Fintech Nucoro has announced it will start targeting the insurance sector with its white-labelled technology.
The firm believes the growth of digital wealth management means it is easier for insurers to offer this service now than ever before.
It states more insurers are considering offering wealth management services to customers in an attempt to increase engagement. In addition, they hope to create greater brand loyalty, differentiate propositions and develop new income streams.
Also according to Nucuro, insurance companies benefit from access to large amounts of customer data compared to other industry players.
Furthermore, Nucoro believes digital wealth management is very cost-effective. As a result, it can reach a large part of an insurer’s customer base including people on lower incomes, something a traditional wealth manager could not afford to do.
Nikolai Hack, COO at Nucoro, said: “Insurance doesn’t always allow for a great deal of engagement with customers, so more insurers are thinking about creating an ecosystem of additional services, with wealth management being one of these.
“There is a great deal of customer interaction through wealth management, and as well as generating new income, insurers offering this will mean customers are more likely to have multiple products and services from them, increasing their loyalty to the brand.”
Nucoro provides bespoke white-labelled technology focused delivering wealth management solutions to third parties. It combines tools to create next generation wealth management proposition.
In an effort to move the insurance sector forward, Nucoro offers a technology-based foundation built without legacies.
It also powers the retail investment platform Exo Investing, a fully-automated, AI-powered wealth management platform.
Insurance and wealth management are getting closer together. In November 2019, Hanover Insurance Group (The Hanover) announced the launch of Hanover Financial Institutions Advantage for asset managers.
As a result, the solution allows The Hanover’s agent partners to better serve small to mid-sized asset managers. Offerings include coordinated property, casualty, management and professional liability coverages.