Technology ‘imperative’ to client retention: Zurich

According to Zurich's head of sales strategy and research, Andy Marshall, with the looming changes of the life insurance reforms, it is “imperative” for advisers to consider reaching out to new and existing clients by utilising new technology.

“For advisers looking to maintain success into the future, they need to be re-thinking who their ‘typical’ client is, how they behave, and how best to communicate with them,” Mr Marshall said.

“Zurich’s recent research whitepaper [titled] Connected Convenience – prepared in conjunction with the AFA and the Beddoes Institute – shows financial advice clients are more digitally active than the general public, and that usage is strong across all age segments, not just younger clients, as may be assumed.”

In order to help advisers engage with clients, Zurich has launched a robo-advice tool called Wealth Index which allows advisers to create their own custom, client-facing surveys on a range of specialist areas including insurance and estate planning.

“For advisers, having an automated or ‘robo’ tool like the Wealth Index to equip them with information such as the type of cover, level of debt, and knowledge – or lack thereof – of their clients’ sum insured prior to the first meeting could be a game-changer,” Mr Marshall said.

“The new tool not only increases client engagement from the very beginning of the advice journey, it also maximises efficiency for both the adviser and client by setting the adviser up with a clear point of discussion and practical ways to work with the client and demonstrate value long before they’ve even walked in the door,” he said.