Digital Insurance Agenda

vlot: Data-driven financial well-being to make financially responsible decisions

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 15, 2022

More and more health and life insurers are embracing the topic of financial well-being in their innovation strategies. To put it simply, it is exactly what it sounds like: healthy finances making clients feel prepared to handle any financial crisis.

B2B SaaS company vlot was founded in Zurich, Switzerland with the mission to help families and individuals make financially responsible decisions and improve their overall financial well-being. Its digital solutions help end users intuitively navigate the jungle of state and employer related social security benefits and rapidly understand the financial impact of death, disability as well as the lack of adequate retirement funds. Additional modules include the vlot financial well-being score as an innovative source of customer engagement and a mortgage optimizer for real estate cross-selling.

Available both in self-service setup (websites, campaigns, employers and pension funds) or in expert version (brokers and agents), vlot’s software can be used for new client advisory, in-force-management and retention measures. Demonstrated impact includes higher sales process efficiency and quality, increased customer engagement and loyalty as well as highly granular data insights.

vlot’s data-driven financial well-being, analyses the financial situation holistically, and gives and overview of state, employer and private retirement provisions. It dynamically adjusts based on the life situation as well as external factors such as interest rates and pension fund relevant parameters. Novel benchmarking solutions using ML technology allow for better context related messaging and improve understanding of individual solutions.

A highly flexible and innovative programming approach enables seamless omnichannel deployment and has significantly lower maintenance costs. Integration capabilities for topics such as “embedded insurance” (Protection), CRM integrations as well as API capabilities allow for modular customization of self-service (customer) and advisory journeys. This combined approach underlines the value of Hybrid distribution and omnichannel setups when dealing with the modern end-user of today. Comprehensive data-driven and analytics packages underline vlot’s data-driven approach by providing dedicated Business Intelligence insights for steering or data enrichment for the client.

How does it work?

Step 1: data entry
At vlot, the financial and family situation is viewed holistically. Therefore, a so-called “family unit” is created in the background during data entry, which has decisive influence on the calculation parameters and coverage recommendations. vlot wants to know as little as possible, but as much as necessary about the client/family unit. Data entry is enabled in multiple different ways, ranging from manual inputs to fully embedded API workflows through CRM and policy administration systems.

Step 2: calculation of existing benefits
Based on the family unit, the vlot engine calculates all available benefits (country dependent) that typically include state pension schemes, occupational benefit schemes and private pension/savings plans and risk insurance. The current scenarios included are benefits in case of disability, death and retirement of any or both of the partners within the family unit. In order to view the situation holistically and correctly, the interdependencies of relationship status, children’s benefits etc. are taken into account. As there is a legal obligation to avoid over-insurance, benefits are computed precisely and summed up according to the rules and regulations of the underlying social security systems.

Step 3: evaluation of personal situations and needs
After the existing benefits have been calculated, the vlot algorithm evaluates possible coverage and savings gaps. Within this calculation, many factors interact and influence each other, including age and age deltas (partners/children), cost model projections, housing costs, current market interest rates and compound interest rates, tax, inflation, et cetera.

The outcome is a clear-cut analysis, presented both in the vlot “financial well-being score” as well as in both simple and more sophisticated visualizations with prioritized, actionable items. Suggestions for fitting products typically include Term life, Disability and Savings or annuities. vlot offers various paths of checkouts, be it jump-off points to digital online products, requests for advice through professional advisors, links to portals, CRM integrations etc.

The solution has one single engine, which results in  high flexibility of configuration, which can also include the E2E digital process setup. Its white-label setup for corporates and sales channels can be done in 48hrs, it allows for CRM integration that is needed for data enrichment, automatic re-analysis & data-driven sales (campaigns).

Why did we select vlot to present at DIA Munich 2022?

vlot taps into the trend of Financial Well-being and can be used in hybrid and omnichannel distribution models, even embedded. It uses Data & Analytics as core to its solution.

At DIA Munich 2022, Daniel Schmidheiny (Co-Founder vlot) and Michael Dritsas (CEO vlot)

will present its Financial Well-being Score and talk about how to bridge the analog-digital divide (QR Code based Employee Benefits) and link up to a hybrid distribution solution.

Who is vlot?

Founded in Zurich, Switzerland, in late 2017 by Daniel Schmidheiny and Sandro Matter, vlot is backed by private investors and two VCs (Spicehaus Partners & SixThirty Ventures). Funding to date stands at close to CHF 4m and the company is shifting its attention to sales repeatability and international markets off the back of achieved product market fit and signature of long-term contracts with well-known industry players in the insurance industry.

Its founders have a broad experience with banks and insurers and started to re-invent the life insurance journey. Today the team is composed of ambitious, multicultural, like-minded insurance industry professionals, tech cracks and entrepreneurs who are passionate about creating technical solutions to help individuals make informed financial decisions.

“Financial Well-being is one of the key challenges our society is facing. Whether due to longevity, volatile financial markets, weaker social security systems or simply the lack of financial literacy and awareness. vlot provides tools to proactively address these challenges by creating awareness for the issues in a personalized manner as well as suggesting potential solutions!”

Michael Dritsas, CEO vlot

Learn more here: https://www.vlot.ch/

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