Singapore based Fintech firm 360F aims to accelerate digital transformation for insurance service providers in the Middle East.
As mentioned in a release shared with Crowdfund Insider, 360F is financial technology company that provides various solutions and implementation services to banks to enable “digital multi-channel distribution models and automated financial advice for insurance and investment.”
360F has now entered the Middle East market with several planned projects and an anchor client, Zurich Insurance.
The announcement confirmed:
“360F partnered with Zurich Insurance to launch a direct-to-customer engagement application, 360-NeedsProfiler, in the Middle East. Zurich’s YourLife and YourCare digital insurance offering incorporate 360-NeedsProfiler, which is a highly interactive engagement tool based on actuarial rigor to help leads discover and prioritize their financial needs and risks.”
The 360F team claims that they’re familiar with regulations in the Middle East region. They’re now focused on supporting projects that will lead to important transformational changes in Dubai’s markets. The company will support initiatives that aim to “hyper-personalize” financial advice, “arbitrary-free and self-evidently apt.”
Michael Gerber, CEO of 360F, noted that retail consumers realize that they can benefit from financial advice, however, they don’t necessarily trust financial planners or advisors that easily.
Gerber added:
“The 20-30s [age group] especially are demanding and independent. They expect holistic, personalized, and unbiased advice. … We [aim to] make financial foresight accessible, and at the same time deliver trust and improve grounds for engagement.”
360F’s main product, 360-ProVestment, aims to perform the computer-intensive work of stochastic simulation and optimization in order to automate insurance and investment product recommendations. The software also aims to make it easier for everyone to test out alternatives and evaluate solutions on their own. The software reportedly takes into account relevant regulatory requirements and then makes “hyper-personalized” product recommendations “based on the rules of each insurance company or bank that is deploying it, so that non-compliant products are filtered out.“
Clarie Kwa, 360F’s Chief Market Officer, remarked:
“With computing-intensive simulation and optimization techniques on the back of Behavioral Science, we [aim to] bring customer centricity to a new level. Because the solution offers product recommendations that are self-evidently apt, we [could potentially] help instill trust in the financial advisor, yet we also want clients to be able to check that for themselves.”
Anthony McGonagle, Zurich Insurance’s head of digital transformation, noted:
“360F’s technological expertise, entrepreneurial spirit and divergent thinking is helping us to achieve our ambition to disrupt legacy insurance rational and behavior.”