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Practice 2.0: Jump on Board or Be Left Behind

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In the realm of financial and insurance advising, adaptability is paramount for success. As tech advancements reshape industries, those who embrace change emerge not just surviving, but thriving! Enter Practice 2.0, a transformative approach spearheaded by Sure’s co-founders, Per Lagerstrom and Jacqui Young. Sure stands at the forefront of this movement, driving innovation and facilitating growth in collaboration with Liminil, positioned at the nexus of transformation.

Liminil, under the leadership of co-founder and CEO Fritz Hoelscher, specialises in developing bespoke solutions centred around data, a crucial aspect of modern business practices. With a strong and unique team dedicated to product development, led by Christian McCabe – Software Engineer, Liminil is committed to crafting tailor-made solutions that leverage data in innovative ways. This emphasis on bespoke solutions underscores Liminil’s commitment to facilitating growth and driving meaningful change within the industry.

During a recent interview, Sure Co-Founder Per Lagerstrom shed light on the pivotal role of Practice 2.0 in revolutionising financial and insurance advising. He emphasised the importance of embracing transformation: “The challenge for advisors is twofold: firstly, many are small and can’t afford the solutions offered by large companies. Secondly, there’s a resistance among some advisors who believe that change isn’t imminent. However, the COVID-19 pandemic and the subsequent shifts in the tech industry have accelerated this change. This presents opportunities for advisors, especially smaller ones, to adapt and embrace integrated solutions,” Lagerstrom said.

Practice 2.0 seeks to empower advisors to adapt, innovate, and thrive in a digital landscape that is changing rapidly

One of the core tenets of Practice 2.0 is the development of products that cater to the evolving needs of advisors and clients alike. Hoelscher spoke passionately about the importance of crafting bespoke solutions that leverage data to drive meaningful outcomes: “Companies lack access to structured data, which hampers their ability to make informed and prompt decisions. Even with excellent apps, the absence of access to structured data  can hinder operations. Recognising the significance of structured data and ensuring quick and easy access to it is crucial.”

A paradigm shift in the way advisors approach their craft

Gone are the days of static spreadsheets and manual processes; instead, advisors are embracing a dynamic, data-driven approach that enables them to make informed decisions with agility and precision. As Hoelscher aptly puts it, “Practice 2.0 takes all the tools available in the digital space and brings value to service providers.”

The transition to Practice 2.0 is not without its challenges. Many advisors, particularly smaller operations, may feel daunted by the prospect of adopting new tech and methodologies. Lagerstrom acknowledged these concerns: ‘The biggest blocker is the resistance to change – driven more by  fear than outright refusal. Advisors often lack the  experience to navigate the transition effectively. Many have sought advice from consultants, only to receive poor guidance. It’s essential for advisors to  see themselves as being part of digital businesses rather than just Insurance businesses. The implications are that those who adapt quickly, stand to thrive in this market, potentially reaping significant rewards.”

Data products offer a straightforward approach to data collection.  McCabe explained: “Brokers often manage multiple service providers, leading to discrepancies in data across various areas such as addresses, policy values, and arrears. This fragmented data can pose challenges as brokers may not have immediate access to critical information.”

The Limini team  has built an integration platform to address the issue of  messy data and lack of cohesion. This  Platform is specifically tailored for non-tech companies, providing them with a solution to effectively manage their data. It enables them to establish a data infrastructure they previously lacked.

A look into the future of advising:

  • Akin to an App Store, advisors can tailor their own Practice 2.0 solutions.
  • The world of locking people in on long contracts is changing.
  • With Sure, instead of manually generating quotes, you can utilise EasyQuote to automate the process. This enables the advisor to sit with a client and present 15 quotes in real-time.
  • If you need to transfer a client from one practice to another, the process used to involve a lot of administrative work. Now, it’s a streamlined process enabled by WhatsApp.
  • An efficient advisor can effectively manage a client base of 200. Within approximately 18 months, this capacity will expand to accommodate 1000 clients while maintaining a high level of service.

Practice 2.0 is here now, and it’s practical.

In the end, Practice 2.0 is more than just a buzzword; it’s a movement that’s redefining the future of financial and insurance advising in South Africa. As the industry continues to evolve, embracing this transformative approach becomes not just a choice, but a necessity for advisors who seek to thrive in the digital age.

With Sure and Liminil leading the charge, advisors have the tools and resources at their disposal to adapt, innovate, and succeed. The time to jump on board with Practice 2.0 is here.

Want to jump on board right NOW? We still have a few spots left on the Sure Easy Quote Beta Program! Easy Quote is an AI-powered tool that swiftly provides Life Insurance quotes from various providers in just 2 to 7 minutes!

➡ This platform simplifies the process by gathering one set of customer inputs to generate multiple quotes simultaneously, accelerating quote fulfilment by directly logging quotes onto Provider Platforms during the quoting process.

➡ It includes an onboarding boot camp along with support from the Sure Advisory Ops team, who will generate quotes on your behalf for providers not yet available on the platform.

➡ For only R500, gain access to 100 quotes per month with an unlimited number of advisors/users in your firm.

Email and we’ll get you started. For more on Sure, click here.

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