Digitizing Your Insurance Portfolio with Synthesis Wealth
Never has there been a time where storing and recording become so convenient. Since the invention of the computer followed by the internet, documentation and communication has become even more seamless and less time-consuming. This Digital Revolution (also known as the Third Industrial Revolution) is the shift from mechanical and analogue electronic technology to digital electronics which began in the latter half of the 20th century, with the adoption and proliferation of digital computers and digital record-keeping.
How Does Synthesis Wealth Works?
Synthesis Wealth is a platform owned and managed by Synthesis Wealth Advisors Pte Ltd, we are the administrative company of the advisory group Synthesis Wealth Advisors which is an agency of Infinitum Financial Advisory Pte Ltd (Subsidiary of NTUC Income).
Our Digital Financial Portfolio Management system "Financial Repository Electronic Database (FRED)" allows collaboration between our advisors and clients to store their investment and insurance information online. The platform also acts as a communication tool for the client to communicate their financial needs and aspirations to their financial advisor.
Digitising Financial Portfolio and Communication for Client
When logged in, the platform portfolio feature will allow our clients with the overseer of their individual financial advisors to key in insurance, investment and loan information as a future single point of reference. The client may also leave a note and request for specific financial planning service from their advisors. In addition, the client will also be able to monitor their current expenditures on their policies as well as having a rough estimation of their protection requirement if certain information has been declared.
Customer Relationship Management Platform for Advisors
Financial advisors face an uphill task of advising and marketing intangible products, that's the first challenge. The next thing is to find and know how to keep records of their customer's financial portfolio. Traditionally, this has been done on Microsoft words and excel where retrieval of information while convenient has to be printed out, passed to or saved & emailed to the client for their record keeping. While physically doing up and storing of policy summary has been condoned and are still effective to this date, such activity requires the customer to be able to store the physical format in their safe deposit box or cabinet which may result in wear and tear or even being misplaced. Therefore the platform will be able to address such lapses.
Beyond acting as a digital information storage platform, PDF copies of the client's financial portfolio may also be downloaded and are encrypted with the client's personal salient information. If you are a senior advisor with a strong network of client base, this tool solves the main issue of not only record keeping but relationship management. The platform also acts as a communication tool for advisors on following tasks: Appointment setting, policy review, addressing client's financial needs, handling referrals, policy anniversary reminder and the benefit for Financial advisors to create events, share their thoughts and product information with their valued clients.
Our Sites are “SSL Secured” and keeping information about you secure is very important to us. We have also engaged web security expert to conduct penetration testing and provide the following test on our system:
- Injection flaws, such as SQL, NoSQL, OS, LDAP injection
- Authentication and session management vulnerabilities
- Sensitive Data Exposure detection
- XML External Entities (XXE) vulnerabilities
- Broken Access Control detection
- Security Misconfiguration
- Cross-Site Scripting XSS vulnerabilities
- Insecure deserialization etc.
However, we would like to reiterate that no data transmission over the internet can be guaranteed to be totally secure. Sensitive information from our clients and advisors are encrypted to minimise the risk of interception during transit.
SSL Technical Details:
Our SSL ‘Web Detect’ is our personal website alarm system - when threats enter, we will be the first to know. Web Detect Automatically scans our website once daily for critical security issues such as Malware; Vulnerability & SPAM.
Revolutionary or Not?
While CRM tool may not be revolutionary at all, the specification of the Synthesis Wealth platform which caters to a niche clientele base in a specific industry may be a revolutionary tool for advisors directly under the tutelage of Synthesis Wealth Advisors. Third-party platforms such as this are not uncommon, but for a platform to be able to cater to a specific industry towards a specific business model and an advisory branch, it is revolutionary on its own.
All opinions expressed here are of my own and do not reflect that of Infinitum Financial Advisory Pte Ltd (“Infinitum”). Infinitum is not responsible nor liable to any party for the content of this [article/presentation/website/blog/ Facebook] and intellectual property used on this platform. Information and opinions provided do not constitute an offer, recommendation, solicitation or advice to buy or sell any product(s); you may seek personalised financial advice to determine product suitability.