Product

Abigail Pereira

2021-07-29

As Consumers Become Increasingly Digital, Financial Advisors Must Follow Suit

A pandemic-fueled recession only heightened the need for more automated, seamless financial services, which consumers can access anytime, anywhere. How will FAs meet the demand?

 

By: Abi Pereira, Associate Director, Product

 

In recent years, the personal finance industry has become increasingly digital across multiple touchpoints. During the COVID-19 pandemic, the proliferation of online banking was further catalyzed as a means to stay engaged with consumers when traditional pathways of engagement were closed.

 

As lockdowns went into effect, the number of consumers applying for financial products from their computer or mobile device increased, while the amount of foot traffic into physical banks went in the opposite direction. This almost overnight transformation forced longstanding financial institutions (both big and small) to adapt rapidly, while neobanks (i.e., “challengers”) were already well-positioned to capitalize.

 

Meanwhile, financial advisors (FAs) have been going through their own cultural metamorphosis. In light of the broader digital push in financial services, the days of FAs holding networking events at cocktail parties or in packed conference rooms have become numbered. To cater to younger generations especially, FAs are exploring more intimate, one-to-one interactions, where they can address specific client needs in a more comfortable, and often digital setting.

 

Digital Services — With a Human Touch

 

To thrive in this environment, FAs need to be equipped with the tools necessary to attract and retain clients who already have a wealth of financing and investing options available at their fingertips. While millennials are twice as likely to use robo-advisors compared to young baby boomers, and employ other digital services to automate their finances, there’s a good contingent that still covet a human touch when it comes to important financial decisions.

 

So how can FAs achieve this holistic approach? By integrating all the solutions they need via a platform like Salesforce, where Even recently launched its first plug-and-play app, ‘Financial Products for Salesforce — Powered by Even.’

 

Through Salesforce AppExchange, FAs can choose from a massive marketplace of ready-to-install apps, which combine with their CRM data to provide powerful, holistic digital solutions for their business. Even’s app is backed by machine learning and rich data sets, which are used to power real-time programmatic and personalized product offers from its financial institution partners.

 

The Power of Personalization

 

With ‘Financial Products for Salesforce — Powered by Even,’ FAs can expand their services to clients with personalized, pre-approved or pre-qualified financial product offers, all through one easy-to-use app. While investing guidance used to be the most common service associated with FAs, younger generations are now seeking help with a multitude of financial life events.

 

For example, using the Even app, FAs can help clients:

 

  • Secure a personalized, pre-approved loan to consolidate debt
  • Open a high-yield online savings account
  • Apply for a term life insurance plan

 

By joining Salesforce AppExchange, Even is extending its services to FAs while allowing them to utilize existing contact data via the same Salesforce platform. FAs will be able to plug their clients into the largest connected network of premium financial services providers (including Goldman Sachs, SoFi, LendingClub, and more) across personal loans, student loan refinancing, savings, life insurance, and other financial products. Using the Even app, FAs can also benefit by monetizing through a variety of payment structures.

 

In addition to its abundant product offerings, ‘Financial Products for Salesforce — Powered by Even’ is backed by a comprehensive set of licenses to satisfy all regulatory requirements throughout the US. Even’s best-in-class compliance and programmatic monitoring helps ensure that services can be performed in a safe and secure environment.

 

Now that the pandemic has made everyone more conscious about their financial health, FAs have the opportunity to help clients be proactive about their finances with solutions customized to their unique situation. Even’s new app addresses a valuable piece of the puzzle, and will only grow in its reach as new products and partners are added to its ever-expanding digital network.

Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

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HAVEN LIFE
Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine
Even features the industry’s largest multi-carrier, all-digital life insurance marketplace New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. We’re thrilled to welcome them to the Even platform.”   The launch of Haven Term and Haven Simple on the Even platform enables consumers to get matched with medically underwritten term life insurance policies that they can apply for and, if approved, purchase instantly online. While most Haven Term applicants will need to take a medical exam, Haven Simple applicants do not. Haven Life’s offerings expand the variety of life insurance options already available to consumers through Even’s API.   “Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Wade Seward, Head of Distribution Strategy at Haven Life. "On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.   About Even Financial   Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.   About Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact media@evenfinancial.com    
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