BetterTradeOff, a technology service company founded in Singapore in 2015, walked away with the DIAmond award at Digital Insurance Agenda, Amsterdam. It one of 6 winners among more than 50 participating insurtechs.
DIA Amsterdam, which took place on 16-17 May 2018, is one of the largest global conferences connecting insurance executives to insurtech leaders.
More than 50 handpicked insurtech companies from across the globe showcased the latest and the most innovative in insurance technology - solutions that increase cost savings, boost revenues, or accelerate the digital agenda of the insurance industry in any other way.
The problem statement presented by BTO:
On the backdrop of the 2008 financial crisis and the “rise of the machine” with the emergence of robo-advisory and behemoth technology companies entering into the crowded financial services market, there are major hurdles that financial advisers need to overcome before it is even possible to make product-solution recommendations to a retail customer.
In Singapore, 56% of the market is anxious about retirement (pronounced between ages 35-49), especially for women (62%), but they are unlikely to seek financial advice (82% of people). There is generally a pervasive sentiment of distrust that Singaporeans harbour against advisers due to advisers being perceived as too intrusive or lacking any personal touch.
BTO’s response and solution, Aardviser, was pitched to the crowd of 1,200 attendees from 50 countries.
“We collectively need to help customers understand their current situation, basic market principles and their life goals including their retirement needs.
Our holistic framework helps to elicit and track the customer’s full financial situation. We do this by detailing the customer’s future financial goals and priorities (which we call their “Dreams”) and then apply adviser-supplied products and strategies to achieve those Dreams over their lifetime.”
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According to DIA Amsterdam: “BetterTradeOff’s life planning solution guides people to take optimum decisions when financing their dreams. It is a flexible, modular, white-label solution. It efficiently and quickly captures the financial situation of a prospect or client and immediately engages him or her in relevant and exciting life solutions. The whole financial industry recognises the need for a new generation of financial planning solutions, which brings institutions and clients closer. BetterTradeOff is exactly tapping into this need.”
The full retirement report by BTO is available here.
(Pictures courtesy of BetterTradeOff.)
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