Adviser360 Financial Planning Qorus Innovation in Insurance Awards 2024
Submitted by
Discovery
Discovery is a proudly South African-founded financial services organisation that operates in the healthcare, life insurance, short-term insurance, long-term savings, banking and wellness markets. Since inception in 1992, Discovery has been guided by a clear core purpose - to make people healthier and to enhance and protect their lives. We...
South AfricaCategory
Re-imagining the Customer ExperienceKeyword
Customer experience, Customer service, Financial advice & Robo-advisory, Savings & Investments, Insurance, Digital channels & Omnichannels, Data, Life insuranceBusiness Line
AssistanceDistribution Channel
Agents
Innovation presentation
Discovery’s Adviser360 Financial Planning is a groundbreaking, comprehensive financial planning solution. It revolutionizes the previously siloed traditional financial planning process by integrating the process into a comprehensive practice management platform, enriched by Discovery’s unique comprehensive data assets across health, wellness, and financial data, providing a holistic ‘Client 360’ view.
In today’s complex financial landscape, the need for robust financial advice is critical. This is particularly true in South Africa, where Discovery operates, where significant insurance gaps and retirement savings shortfalls underscore the need for sound advice. Adviser360 empowers specialist advisers to provide holistic, hyper-personalised advice that aligns with their clients’ needs and goals in real-time.
The platform’s ability to amalgamate data resources, generate a comprehensive financial plan, and present it in a simplified, universal manner is unparalleled, while automated updates of underlying information result in a living document enabling continuous financial planning. With the availability of market-leading products across health, investment, insurance, banking, and wellness sectors mapped to meet each part of a given clients’ financial plan, it offers a truly unique solution.
The development involved various departments, including Systems Design and Architects, Distribution for design input, and Usability Analysts.
The platform introduces a streamlined journey resulting in a 50% reduction in time spent for policy administration, zero errors when using the journey, and increased client engagement in their financial planning. It is anticipated that through the automated updates, clients will be able to address shortfalls in their financial plans as they arise, resulting in improved outcomes over clients’ lifetimes.
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