In Sydney for the inaugural ANZIIF Insurtech Conference this week, the managing director of Asia-Pacific for US-based firm Sureify, Philip Blatt, spoke to ifa about how advisers should let go of any concerns about being replaced by fintech.
He said that, of the people whose opinions he respects due to their deep understanding of the life insurance industry, none of them are saying that technology will replace the adviser.
“We see some business models that are aimed at totally eliminating what’s been built for 100 or 200 years. I don’t think that that’s going to work,” Mr Blatt said.
“I don’t think it’s the right solution. I don’t think those companies are going to survive.”
Speaking about Sureify, Mr Blatt said its offering is about addressing a fundamental issue around limited post-sale engagement with the customer.
“What our platform can do is set up regular automated triggers for customer engagement,” he said.
“We can set that up in a variety of different ways around things as basic as renewal notifications, bill notifications and then getting into more complicated and complex elements like linking their customers through social media.
“The objective would be to win and retain customers through a more digital solution that appeals to younger people who are used to having an app and getting notifications on their app.”
Further, Mr Blatt said it also allows potential cross-sell and up-sell opportunities, and can be set up in different ways as per the adviser’s agreement with the insurer.
“Running in parallel, the agents can continue to do what they’re doing best while these automated communications are happening to maintain relationships with the existing customer base they have, and let them keep on winning more customers,” he said.
Agreed…. As an adviser, I believe technology should help us better serve our customers. Not look to replace us.
Totally agree!! Great insights! What we’re seeing is the ability to “super empower” advisors. What we will see going away is anything that stands in the way of creating great customer experiences.
As a former insurance broker now closely involved in insurtech developments, I agree with the view that digit success will come from technology supporting advisers to do their jobs more effectively.
Great insight!
I like this. As a “millennial” people always assume I want only emails, but when it comes to insurance and finances, I want to talk to someone to make sure we are on the same page
Surveys from leading consultancies have found that policyholders want the choice for communicating with a live agent or through a digital channel. Looks like Sureify is providing that option plus real-time insight into policyholder life events thereby enhancing agents’ effectiveness.
Being a broker for 34 years, I 100% agree that mutual cooperation between advisors and the carrier.
Great to see an Insurtech company getting the value of the adviser.