Investment products are often assumed to be complex and not accessible enough to the wider public. For one thing there are often too many barriers to entry. Our aim is to make these types of products more accessible and attractive to a wider market including younger people, who might traditionally be less focused on Life insurance and investments products. As well as offering the protection to enjoy life to the fullest, these products are particularly beneficial during this period of prolonged low interest rates.
Uppie is a new online platform that promotes investment opportunities in Belgium in the form of Financial Insurances. Saving or investing with Uppie is simple with no fuss formalities, and you can invest from as little as EUR 10. It is a fully digital experience supported by an intuitive interface and digital services. All written in clear, simple language, supported by video and audio.
Uppie has been launched in the first instance in partnership with the No.1 digital bank in Belgium, Keytrade Bank.
‘YOLO!’, an abbreviation of “You only live once”, is an innovative offering that tracks the different key phases of life, focusing on flexible Life coverage and protection. Aimed to appeal to a younger target market, the big challenge was to change perceptions around Life products. This meant putting greater emphasis on coverage of life rather than death.
‘YOLO!’ uses DIY-simulation to guide customers towards the right protection for their desired lifestyle. With the “Life Cycle" tool policyholders can adapt the coverage and capital to the most remarkable moments of life, such as marriage, home purchase, birth, or adoption.
This product went live through the bank apps of Millennium bcp and Activobank in autumn of 2020 and one year on it has exceeded the initial ambition, rejuvenating the Life Risk portfolio and increasing the number of new policies by more than 200% compared to previous products.
When Etiqa in Malaysia thought about creating a new investment linked product for its customers, the emphasis was on keeping it simple, flexible, and with low entry requirements. As a low-cost online Investment Linked insurance policy, Tiq Invest breaks the mould with policy management charges of just 0.75% per annum of the account value, among the lowest in the local insurance market. And policyholders can easily top up and withdraw funds or switch Packaged Funds at any time, free of charge via the Customer Portal ‘TiqConnect’ or via the ‘Tiq by Etiqa’ App.
When Ageas France launched Kompoz, a new fully modular collective life insurance policy, it delivered a bespoke customer offering suitable for all - from the novice to the expert. With several unique features, Kompoz is the only product of its type in the market where the client only pays costs for the specific products and options he or she chooses. It also happens to be one of the most affordable products in the market with an advantageous fee policy. As a fully digital offering, clients benefit from 100% online advice. An integrated algorithm defines all the characteristics of the contract adapted to the client’s unique profile including the management methodology, the financial allocation and contract options.
Products like Uppie, ‘YOLO!’, Tiq Invest, and Kompoz make the stock market seem a lot less complex, make the benefit of life insurance and long-term savings better understood… and will hopefully make them more attractive to a wider audience.