It’s in the best interest of fintech firms to work in parallel with advisers and help them do the best parts of their job better, according to a US-based InsurTech firm within the life insurance space.
In Sydney for the inaugural ANZIIF InsurTech Conference this week, the managing director of the Asia-Pacific region for US-based firm Sureify, Philip Blatt, spoke to Risk Adviser about how advisers should let go of any concerns about being replaced by fintech.
Mr Blatt said none of the people he respects, due to their deep understanding of the life insurance industry, are saying that technology will replace advisers.
“We see some business models that are aimed at totally eliminating what’s been built for 100 or 200 years. I don’t think that that’s going to work,” he said.
“I don’t think it’s the right solution. I don’t think those companies are going to survive.”
Mr Blatt said Sureify’s offering is about addressing a fundamental issue around limited post-sale engagement with the customer.
“What our platform can do is set up regular automated triggers for customer engagement,” he said.
“We can set that up in a variety of different ways around things as basic as renewal notifications, bill notifications, and then getting into more complicated and complex elements like linking their customers through social media.
“The objective would be to win and retain customers through a more digital solution that appeals to younger people who are used to having an app and getting notifications on their app.”
Mr Blatt said it also allows potential cross-sell and up-sell opportunities, and can be set up in different ways as per the adviser’s agreement with the insurer.
“Running in parallel, the agents can continue to do what they’re doing best while these automated communications are happening to maintain relationships with the existing customer base they have and let them keep on winning more customers.”