London based Nucoro, the Fintech company providing bespoke white-labelled technology focused on delivering wealth management solutions to third parties, has announced it has completed its first project in the insurance sector. It was appointed in Q1 2019 by the Swiss insurance broker Swiss Risk & Care (SRC) to help it develop a wealth management service to offer its 200,000+ customers, which went live in Q3 2019.
Within just a few months of working with Nucoro, SRC had a market-ready, fully scalable digital wealth management solution, providing a next-gen experience for its brokers and clients. This allowed it to achieve its goal of expanding into the Swiss retail investment market and become a more diverse business in the process.
Launching under a new brand name, Opsion, SRC were able to add an additional revenue stream and new clients, operating as a disruptive challenger in the retail asset management sector, without sacrificing the established expertise of its main business and brand.
Nucoro worked with SRC to help it launch two new business units as part of Opsion – ‘Opsion 3a’ and ‘Opsion Vested Benefits’ – a digital wealth solution with full back-end automation. The digital platforms built by Nucoro had to maximise the time spent with clients and provide immediate proposals during the client meetings, provide an intuitive user experience that was easy for both clients and Opsion brokers to use and a fully automated back-office operation.
Key features of the proposition include Robotic Process Automation (RPA) applied to data-related tasks including KYC and reporting, a shortened onboarding process of around ten minutes, freeing up time for Opsions’s brokers, and the ability to work in an open architecture with an investment universe comprised of mutual funds, ETFs and index funds, providing an advanced investment service for clients. In addition to this automatic reconciliation of positions, fees and payments are provided for each client, allowing them to have a unique portfolio and pricing plan.
The user journey is fully automated from onboarding through to billing, giving clients a tailored user experience while also providing access to different investment universes for Opsion’s brokers, depending on their needs.
The modular structure of the platform means each function (the automated compliance or reporting features, for example) can operate without friction, with all aspects working seamlessly alongside the relevant third-party providers outlined by Opsion. In addition, Nucoro set up API connections to trading orders, which limits overhead costs further.
Lennart Asshoff, CEO, Nucoro, said; “We were very happy to assist Opsion with their project to find new digital capabilities in a highly competitive market. We worked together with their team to define the exact solution they needed, within a workable timeframe. Today, Opsion benefits from an advanced digital wealth management arm, that can engage new clients and revitalise relationships with existing ones too.”
Pascal Payot, Managing Director Opsion 3a and Opsion Vested Benefits, said: “We had been looking for a solution provider who could fit our digital ambition. The solution needed to be flexible, highly user-friendly for both clients and brokers and be able to manage the associated administrative burden effectively. Naturally, minimising the need for increased headcount was also a big part of our criteria. Nucoro were able to deliver the digital platform we were looking for.”
Opsion was created by Swiss Risk & Care, a leading insurance and pension broker in the French part of Switzerland, and which is a subsidiary of SIACI Saint-Honoré, a leading European insurance broker with more than 3000 employees and over 2.5 million customers worldwide.
From client onboarding to portfolio construction through to billing, Nucoro combines all the tools required to build the next generation of wealth management propositions. To help the insurance sector move forward, Nucoro offers a new technology-based foundation built without legacies – a complete overhaul to the models of client service and accessibility. It offers a radically different approach to the relationship between technology providers and the organisations adopting their solutions – in short, a new core.
Whilst Nucoro has recently launched to the public, the technology behind it powers the retail investment platform, Exo Investing – a fully automated, AI-powered wealth management platform. Within the first year of operation, Exo won two industry awards (Best digital wealth manager OTY + Industry Innovator OTY at the AltFi awards 2018), was named as a finalist in three more and selected to two disruptive company annual indexes (Wealthtech 100 and Disruption50’s 100 most disruptive UK companies).
Nucoro is making this technology available for businesses in the insurance sector that have the ambition to truly innovate and future-proof their businesses – and are struggling to realise their digital ambitions alone.