AI & AUTOMATION
Diversifying now to insure tomorrow Swiss Risk & Care saw an opportunity to use wealthtech Nucoro to position the insurance and pensions broker for a digitally engaged future
Facing an ever-increasing threat from insurtech challengers, bigger insurers need to find ways to diversify and add value for their clients in order to stay ahead of the game. And one of the best ways of doing that is by extending their product range without disrupting their core business model. So believes London-based fintech company Nucoro, which helped Swiss insurance and pension broker Swiss Risk & Care (SRC) to develop a supplementary wealth management platform for its 200,000-plus customers. Launched last year under SRC’s Opsion brand, the service is a market-ready solution that enabled SRC to diversify through expansion into the Swiss retail investment market, while also providing a next-generation experience for its brokers and clients. In effect, SRC could add a new revenue stream without compromising the long-established expertise of its key business and brand – a win-win for all involved. “We had been looking for a solution provider that could fit our digital ambition,” says Pascal Payot, managing www.fintech.finance
director for SRC’s two new business units, Opsion 3a and Opsion Vested Benefits. “The solution needed to be flexible, highly user-friendly for both clients and brokers and manage the associated administrative burden effectively.” The solution has full back-end automation powered by the Nucoro engine. This, in turn, enables a fully-automated user journey, from onboarding to billing. Retail clients receive a personalised user experience and gain access to different investment universes, including mutual funds, exchange-traded funds (ETFs) and index funds. The modular structure of the platform means that each function – including automated compliance and reporting features – operates independently of the other, reducing friction. Nucoro also set up application programming interface (API) connections for trading orders, which fitted in with another of SRC’s aims. “Minimising the need for increased headcount was also a big part of our criteria,”
The solution needed to be flexible and highly user-friendly for both clients and brokersand manage the associated administrative burden effectively
says Payot. “Nucoro was able to deliver the digital platform we were looking for.” Back in 2017, Nucoro was developing a robo-investment product concept when it dawned on the team that what the wealth management industry really needed was a ‘new core’; a radical overhaul of both its technology and the relationship between technology providers and clients. The company launched its artificial intelligence-powered wealth management Exo Investing a year later. The fully-automated platform went on to win both Best Digital Wealth Manager Of The Year and Most Innovative Product Of The Year at the AltFi 2018 awards, and was named as a finalist in three other industry accolades. Nucoro also made WealthTech 100’s and Disruption50’s indexes of most disruptive UK companies. In its 2020 list, WealthTech 100 praised Nucoro for enabling ‘any financial organisation to build the next generation of investment and savings propositions quicker and more effectively than ever before’. It added: “The platform allows banks and wealth managers to scale their client bases without increasing overheads; reach the next generation of investors with seamless user experiences; improve client prospecting with intuitive onboarding processes, including automated know your customer (KYC) checks, and reduce human error and paperwork while staying compliant.” Issue 4 | TheInsurtechMagazine
37