Asia and advance its A.I. development.
As a start, both companies will focus efforts in localizing 360-ProVestment® to integrate with the life insurers in South Korea. 360F’s flagship product enables financial advice to not only be optimized for insurance and investments but also measurable in the context of the end customer’s self-defined financial happiness.
360-ProVestment® hyper-personalises the financial advice systematically and views the customer as a unique individual. It integrates itself into the financial institution’s existing customer journey, and then transforms customer data into a mathematical utility function unique to the customer. This function reflects the customer’s financial needs, aspirations, lifestyle preferences and constraints such as money and time.
This function allows a numerical and personalized score, which is called “HappiU” to be associated with the candidate products and/or solutions’ effect on the customer’s financial resilience and happiness, which they have defined for themselves. With this, the application goes on to prepare scenarios for stress testing.
360-ProVestment® treats risk as a statistical and probability concept. It constructs on average 3,000,000 multi-factor scenarios over the customer’s planning duration. These scenarios are based on the customer’s own mortality and morbidity risk probabilities and market risk exposure, using their input on factors such as their age and gender, and comparing their profiles with actuarial data.
360-ProVestment® then stress-tests the millions of possibilities within seconds to construct a financial solution that not only matches the customer’s preferences, but also yields the highest fulfilment in terms of their own self-defined financial resilience and financial freedom. The customer is free to explore alternative scenarios – all of which are based on his or her own data – before settling on what they personally find most perfect for them.
Meanwhile, SBCN is reputable for its real-time big data processing and A.I. strategy generation, and development capabilities to meet the needs of the financial institutions.
“With 360F algorithm and SBCN’s AI technology, we will be able to achieve good results in the insurance and asset management fields using robo-advisor in the Korean market”, Daniel Sohn co-founder of SBCN mentioned. “The collaboration between insurtech and robo-advisor leaders will provide better services to the customers and we look forward to great achievements in the future” added John Lee, co-founder of SBCN.
“This cooperation is an important milestone in our globalization journey. Having entered and analyzed the South Korean market through the K-Startup Grand Challenge where 360F has been listed as top 40 most innovative companies, we are convinced of 360-ProVestment®’s relevance in this country”, 360F’s CEO Michael Gerber noted. “SBCN’s openness and innovative thinking is a good match for 360F. “We look forward to making a meaningful impact together in South Korea” added Clarie Kwa, 360F Chief Market Officer.
ABOUT 360F
Having built the world’s first ever solutioning optimizer that synergizes life insurance and wealth management, 360F automates solutions that have the best and self-verifiable fit for anyone, anywhere and anytime. This technology enables banks, insurers, wealth managers, agents and advisers to transform what’s usually a product-pushing and uncomfortable exercise for their customers into an intuitive, assuring and motivating one. We help to keep up the momentum of this transformed experience by additionally offering our expertise to build and integrate the infrastructure for seamless and instant execution – making advisory a highly scalable business.
360F is officially ranked top 10 Singapore’s Fastest Growing Companies in 2022, as compiled by Singapore local and national newspaper, The Straits Times, and research firm Statista. It is also among the top 20 in the 2019 Global Fintech Hackcelerator organized by the Monetary Authority of Singapore and Winner of the Insurance vertical in the 2020 Hong Kong Fintech Week’s Global Fast Track Programme.
360F is headquartered in Singapore.
www.360f.com
ABOUT SBCN
SBCN is a Korea-based corporation, leading the A.I. and big data industry in the financial market. To date, it has successfully developed platforms for big data processing and artificial intelligence, refining financial big data in real time and generating AI strategies. SBCN is an award-winning graduate of the Hanwha Dream Plus accelerator program and has attracted investments from conglomerates including the Shinhan group.
Media Contact:
Clarie Kwa
Chief Market Officer, 360F
+65 8163 3989
clarie.kwa@360f.com