CATEGORY – INSURANCE, CUSTOMER ONBOARDING, FINANCIAL NEED ANALYSIS
For a major Chinese insurance company, Finantix supports new levels of advisor productivity, faster customer onboarding process and improved compliance, through digitisation of its FNA process.
Modular micro services API architecture and industry standard insurance components pedigree.
A bundle of core and insurance components, enabling the client to design a new advisor-led customer onboarding solution. These components include Goal Planners to assess the customer’s goals, Financial Needs Analysis, a Product Catalogue for product recommendation and a Risk Profile Questionnaire for investment products.
The insurance industry is undergoing major operational changes, with the introduction of new digital tools and technologies. The market is very competitive, with customers demanding ease of doing business as a key attribute when purchasing new policies. The client wanted to implement a new digital platform, incorporating the necessary tools to help agents / advisors discuss insurance products and features much more interactively with customers. They also wanted to move away from the existing paper-based process to a completely new, digitised application.
The technology solution had to meet – and exceed – real world business expectations of a robust insurance platform, available on any device, 24/7, 365. It also needed to integrate seamlessly with existing systems. The new application will be rolled out to over 4000 insurance advisors / agents in Hong Kong and Macau, supporting a range of insurance offers including traditional, medical, universal, and investment products.
The client wanted to migrate from the sub-optimal efficiency of its existing, time-consuming paper-based process by adopting a new, state-of-the-art digital advisor-led platform. The new platform is designed to help advisors speed up the customer onboarding process, with new tools for goal planners, product recommendation, financial need analysis, proposal generation and e-application.
CLIENT CHOICE OF Finantix – KEY CRITERIA
The proven pedigree of Finantix insurance components, already in use by competitors across the region, was one of the key criteria. The Finantix team of experienced insurance domain professionals, with extensive past knowledge of implementing insurance solutions for other big companies, was another important factor. The client identified significant technology advantages, including the ability to leverage innovative Finantix API architecture, the breadth of the product suite and the range of the component portfolio. Ease of integration through standard interfaces with other core and external systems, including the existing ones for proposal and policy admin, was also important. And speed of delivery was mission critical.