Zurich Malaysia (Zurich) and Singapore-based fintech BetterTradeOff, today launched ‘Up | MyZurichLife’, a financial planning solution exclusively for MyZurichLife’s users to help them plan their finance. The solution took root after BetterTradeOff won the Malaysian round of the Zurich Innovation Championship in April 2020.
They said that it is a cloud-based solution utilising advanced analytics with an easy-to-use interface that helps to dramatically simplify the task of building of a sound and comprehensive financial plan.
The solution allows users to explore different financial scenarios and how individual elements impact their overall plan. This includes purchasing a new home, planning for retirement, and planning for children education.
Users can project the impact of life events such as becoming unemployed, or the sudden loss of the family’s main breadwinner on their financial situation. This enables them to better estimate the course of action to take to mitigate financial stress.
Using a drag-and-drop approach, ‘goals’ or ‘dreams’ can be included into their plan, such as a new property, a child’s education, or a potential investment for a visualisation of the impact on their long-term cash flow, savings, or net wealth.
The solution incorporates Zurich’s products and proposes what may best suit customers to realise their ideal plan. It also has an interface for customers to connect with a Zurich Wealth Planner for advice on tailoring a plan that meets their individual needs.
Speaking on behalf of the Zurich Insurance Group, Zurich Holdings, Executive Director Stephen Clark said,
“Innovation is central to the Zurich vision, enabling us to identify and develop uniquely tailored protection solutions for our customers. Collaborating with like-minded companies such as BetterTradeOff gives Zurich customers an even greater ability to take control of their financial and protection needs. Ultimately, this partnership will allow us to better serve our customers in order to secure their financial futures.”
Clark added,
Co-Founder and Chief Executive Officer of BetterTradeOff, Laurent Bertrand said,
“Making sound financial planning a reality for everyone, means partnering with global leaders like Zurich to bring the solution to more countries and millions of more people. The launch in Malaysia is a great first step toward what we hope will become an important global partnership with Zurich.”
