Equisoft Brings an Innovative Investor Benchmarking Tool to the Insurance Industry

The latest innovation from Equisoft’s R&D team leverages the firm’s big data and artificial intelligence research to deliver a unique way of gauging investor financial well-being

Montreal, QC (Mar. 10, 2020) – Equisoft, a leading global provider of digital business solutions, is pleased to announce the launch of a new benchmarking application tailored to the insurance and wealth management industries.

The latest tool from Equisoft’s R&D team leverages the company’s research into big data and artificial intelligence to allow investors to easily compare their financial health against a well-defined group of peers. These peer groups are comprised of individuals within the same geographic region and with similar profiles as it relates to age, gender, marital status and income. Relative financial well-being is then benchmarked on metrics such as net income, cost of living, level of debt, investments in various account types as well as insurance coverage (life, disability and critical illness). Finally, the application provides an overall risk score as well as general recommendations that the investor can explore in more detail with their financial advisor.

Equisoft Benchmarking Tool

“While it remains critical to assess whether an investor is mathematically on the right track in terms of their savings and protection needs, we thought it would be valuable to offer a complementary approach to gauging financial well-being,” said Jonathan Georges, Vice President, Wealth Management Solutions. “Our tool offers an alternative method, highlighting potential gaps and framing them in an objective way that investors may more easily relate to.”

The Equisoft benchmarking tool makes use of volumes of data accumulated in the Equisoft data lake which includes data from the company’s other software applications (with the consent of their clients) as well as third-party data sources processed in aggregated and anonymous form. The application uses advanced mathematical model filters that sort and classify the data to deliver high-quality statistical calculations.

“Another goal in designing the benchmarking tool was to provide an additional option in the financial advisor’s toolkit to complement our flagship financial planning software, Equisoft/plan, and our portfolio design & analytics software, Equisoft/analyze,” added François Levasseur, Senior Vice President, Canada. “It helps educate investors as it relates to their financial situation and hopefully gets them more engaged in discussion with their financial advisor. From the financial advisor’s perspective, the tool can help speed up the discovery process and help them uncover more client needs.”

A Canadian version of the publicly available benchmarking tool is available at myfinancialbenchmark.com and will be subsequently adapted to other regions.

This latest innovation from Equisoft is just one example of what can be done to leverage and harness the power of data. The tool can be configured to access and analyze data for a wide variety of future uses depending on the needs of insurance carriers, fund manufacturers and distributors—and the data that is fed into it.

Companies wishing to learn more about how Equisoft can help them leverage the vast amounts of data at their disposal should contact their Equisoft representative or submit a meeting request at equisoft.com/contact.

About Equisoft

Founded in 1994, Equisoft is a global provider of advanced digital solutions in life insurance and wealth management. Recognized as a valued partner by over 50 of the world’s leading financial institutions in 15 countries, Equisoft offers innovative front-end applications, extensive back-office services and a unique data migration expertise. The firm’s industry-leading products include a comprehensive SaaS policy administration solution, CRM, financial needs analysis, asset allocation, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s main global partner for the Oracle Insurance Policy Administration platform. With its business-driven approach, deep industry knowledge, state-of-the-art technology, and over 450 specialized resources based in the USA, Canada, Latin America, South Africa, India and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption. For more information, visit equisoft.com.

Source: Equisoft

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