15 Nov 2017 | 03.10 pm
Acorn Life Goes Live With Exaxe Advice Plus
Life insurer adopts automated advice SaaS solution
15 Nov 2017 | 03.10 pm
Exaxe, which provides specialist digital solutions for the life and pensions industry, has announced that Acorn Life DAC has successfully gone live with Exaxe’s recently launched automated advice SaaS solution, Advice Plus.
The agreement saw the insurer replace its point of sale system, used by its direct sales associates, with Exaxe’s automated advice solution to support agents providing advice and recommendations for product purchases.
Acorn Life Operations Director Gerard Ryan said the company needed a solution that would reduce the cost of its direct sales process whilst simultaneously increase efficiency and customer satisfaction. “After researching the market, Exaxe had by far the best online and offline digital advice solution of any software provider,” said Ryan. “Advice Plus enables Acorn Life to process electronic applications straight through to the back office with improved customer service, whilst also providing significant cost reductions.”
Philip Naughton, Executive Director Business Development at Exaxe, said that Advice Plus will enable Acorn Life to rapidly configure the end-to-end digital experience. “The web based SaaS solution supports distribution directly to the end consumer. However, Acorn Life’s configuration is supporting its direct sales force in an advised environment,” said Naughton.
“Advice Plus supports the complete automated advice value chain from fact find and needs analysis right through to the identification of shortfalls and the provision of personalised recommendations. Advice Plus’s digital by default approach has enabled a single consistent sales process to be carried out at a time and place suitable to the end-customer.”
Exaxe CEO Norman Carroll said Advice Plus was developed in response to the increasing demand from companies within the sector for innovative solutions to enable and transform their businesses to meet the challenges of the digital world.
“A recent industry report found that digital channels are continuing to replace physical channels and contact centres for purchasing insurance products.” said Carroll. “It also found that use by customers of digital channels for the purchase of new products was estimated to grow by 30% over the next three to five years.
“The percentage of new life assurance premiums sold online is estimated to grow from 8% to 15% over the same period. Providers have an uphill battle on their hands unless they acknowledge the changing consumer behaviour and start to create their own digital channels. Advice Plus will enable providers to accomplish this.”
Carroll said that Advice Plus enables the life and pension provider to configure the end-to-end digital experience while using the existing back office administration platform. “The solution enables digital distribution directly to the consumer or with the assistance of an intermediary,” he added.
“Aimed at providers operating in a regulated environment, Advice Plus supports the complete automated advice value chain from fact find and needs analysis right through to the identification of cover shortfalls and the provision of personalised product and cover recommendations.”
Philip Naughton, Executive Director Business Development at Exaxe, commented: “Advice Plus goes a step further than the typical robo advice products currently on the market. We recognised that providers not only want to provide automated advice capability but rather an automated solution which gives a holistic view of the consumer’s financial status and provides a personal recommendation on meeting any shortfall identified across multiple product lines. The solution may be used to support a digital direct to consumer channel or to support and enhance an existing advisor based channel.”
Naughton added: “The advent of Brexit and all the regulatory changes that came with pensions’ freedoms has made this a turbulent time in the life, pensions and wealth management sector. Exaxe’s ‘digital by default’ approach to product development is helping to keep our customers ahead of their competitors by enabling them to implement new digital strategies in a cost-effective manner.”
Exaxe was established in 1997 and has offices in Ireland, the UK and the Netherlands. Customers include AXA Life Invest, Police Mutual, Retirement Advantage, Capita, Scottish Mutualand the Eureko Group.
Photo: Exaxe CEO Normal Carroll (left) with Gerard Ryan, Operation Director, Acorn Life DAC