23 January, 2018 07:00
Alex Veilleux, co-owner, chief innovation officer and strategist of products in Vooban, is confident that the financial advisors will still work despite the emergence of technologies. They will see rather a development of their work, and not to its disappearance.
At the Conference 2017 of the insurance and investment, held on last November 14, he explained that the advisor will have all its tasks that have little of value to be minimized and automated, thanks to technology, to have a greater impact on the customers. «Although the term «artificial intelligence» promises a lot of things, at some point, the pendulum will rebalance and nature will resume its place, » he adds.
Mr. Veilleux has also said noted a appetite and a clear interest of large financial institutions towards the technologies. He says that most of them realize that they must interact and enter into partnerships with fintech and insurtech.
How this awakening new the giants will change the future of independent advisors ? Here is the question for Mr. Veilleux, since the volume of data required to use artificial intelligence in order to optimize the direct distribution is huge.
Take advantage of the great transformations
«An independent consultant will not have the data set necessary to be able to have its own ecosystem of artificial intelligence. It is too expensive. It will be a little more difficult for the counsellors in this situation, » he said.
For Alex Veilleux, major transformations of the industry lie in the marriage between large financial institutions and startups. «There are, however, several challenges that arise. The larger institutions do not always have the reflex and the same velocity that a young person can have. This is the reason why I continue to help financial institutions to launch technology-based projects more quickly with Vooban. They would dress themselves in startups to take advantage of the great transformations. «
To support his claims, Mr. Veilleux has cited the example of the insurtech american Haven Life, which belongs to the insurer Mass Mutual. Haven Life excels in the exploitation of data held by the insurer to the aid of the artificial intelligence in the underwriting process and distribution to optimize them.
«Haven Life has worked with all the regulators of all states to bring their new approach to distribution and sale of products. It is a clear indicator that, regardless of the volume of premiums subscribed, this type of offering is here to stay, » said Mr. Veilleux.
The customer experience at the heart of the changes
The main reason for all these technological changes arrive in the heart of the industry is the customer experience, advance Mr. Veilleux. «There is a major evolution in the ways with which one buys something, whether it is a car, a grocery store or even a house. For me, the challenge faced by the agents and advisors is to optimize and find their place through the changes. «
However, he believes that young people, even though they turn to social networks for information, cannot do without the advice offered by the professionals. «Our social networks are not aware of all the intricacies of our financial needs. It is here that the counsellor needs to find a way to fit into the new generation and their way of shopping, in order to ensure that they have the right product. «
The problem with the insurtech in life insurance, it is that they offer simple products and it is often the only option that presents itself to the consumer who has the desire to shop 100 % digital, » says Veilleux. This is perhaps not the right product for him, he argued.
«What I see it is that there is a possibility that a generation is ill-advised and end up with the wrong product. I think, for example, a spread of insurance products term life, then that is the reality of everyone is not the same, » explains Mr. Veilleux.