Recap: DOL, regulation, analytics, IoT (real-time incentives), robo-advisors, robotic processes, blockchain, cybercrime, cost of legacy systems
Recap: FAQs and clarification on the DOL Fiduciary from the DOL
Q1. Is every communication with a financial adviser about retirement accounts a fiduciary recommendation?
Q2. Do fiduciary investment recommendations include the communications a financial services company has with its own employees in their capacity as employees regarding their job responsibilities merely because the employees may in the ordinary course of their employment provide fiduciary investment advice to plans or IRAs
and so on…
Recap: Chatbot named TOMI over Facebook Messenger. New app TM Wave.
- Chatbot is meant to provide instant answers to operational enquiries and would enable frontline staff to focus on dealing with more complex queries
- Actively engage advisers by sending push notifications of relevant industry articles
- Focus on enhancing internal efficiency and adviser engagement, plans are underway to expand its functions to allow for customer-facing interaction
- Co-created with homegrown startup Pand.ai, an incubatee at SGInnovate
- TM Wave, an in-house initiative that streamlines administrative processes for advisers. The app allows outstanding documents to be submitted as a photo via smart phones, minimising turnaround time.
- NPS scores from customers who rated all three broad components of their journey across the insurance value chain as “easy” (researching, buying, servicing) with 50 to 76-point higher NPS scores compared to customers who rate even one part of the experience as “not easy.
- 70% of independent agents report that they have a strategy in place to move to digital technologies
- 79% of consumers indicate they prefer to use digital channels for interactions
- By 2020, over 60% of US small business will be owned by Millennials and Gen Xers, who prefer to manage insurance digitally
- Digitalizing processes can result in a 65% reduction in costs and a 90% reduction in turnaround time
- Beam Technologies connects blue-tooth enabled toothbrush to dental insurers for premium discounts
- In life insurance, John Hancock Financial started offering a policy in 2015 that gives customers discounts on healthy groceries when shopping at certain retailers and rewards for hitting exercise targets as measured by a wearable device. The program, designed in partnership with Vitality Group, includes a free Fitbit or an Apple Watch for as little as $25 if a customer hits their targets.
Recap: New fee-based variable annuity
Recap: Rise of state-sponsored 401ks.
- Tech will also be (and is currently) a major focus for the company this year. Last week, it launched a new, redesigned www.ascensus.com.
- The new corporate website highlights the company’s retirement, college, and health savings account services while helping partners and clients connect with Ascensus’ team of experts to assist with all of their needs
- Key features include a new web-based newsroom where site visitors can find the latest in Ascensus company news, thought leadership, and savings industry regulatory updates; an optimized user experience, allowing site visitors to self-identify and then see all products, services, and savings plan information available to them; and a login portal for current clients.
- Ascensus will also roll out redesigned retirement plan and participant websites at the close of the first quarter.
“We listened hard to what our clients were asking of us with our upcoming digital initiatives—the new solutions are truly being built with our clients in mind.”