The evolution of financial advice is centred around targeted solutions where the needs and behaviour of customers take centre stage. For advisers, this presents the opportunity for new ways of doing business that will enable them to improve operational efficiencies and boost their value offering to customers.
This is the view of Lizl Budhram, Head of Advice at Old Mutual Personal Financial Advice, who shared her insights following the recent launch of Old Mutual’s new insurance proposition, which offers a range of personal and business cover solutions.
These solutions, which offer life, funeral, disability, illness and future insurance, are backed by sophisticated systems that provide advisers with a seamless online sales and servicing experience.
According to Budhram, “when designing this proposition, we took all our learnings and market insights, coupled those with some of the best product features in the industry, added smart technology and integrated our rewards offering, giving our advisers a competitive edge.”
At the heart of the new solution lies modularity – giving advisers the ability to help customers build what is relevant to them in terms of cover and any extra benefits they wish to add – and flexibility, meaning cover can be changed as the needs of customers change.
This is particularly relevant for cash-strapped consumers wanting to reduce their insurance costs amid Covid-19-induced financial strain.
“Today, people are following non-linear career paths, enjoying non-traditional and blended families, as well as re-assessing parenting and gender role norms. Our current reality highlights the need for personal cover that is comprehensive, modular and allows flexibility for our fast changing circumstances. This is exactly what our new proposition offers,” says Budhram.
She explains that the ease of the digital process allows for online needs analysis and solution recommendations, which is set to result in a more informed customer and improved efficiencies.
“Besides the legal requirements to keep a record of all financial advice conversations, online access and storage of documents makes it easier for financial advisers to conduct business on the go and thus improve their own turnaround times and all-round customer service,” she says.
The seamless experience – from solution recommendations, to quote and the issuing of the policy – means that advisers can focus on engaging in meaningful advice conversations with their customers.
Budhram highlights that “we’re introducing systems that will save our advisers’ time by, for example, pre-populating personal information, saving advice records securely in a cloud for them to access easily, and making quick underwriting decisions.”
Funeral policies can now be issued on the same day, and life policies and severe illness policies can be issued much quicker than ever before.
The wide range of benefits ensure that a comprehensive range of customer needs are addressed. “What we have now is essentially cover that evolves with the customer’s ever-changing life needs, ensuring that what matters most to them is always protected.”
“We are confident that Old Mutual’s new proposition is intuitive and intelligent, and it has been designed with the needs of customers and financial advisers in mind. The dynamic quote process, choice of modular benefits and automated solution recommendation will help advisers to design individually tailored plans that meet customers’ financial needs in one journey,” says Budhram.