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:
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.
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.
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
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
ZurichPro helps customers to clearly, and unambiguously, understand the products being recommended, and comprehend what they are buying
ZurichPro offers high levels of compliance, including the UAE’s Board of Directions 49 (BOD 49) regulation, which came into effect in October 2020
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.
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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.
Head of Marketing, Middle East
Zurich Middle East
360F enables data-driven and scalable financial advisory with intelligent automation and scientific engagement. Its flagship product is a modular and computer-intensive advice autopilot that gives everyone their own investment and insurance recommendation, anytime, anywhere and that is self-evidently the best for them.
To empower the layperson to self-verify advice quality, 360F innovates the metric, ‘financial happiness’, a simulated measure of one’s self-defined financial resilience and aspirations. By making advice robust, holistic and self-verifiable, 360F succeeds in reforming and elevating the consumers’ trust in financial advisory. As a result, 360F helps financial institutions reduce their sales cycle, minimize compliance risk and increase case sizes.
360F is headquartered in Singapore and runs live implementations in Asia and the Middle East. www.360f.com
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