Singapore-headquartered Insurtech firm 360F and AXA recently announced that they will be introducing a full-scale production of their advisory tool, called “My FinScore.”
360F had supported the launch of My FinScore with AXA Singapore earlier in January. The product was made available to AXA’s 700-strong agency force as well as their clients.
The two firms have previously worked on a Proof-Of-Concept for My FinScore (in 2021). According to the companies, they had experienced a positive outcome.
Leveraging 360F’s flagship solutioning optimizer and scoring system, AXA Singapore aims to educate clients so that they can determine their options and its distribution force to offer a seamless advisory experience.
Powering and supporting the “My FinScore” self-discovery tool are some of 360F’s microservices, which includes their flagship solutioning optimizer 360-ProVestment®, instinctive scoring system 360-HappiU® and low-code quotation engine, 360-Quote®.
Michael Gerber, CEO at 360F, stated:
“Among the trends accelerated by COVID-19 is buyer empowerment, a self-engaging behavior that will endure beyond the pandemic. This is a beneficial development for the financial advisory industry as engaged intent is the pre-requisite for a productive advisor-client relationship. We are honored that AXA Singapore use our innovation to help their financial consultants establish with their customers the trust levels necessary for an excellent advisory experience.”
In an interview with CI, Gerber had noted:
“Our vision is to give customers their financial foresight and consequently create a win-win for advisors, institutions and customers. We are aiming to revolutionize financial planning with predictive and optimization capabilities, to gear customers for the maximum possible financial resilience and self-defined financial freedom.”
He had also shared:
“Financial advisory services are only relevant when the client is aware that he may have a significant problem and has the ability to understand the cause. A financial planner cannot take for granted that their customer has a reasonable baseline level of financial literacy.”
He added:
“One product that 360F has developed is the 360-NeedsProfiler. It helps a customer self-identify their financial needs when they input data by answering eight basic questions: birth date, gender, whether you smoke, how many people are financially dependent on you, your gross monthly income, how much do you spend every month, what type of sports you do regularly, and what kind of lifestyle you want for yourself.”