Originally published by -Insurance CIO Outlook on January 7, 2019
One Two One Advisor: Financial, Insurance and Takaful Technology Enabler
It is interesting how the world is transforming, and everything is getting digitized, be it hiring a cab, or ordering food, or getting medicines online. Imagine the potential for productivity gains if the same intensity of convenience is brought to the insurance world that has always been synonymous with slow adoption of new age technologies. One Two One Advisor is making this a reality by offering IT solutions, consulting & services for mobile, social media, web, cloud & channel management for Financial, Insurance, Takaful and Services sectors (FITS). “Today’s insurers have a number of requirements. With the emergence of social media and digital marketing, they want to integrate their existing face-to-face distribution channels with digital. They want their internet and mobile solutions to be compliant with regulations. They want to offer 24/7 customer service and advice. Finally, they want the sharing of data between departments and multiple applications to be seamless. Our prime solution Enterprise Digital Framework (EDF) addresses all these requirements,” says Kevin Steer, CEO of One Two One Advisor. The company has leveraged its in-depth Insurance and Takaful experience in Asia to build EDF. Though the talented management of One Two One Advisor started the firm in 2010, the team has an experience of over two decades in the Insurance and Takaful sector since 1995 and has implemented internet and mobile solutions in Malaysia, China, India, Thailand, and Indonesia.
The firm’s flagship solution EDF is an integrated digital framework for consumer and customer engagement and comes with different modules like Web Portal Solution for Sales & Servicing (WebPos), Referral Management & Marketing Automation (ReMMa), Sales Activity Mobile App (SAMA), Choices Online Store (COS), Customer Self-Service Portal (CSSP), Takaful & Insurance Mobility Made Simple (TIMMS), and several more. This enables companies to purchase only the modules that help them address their specific pain points and expand subsequently to add other modules. Besides being an end-to-end consumer engagement model, EDF solution covers marketing, branding, prospecting, selling, and servicing. It is offered to companies on a license basis, or as a hosted SaaS model.
The key requirement for the Insurance, Takaful and Financial sectors is to adhere to regulatory compliance including Internet security and Personal Data Protection. Since One Two One Advisor has several years of experience in the Asian markets and knows the regulatory and data privacy requirements, the firm ensures that its EDF solution is compliant with the regulations. “Our solutions are fully compliant with financial services and personal data privacy (PDPA & GDPR). We have implemented additional security controls to protect data on mobile apps and the portals,” adds Steer.
Besides being an end-to-end consumer engagement model, EDF solution covers marketing, branding, prospecting, selling, and servicing
One Two One Advisor relies on Microsoft technology and uses .Net and SQL server to deliver solutions and services. The firm has also developed security protocols for securely encrypting and sharing data on mobile apps with the servers. For digital marketing, One Two One Advisor has customized and integrated Kentico CMS and EMS for Insurance, Takaful and Financial sector to create multi-lingual content, manage visitors, and trigger marketing automation workflows. This also enables the firm in the creation and review of the page content workflows, and once the content is approved, it is automatically posted on the social sites.
By seamlessly integrating visitor interactions and CTAs, ReMMa auto assigns leads to financial advisors, who receive the new leads on their Mobile Point of Sales app. It helps create digital customer campaigns leveraging lead scoring to offer personalized products to the targeted groups. Besides, personalization can be applied to the website and customer portal to show customized content and offers. EDF also offers risk scoring to trigger marketing workflows and notify servicing agents on potential issues, for example, missed premium payments, policy surrender inquiries, and others.
One Two One Advisor’s fast-to-market delivery is one of its advantages and strengths. Sharing an interesting anecdote on that note, Steer mentions a client who wanted a referral management solution for all of their Financial Services products (Banking, Insurance & Takaful) that will track the referral and compute referral KPIs based on the type and value of product confirmed sale. To help them, One Two One Advisor setup ReMMA, integrated the different distribution advisors and configured the KPI product rules. Soon after the integration, the client’s system received referrals from branches, auto-assigned to the relevant advisors, notified prospects via SMS, tracked sales, provided reports to management to escalate and reassign if not followed up, and received data from the different back-end systems and computed the referral KPIs for the referrers.
Being in the market for the last eight years, One Two One Advisor follows the tagline ‘we don’t follow TRENDS, we pioneer THEM.’ The firm looks at the emerging technologies and sees how they can be effectively applied to Insurance, Takaful and Financial services. On those lines, One Two One Advisor has recently launched FITbot, a multi-lingual chatbot that can be used to answer visitor, customer, and advisor questions as well as robo-advice based on their lifestyle and financial goals. The features that set FITbot apart from its market competitors include the ability to reduce customer service costs by up to 40 percent by implementing 24/7 intelligent bots; deliver personalized customer experiences by proactively understanding the customer; and provide a personalized interactive user experience. Besides these, the FITbot, being driven by machine learning algorithms, continuously learns and adapts to changes in the topics and conversations over time. Also, when it cannot answer a question, it directs the users to live chat customer support.
From the future perspective, Steer says that they are continuously talking with their customers as well as assessing regional needs for Insurance, Takaful and Financial services. Based on feedback and assessment, One Two One Advisor has also identified a number of new requirements and is researching and working on new technologies such as blockchain to manage remote sales. “Also, our focus is on APAC emerging markets. Having implemented and validated our solutions with a number of customers, we are making inroads into APAC countries starting with Indonesia, Thailand, and Vietnam. We will expand further based on demand,” concludes Steer.
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