Redefining financial planning in partnership with advisers - GoalsMapper, InsurTech of the Year finalist

| 16 Jul 2019

Photo: Dato’ Wayne Chen, CEO (left) and Colin Pok, Chief Technology Officer

With over 400 entries from 15 markets vying for the 4th Asia Trusted Life Agents & Advisers Awards, GoalsMapper has emerged as a worthy finalist in the InsurTech of the Year category. We sat down for a chat with Dato' Wayne Chen, CEO, and Colin Pok, Chief Technology Officer.

It is old news that the financial services industry has been evolving rapidly. Consumers are getting savvier with better education and the proliferation of online media.

Yet, with so many options available on investments and insurance solutions, and the flood of information and advice online from uncredited sources and “experts”, advisers have an even more vital role to play in providing guidance and expert advice to their clients on their financial future.

But it is not all business as usual. With financial information readily available, the expectations on the expertise of advisers have risen over the years. Coupled that with the advent of technology in our daily lives, consumers demand the same technological sophistication when dealing with financial advisers.  


Enter GoalsMapper

GoalsMapper’s vision is to redefine financial planning through its real-time, scenario-based and customer-facing financial planning software. It leverages on smart technology to allow advisers to take in consumer’s financial information and present them in intuitive and powerful charts.

But at the end of the day, it is a tool, said Colin Pok, Chief Technology Officer. And like all tools, how well it’s used is entirely dependent on its user. If a consumer with little to no background were to use such a sophisticated tool, the charts and data churned out might not portray the right outcome.

But for agents and advisers who are trained professionals in financial matters, the interactive visualisations, and financial modelling would be a highly valuable tool to facilitate more in-depth discussion.


Complementing advisers

As sophisticated as the software is, the team at GoalsMapper is absolutely clear that it is not here to replace agents and advisers. It is a tool to help agents and advisers enhance their productivity through its automated calculations. It also provides clarity and better planning experience for their clients through interactive visuals to better illustrate complex concepts and solutions.

Dato’ Wayne said that one of the reasons GoalsMapper is able to successfully solve the pain points of advisers is because they work closely with the practitioners to understand their challenges, listen to their feedback to fine-tune the product and align it with their sales process. Also, GoalsMapper’s emphasis on customer experience motivated them to create visualisations to help illustrate the needs of the clients and the effectiveness of the recommendations made by the advisers. This helps to increase the trust and relationship between the adviser and their clients which is one of the top challenges for advisers these days.

The software is regularly updated with new features based on feedback from users. “We take feedback and advice from practitioners and people in the industry, so our software is geared towards people who are using it. Whenever they give us feedback, we try to enhance it. But at the same time, keeping true to our vision, which is to provide financial transparency to all,” Colin said.

Inclusiveness is one of the four core values at GoalsMapper. Wayne said, “We always listen to opinions and ideas on areas to improve. It has become a huge part of our culture that I think it’s partly the main reason that makes us different from the rest.” 


Planning for different scenarios

GoalsMapper isn’t just a software that charts out your current financial status. It can also be used on a goal-based or scenario-based planning basis.

While other software may be able to chart a simple financial goal journey, GoalsMapper stands out for being able to factor in the different scenarios that a client may face in the future. For example, retrenchment, having children or grandchildren, early retirement, or disability.

This helps to make forecasting more realistic and ensure that clients can be fully protected and prepared if these scenarios play out in the future. Click here to watch a short clip on Goalsmapper. 

InsurTech of the Year finalist

Wayne said, “We envision ourselves to be Asia’s most preferred financial planning software. Being in an Award that recognises the best in the entire Asian region is definitely aligned with the company’s goals and vision.”

Already operating in a few countries in Asia like Singapore, Indonesia, Malaysia, Hong Kong and Thailand, GoalsMapper hopes to grow in the different parts of Asia. And being a finalist in the 4th Asia Trusted Life Agents & Advisers Awards has helped boost their confidence and raised more awareness on what GoalsMapper is about and trying to achieve.

“We are humbled by the support we have received since we launched a year ago but this is only a small step in what we hope to achieve. There's more that we can do to improve the financial planning experience for both the advisers and the customers. One of our plans is to create a client portal that can get consumers more involved in the financial planning process together with their adviser," said Dato’ Wayne.


Goalsmapper would be attending the 4th Asia Trusted Life Agents & Advisers Awards Gala Dinner . The winners will only be announced at the Awards Gala Dinner. So, come and join us in the celebration where we honour and recognise the best in Asia.

Cocktail session starts at 6:30pm. See you there!