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Empowering Financial Advisors

MoneyParrot | Blog / Blog  / Empowering Financial Advisors
simplifying Investment

Empowering Financial Advisors

An estimated 2 Million plus Insurance Advisors are registered in India. To put things in perspective, there are around a little more than 1.5 million police officers in India. So, in theory it should be easier to buy a good insurance cover that to complete a passport verification. It’s not.

The insurance industry has a massive and intricate network of financial advisors reaching out even to the remotest corners of the country. They are quintessential part of our economy, but have traditionally lagged on the technology front. Millions of people, across a wide spectrum of socio-economic background depend on Financial Advisors for solutions on Social Security and Financial Planning. In the era of Big Data Analytics , backed by the Smartphone and Mobile Internet revolution, most of the Financial Advisors still have to depend on certain pre-millennium technologies. The Insurance industry could have taken a significant technological leap, at least when it comes to provide better engagement and business development opportunities to the Financial Advisors.

This creates a number of gaps in service delivery and business development opportunities for Financial advisors. With the absence of data backed actionable insights, most of the sales insights are based on non-repeatable methods, experience and intuition based insights . This makes it tougher for financial advisors to accelerate rapid growth. The absence of such insights makes it difficult to identify need based solutions to customers, creating roadblocks for upselling and cross-selling.

Over the years the number of Financial Advisors are plummeting even when both the Market and the Need are growing. Newcomers to the field also have faced some challenges in matching the needs of the customers with the complex products and services. The customer needs the convenience and education on the various plans simplified by a trusted Financial Advisors. The customer values speed, flexibility and transparency; All of which can be significantly improve in the current service delivery set up. On the advisor’s side, data backed insights and engagement with users are missing. Think of it this way; An average person, typically interacts with his/her bank or mobile phone operation at least once a month. But when it comes to insurance, the interaction happens with much less frequency. This is a major barrier to reducing attrition and enabling cross- and upselling. Use of modern tools and technology can act as an enabler. MoneyParrot comes into bridge this divide.

MoneyParrot is an integrated platform to empower the Financial Advisors to:

  1. Get Actionable Insights on Business Opportunities
  2. Engage with clients in a deeper and meaningful manner
  3. Use a single point dashboard to provide exceptional service to clients with high efficiency and convenience

We at MoneyParrot understand the value of a Financial Advisor in our society, we believe that Financial Advisors are irreplaceable. The solution offered by MoneyParrot, compliments the effort of Advisors with supplementary data, information, insights and productivity tools at the fingertips, anytime, anywhere. We will be talking about the features and benefits of MoneyParrot for both Advisors and Customers alike in the coming posts.

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