360F and Zurich Middle East have debuted an innovative solution, ZurichPro, which digitizes the entire financial planning process, that helps meet Zurich's business sustainability goals.
Walter Jopp, CEO of Zurich Middle East, said, “With ZurichPro, we have digitally transformed the entire financial planning process, from product recommendation, to authentication and processing, making it easy to work and very efficient for partners to work with Zurich Middle East. ZurichPro minimises the time it takes to obtain and process insurance products, and virtually eliminates paper consumption. And now, adhering to compliance, ZurichPro enables us to seamlessly distribute product sales online.”
ZurichPro was the result of a collaboration with 360F, a highly committed and valued innovation partner. 360F enables financial institutions to create data-driven, scalable financial advisory by applying intelligent automation and data science to build trust and drive engagement.
Michael Gerber, CEO of 360F, said, “We brought to Zurich Middle East our capability in remote delivery and experience in delivering innovation across at least three time zones with time constraints. Our strong actuarial, operational and technical expertise helped them to meet the BOD49 requirements. We also introduced innovative and divergent thinking that brought in unique sales attributes such as greater personalization with 360-NeedsProfiler.”
Key attributes of ZurichPro include:
Zurich Middle East can now network with multiple partners, across multiple channels, creating an omni-channel distribution model to facilitate banks and other partners in the Middle East to on-sell insurance products online.
2)Optimal, hyper-personalized product recommendation
ZurichPro draws on decades of actuarial data to help financial planners to optimize their product recommendations and to sell hyper-personalised, comprehensive product selections to their clients.
ZurichPro ensures that financial planners receive the right price at the right time. Digitizing the financial planning process has significantly decreased the time it takes for a financial planner to configure and issue a quote and to complete the application. Whereas a quotation could take 10 days to issue, it can now be offered in minutes.
4)Automated medical underwriting
Previously, the financial planning process required a manual underwriter to review and produce a decision. Now, at least 45% of medical underwriting is determined automatically.
Financial planners would acquire a client’s credit card details and write them on paper forms, which were then manually input by admin teams for collection purposes. Now credit card payments are transacted instantaneously via an online transaction on ZurichPro.
In the past, a customer and the distributor made declarations in a prescribed email format. Now digital signatures are collected in a few clicks via Adobe’s DocuSign software, and similarly, the KYC (Know Your Customer) documents are uploaded online.
ZurichPro helps customers to clearly, and unambiguously, understand the products being recommended, and comprehend what they are buying.
ZurichPro offers high levels of compliance, including the UAE’s Board of Directions 49 (BOD 49) regulation, which came into effect in October 2020.
ZurichPro digitizes and streamlines the financial planning journey, so that it is paperless. Previously, the application process consumed 50 to 200 pages, which has been reduced to less than 14 pages. Everything that is needed to apply for a policy is now within the platform rather than on paper forms, such as the underwriting questionnaires. This helps Zurich to meet its sustainability pledge commitments for the UN Global Compact Business Ambition for 1.5°C pledge.
10)Addresses the ‘Needs Gap’
ZurichPro integrates a 360F solution, 360-NeedsProfiler into the YourLife and YourCare solutions, enabling ZurichPro to bring customer-centricity to a highly personalised level. NeedsProfiler helps a customer to identify their financial protection needs, to help address the perennial ‘needs gap’ problem. The information gathered helps the financial planner to make hyper-personalised, comprehensive, product recommendations.
In summary, ZurichPro makes it possible for Zurich Middle East to sell insurance products online and without face-to-face interaction, helping financial planners to comply with mandatory social distancing requirements during the COVID-19 pandemic.
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