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.
- Find Bob uses machine learning and gamification in its growth, transition and succession planning tool for financial advisors and insurance agents.
- InsuranceMenu developers of a platform for local insurance agents incorporating more automation and real-time rate calculations into the benefits application process
- MotionsCloud is working on mobile and artificial intelligence applications that work within the insurance claims process
- RE-sure is a blockchain-enabled, app-driven, insurance product designed for the on-demand economy
- Sentrys is a data-protection platform for all members of the auto insurance value chain, from consumers to vehicle manufacturers and insurance companies
- ViewSpection is developing a smartphone-centered data exchange platform that guides policyholders through an inspection of their property for remote agent and underwriter evaluation
Recap: Rise in acceptance of robo services creates challenge for financial services industry: strike a balance between humans and robots
- Seven in 10 consumers around the world would welcome robo-advisory services
- Consumers are now open to robo-advice to help determine which bank account to open (71 percent), which insurance coverage to purchase (74 percent), and how to plan for retirement (68 percent).
- Nearly one-third would switch to Google, Amazon or Facebook for banking services (31 percent), insurance services (29 percent) and financial advisory services (38 percent).
- Nearly the same percentage of global consumers would also consider switching to a supermarket or retailer for their banking (31 percent) and insurance (30 percent) services.
- The survey found nearly two-thirds of consumers are interested in personalized insurance (64 percent) and banking (63 percent) advice based on their individual circumstances, and when asked about wealth management advice, that increases to 73 percent.
- Accenture surveyed 32,715 respondents across 18 countries and regions including the US, Canada, Benelux, France, Germany, Ireland, Italy, Nordic countries, Spain, the United Kingdom, Brazil, Chile Australia, Hong Kong, Indonesia, Japan, Singapore and Thailand. Respondents were consumers of banking, insurance and wealth management services; they were required to have a bank account and an insurance policy and were asked if they used an Independent Financial Advisor, Wealth Manager or Asset Manager, with total financial advisory responses totaling 9,987. Respondents covered multiple generations and income levels. The survey was conducted during May and June 2016.