Singapore based Fintech firm 360F and Zurich Middle East have introduced a “pioneering” and “deeply innovative” solution, called ZurichPro, which aims to digitize the financial planning process, and will help Zurich with meeting its business sustainability goals and objectives.
Walter Jopp, CEO of Zurich Middle East, noted that with ZurichPro, they’ve managed to digitally transform the financial planning process, from the product recommendation phase, to authentication and processing, which makes it a lot easier to work and very efficient for partners to work cooperatively with Zurich Middle East.
Jopp claims that ZurichPro minimizes the time required to obtain and process insurance products, and it also eliminates paper consumption. He added that ZurichPro is a compliant product that allows his company to “seamlessly distribute product sales online.”
ZurichPro has been developed with assistance from 360F, which describes itself as a “highly committed” and valued innovation partner. As mentioned in a release shared with CI, 360F enables financial institutions to offer data-driven, “scalable” financial advisory services by leveraging “intelligent” automation and data science “to build trust and drive engagement.”
Michael Gerber, CEO at 360F, noted that his company will be offering Zurich Middle East its “capability in remote delivery and experience in delivering innovation across at least three time zones with time constraints.”
Gerber added
“Our strong actuarial, operational and technical expertise helped them to meet the BOD-49 requirements. We also introduced innovative and divergent thinking that brought in unique sales attributes such as greater personalization with 360-NeedsProfiler.”
As previously reported, Gerber founded 360F back in 2016. He told CI during an interview that 360F aims to “address the quality of financial advice.”
Gerber noted:
“If you present the same financial profile to three advisors, I can guarantee you, unfortunately, that you would get three starkly different recommendations. Clearly, the lack of consistency and verifiability has led to the consumer’s distrust of financial advisors.”
He had also mentioned:
“We know that consumers are sensitive about the effectiveness of their insurance and investment products, however, they lack the financial knowledge to make the best decisions for themselves, and there remains a massive protection gap globally. Our goal is to help consumers to understand their financial needs and where they need to build protection.”
While commenting on why his firm decided to expand its operations in the Middle East, Gerber had said:
“Unlike key financial centers like Singapore, Hong Kong, London, and New York, banks and insurers in the Middle East are still undergoing digital transformation. We help banks and insurers in the Middle East, and equip their financial advisors, to sell more comprehensive product portfolios online.”
He continued:
“Our solutions address local regulations and factor impending regulatory requirements, such as BOD-49, to make hyper-personalized product recommendations based on the rules of each insurance company or bank that is deploying it. That is how non-compliant products are filtered out.”