Human connection in the right channel at the right time is the best way to attract and retain financial advice customers, a new report says.

Digital solutions provider Axell says partnerships with insurtechs are key, enabling traditional incumbents and newcomers to unlock new opportunities across the value chain.

“The role of incumbents is to champion an innovation and digital-first mindset, integrate technology and demonstrate its value through education,” Axell says.

Founder and CEO Moshe Tamir says the report is a call to action for insurers around the world to invest in technology, particularly platforms that facilitate a more personalised connection between adviser and client.

“The global economic fallout from COVID-19 means there has never been a more important moment for financial advice than right now,” Mr Tamir said.

“Years of digital transformation have been accelerated into two months of rapid change in financial advice delivery, and the industry needs investment in digital transformation initiatives to meet rising customer expectations.”

Tel Aviv-based Axell, which offers insurers in Australia an innovation advisory service to prepare for disruption, says the digital revolution requires leadership from insurance incumbents.

Customers want personal, digital service, and an explosion in fintech and combined with human touch will be the competitive advantage of successful financial advisers, the report says.

The report is based on extensive research over six months included interviews with thought-leaders and industry experts globally, including Australia.