Two Singapore-based insurtech firms – online broker and comparison site Insurance Market and software-as-a-service platform for financial advisors My-Insurer – are teaming up to form a base for financial advisors.
According to a statement by the two companies, the new business unit, known as Insurance Market Life (IM Life), will house independent financial advisors that are not tied to any one insurer. IM Life will provide the infrastructure and licensed environment for the advisors, as well as innovative added services, thanks to its digitized processes.
The financial advisors will have a robust operating environment and the various digital tools they need to facilitate lead generation as well as on-board and service policyholders, the firms said.
“Insurance is maturing,” said Matthias de Ferrieres, CEO of My-Insurer and leader of IM Life. “We have found that for simple products it is efficient to use an online marketplace. However, to explain health and life insurance, education and personalized advice through face to face engagement is still what many customers are looking for. So, we provide both.”
According to de Ferrieres, complex insurance is relational and not transactional, and insurance advisory is, and will remain, largely done face-to-face.
“The future of insurance is to provide an optimal way of distributing products – one that focuses on quality of service and the desire to bring the focus back on to the customer through a mix of digitisation and the traditional advisory approach,” added Otbert de Jong, CEO of Insurance Market.
