Life insurance will feature in Zurich Financial Services’ new robo-advice tool.

Head of Sales Strategy and Research Andy Marshall says with the Life Insurance Framework changes looming, advisers must use technology to reach new clients.

“The initial adviser feedback around the framework changes is that many will seek to access new types of clients and become more efficient in their client-engagement process,” he said.

“For advisers, having an automated or ‘robo’ tool to equip them with information such as the type of cover, level of debt and knowledge... of their clients’ sum insured before the first meeting could be a game-changer.”

Zurich’s Wealth Index tool sits within its Adviser Flipchart app and lets advisers create their own customised, client-facing surveys on a range of specialist areas, including insurance.

These surveys allow individuals to self-assess their preparedness and literacy across different aspects of their finances.

The inputs are used to calculate a score or “index”, identifying areas where the individual may need expert advice.

“The new tool not only increases client engagement from the very beginning of the advice journey, but it also maximises efficiency for both the adviser and client, by setting the adviser up with a clear point of discussion and practical ways to work with the client and demonstrate value long before they’ve even walked in the door,” Mr Marshall said.

He says automated technologies will become more important in attracting and retaining clients.

“The way clients are now consuming their information and interacting with businesses is definitely changing.

“For advisers looking to maintain success into the future, they need to be rethinking who their ‘typical’ client is, how they behave, and how best to communicate with them.”