360F, a Singapore-based financial technology company that offers insurers and banks 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, which enables data-driven and scalable advisory services in life insurance and wealth management, has 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 offerings incorporate 360-NeedsProfiler?, which is a highly interactive engagement tool based on actuarial rigour to help leads discover and prioritise their financial needs and risks, according to a 360F statement.
360F’s flagship solution, 360-ProVestment®, does the computer-intensive work of stochastic simulation and optimisation 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-personalised product recommendations based on the rules of each insurance company or bank that is deploying it, so that non-compliant products are filtered out.
“Retail consumers acknowledge that they need financial advice, but they don’t trust financial planners easily,” said Michael Gerber, CEO of 360F. “And the 20-30s especially are demanding and independent. They expect holistic, personalised, 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 helps insurers and banks to reduce the sales cycle, increase case sizes and minimise 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 Mr Anthony McGonagle, Zurich Insurance’s head of digital transformation.