Insurance carriers and other financial product and service providers are an important partner for financial professionals in the ever-growing market for fintech and insurtech solutions. Particularly after the past year with many people working from home and an increased need for virtual meetings, the rise in tech-based and virtual solutions can help show your clients the power of insurance products within their portfolios and financial plans.
These platforms and tools provide proof points that help you build credibility and value beyond product, helping to position and validate insurance products as an important risk-management component within a broader, more holistic financial plan.
As these solutions become the status quo for you as a financial professional, there are a few things to keep in mind when partnering with insurance carriers to help ensure the best possible outcomes for your clients.
Integration: To successfully leverage constantly evolving fintech products, an important prerequisite is having all available investment solutions seamlessly integrated into your broader tech stack. This smooth integration eliminates many inefficiencies and reduces the risk of errors as a result of having to switch between multiple systems. To help with this, Allianz Life Insurance Company of North America (Allianz) has partnered with a number of different solution providers, including Orion Advisor Services, LLC, Envestnet, FIDx, eMoney, MoneyGuidePro, SIMON – and just this summer – Riskalyze, and Halo.
Keeping a focus on your clients: While you as the financial professional will always be the integral player in guiding these conversations with your clients, it's the responsibility of insurers and other product manufacturers to empower you in this process.
Importance of risk management: Technology has also made it easier to access, evaluate, implement, and deploy risk-management solutions for your clients. Look to partner with insurers adept at the insurtech and fintech solutions that financial professionals like you are actually using to improve both your and your clients’ experience.
Ongoing partnership and support: Of course, deploying these solutions isn’t just “one and done.” Working with a carrier that can provide ongoing support will help ensure a successful rollout and beyond. For example, Allianz has a dedicated fintech consulting team that can help not only with adoption, but can also help you understand the power of integrating risk-management solutions into your clients’ portfolios and financial plans within many of our fintech platforms.
As the fintech landscape continues to evolve and digital tools become more embedded in your business and client experience, collaborating with a carrier that understands the importance of fintech and the value it can deliver for clients’ holistic financial plans can make all the difference.