360F and Zurich Middle East have debuted a pioneering, innovative solution, ZurichPro, which digitises the entire financial planning process and helps Zurich to meet its business sustainability goals.
Walter Jopp, Chief Executive Officer 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 company that 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, says “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 personalisation with 360-NeedsProfiler.”
Key attributes of ZurichPro include:
- Omni-channel distribution – Zurich Middle East can now network with multiple partners, across multiple channels, creating an omnichannel distribution model to facilitate banks and other partners in the Middle East to on-sell our insurance products online.
- Optimal, hyper-personalised product recommendation – ZurichPro draws on decades of actuarial data to help financial planners to optimise their product recommendations and to sell hyper-personalised, comprehensive product selections to their clients.
- Instant Pricing – ZurichPro ensures that financial planners receive the right price at the right time. Digitising 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.
- 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.
- Instant payments – Financial planners would acquire a client’s credit card details and write them on paper forms, which were then manually inputted by admin teams for collection purposes. Now, credit card payments are transacted instantaneously via an online transaction on ZurichPro
- Authentication – 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
- Transparency – ZurichPro helps customers to clearly, and unambiguously, understand the products being recommended, and comprehend what they are buying
- Paperless process – 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.
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.