360F accelerates digital transformation for insurers in Middle East

By Edil Corneille

FinTech company 360F has entered the Middle East with a pipeline of projects and an anchor client, Zurich Insurance. Singapore-based 360F offers banks and insurers solutions and implementation services to enable digital multi-channel distribution models and automated financial advice for insurance and investment.

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 incorporates 360-NeedsProfiler, which is a highly interactive engagement tool based on actuarial rigor to help leads discover and prioritize their financial needs and risks.

Highly familiar with regulations in the Middle East, including the impending BOD-49 requirements, 360F has mentioned that it is making headway with a string of projects that will mark as transformational milestones for the market in Dubai.

“Retail consumers acknowledge that they need financial advice, but they don’t trust financial planners easily,” says Michael Gerber, CEO of 360F. “And the 20-30s especially are demanding and independent. They expect holistic, personalized, and unbiased advice. That’s where we come in. We help make financial foresight accessible, and at the same time deliver trust and improve grounds for engagement.”

The 360-ProVestment solution does the computer-intensive work of stochastic simulation and optimization to automate insurance and investment product recommendations while making it easy for the layman to test alternatives and self-evaluate. The software also factors local regulations and 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 says, “With computing-intensive simulation and optimization techniques on the back of Behavioral Science, we bring customer centricity to a new level. Because the solution offers product recommendations that are self-evidently apt, we help instill trust in the financial advisor, yet we also want clients to be able to check that for themselves.”

“360F’s technological expertise, entrepreneurial spirit and divergent thinking is helping us to achieve our ambition to disrupt legacy insurance rational and behaviour,” said Anthony McGonagle, Zurich Insurance’s head of digital transformation.