Fintech Nucoro has announced the extension of its wealth management focused white-labelled technology to the insurance sector.
According to Nucoro, combining insurance with digital wealth management (WM) solutions is an easier way to pull customers into insurance-related services. More insurers are now opting for WM solutions to engage customers and build their brand-loyalties.
The technology also provides customers access to large amounts of customer data allowing insurers to provide a more personalized wealth management service. This can be a differentiator for the industry to generate income from new revenue streams. Digital WM is also a cost-effective proposition because of its ability to reach a wide set of customers, which includes low income groups.
Such solutions are allowing insurers to create an ecosystem of additional services that include wealth management propositions. The technology integrates effectively without legacies resulting in a complete transformation of models of client service and accessibility.
For insurers the technology helps them to create brand loyalties, build new income streams and have access to customer data as compared to other industry players.
Such solutions help in bringing insurance and WM closer, thereby helping insurers to better serve small and mid-sized asset managers by offering coordinated property, casualty, management and professional liability coverages such as in the case of The Hanover’s FI solution called Hanover Financial Institutions Advantage for asset managers.
Nikolai Hack, COO, Nucoro said, “Insurance doesn’t always allow for a great deal of engagement with customers, so more insurers are thinking about creating an ecosystem of additional services, with wealth management being one of these. There is a great deal of customer interaction through wealth management, and as well as generating new income, insurers offering this will mean customers are more likely to have multiple products and services from them, increasing their loyalty to the brand.”