Consumer trust has always been an issue for the insurance industry, both in terms of finding appropriate coverage and in times of a claim. fundMyLife is trying to breath transparency into financial advisory by aggregating financial advisers on one platform.
Based in Singapore, fundMyLife is an online platform that connects consumers with offline financial advisers based on their financial planning questions and needs. Additionally, the portal humanises advisers with online profiles that serves as a centralised repository for financial planning.
The core user experience is the ability to browse through financial advisor profiles in addition to their client reviews in order provide more visibility into the quality of service delivered by financial advisors across SEA. The business model is based on subscriptions from financial advisors who pay to appear on the platform and concurrently agree to be subject to fundMyLife’s ratings and review system.
Although fundMyLife’s vision is to change how consumers engage in financial planning, including more complicated life and health insurance products, it is first focusing on an online to offline approach by connecting online traffic to offline financial consultants. This combination of online lead generation with offline consultations is a powerful marriage that many life and health insurers are embracing.