Norman Carroll, CEO at Exaxe, commented on the obstacles that the industry is facing, “A recent industry report[1] found that digital channels are continuing to replace physical channels and contact centres for purchasing insurance products. It also found that use by customers of digital channels for the purchase of new products was estimated to grow by 30% over the next 3-5 years.
The percentage of new life assurance premiums sold online is estimated to grow from 8% to 15% over the same period. Providers have an uphill battle on their hands unless they acknowledge the changing consumer behaviour and start to create their own digital channels. Advice Plus will enable providers to accomplish this.”
Advice Plus enables the life and pension provider to rapidly configure the end-to-end digital experience while using the existing back office administration platform. The solution enables digital distribution directly to the consumer or with the assistance of an intermediary. Aimed at providers operating in a regulated environment, Advice Plus supports the complete automated advice value chain from fact find and needs analysis right through to the identification of cover shortfalls and the provision of personalised product and cover recommendations.
Developed with support from Enterprise Ireland (the Government agency in Ireland responsible for the development and growth of Irish enterprises in world markets), Advice Plus represents a significant investment by Exaxe in its continuing product innovation programme.
Philip Naughton, Executive Director Business Development at Exaxe, commented “We are delighted to announce the introduction of our Advice Plus solution, which goes a step further than the typical robo advice products currently on the market. Exaxe recognised that providers not only want to provide automated advice capability but rather an automated solution which gives a holistic view of the consumer’s financial status and provides a personal recommendation on meeting any shortfall identified across multiple product lines. The solution may be used to support a digital direct to consumer channel or to support and enhance an existing advisor based channel.”
Advice Plus is going live shortly with its first client, with a view to full roll out before year end. Naughton added “Advice Plus is already attracting significant interest from the United Kingdom but we also have enquiries coming from as far afield as Malta, Singapore and New Zealand. The advent of Brexit and all the regulatory changes that came with pensions freedoms has made this a turbulent time in the life, pensions and wealth management sector. However, Exaxe’s “digital by default” approach to product development is helping to keep our customers ahead of their competitors by enabling them to implement new digital strategies in a cost-effective manner.”
|
