22 August 2018 13:30
Marc-Antoine Gagnon, Félix Deschatelets and Jacomo Deschatelets
Emma, a assurtech life launched yesterday, Tuesday, 21 August, by Felix and Jacomo Deschatelets and their associated Marc-Antoine Gagnon, offers to a user to chat with a certified advisor, to discover its needs and to purchase life insurance online. MICA financial services firm is also the co-founder and co-shareholder.
Emma is about to revolutionize the life insurance industry through its platform chat safe and 100 % online, launch co-founders, in a press release. They describe it as the ideal solution for parents of young families and followers of the technology.
On the site emma.ca, users must answer questions, such as their age, their family status and the amount of insurance sought. According to the founders, the responses will be used to discover the need for life insurance and the type of product to recommend. The customer can then analyze its needs using an internal algorithm, and observe the prices of insurers in real time.
Because a certified advisor accompanies the user and answers all his questions by instant messaging, the founders argue that their offer to purchase life insurance entirely online, is in conformity with the existing law. It appears essential to the company to always provide access to a certified counsellor and not a robot.
“We have read and analysed carefully all of the law. We have a structured process in line fully in line with the regulations in force. Our process is designed to promote the consultancy relationship between the client and the advisor, ” says Felix Deschatelets, president of Emma.
The president of MICA chimed in. “No need to act 141, to sell life insurance online,” says Gino-Sebastian Savard, who is said to continue its fight against this law reducing the role of the advisor. In an interview to the Journal of insurance, Mr. Savard has been reported that there is still regulation to adopt to learn how to interpret the new law. In the wake of the electoral campaign and forthcoming elections, he said he hoped that the new government will allow the industry stakeholders to decide in this regard.
To help the compliance
Mr. Savard has also revealed that he and his brother Martin Savard did not hesitate to become a shareholder of 50 % of Emma, a software that relieves according to him his counsellors, a part of the weight of compliance. “Several of our advisors have too many clients. They are not able to see them every two or three years, to update their analysis of the financial needs. The adviser can then track the Internet address of Emma to his customers that he has not seen in two years and ask them if their needs have changed, ” said Mr. Savard.
The advisor is so consistent, because he has proposed a financial needs analysis, according to Gino-Sebastian Savard. “The software allows the adviser online determine the needs of the referred client, he adds. The customer can thus analyze its own needs, and seek clarification via live chat. If he wants to buy a product, he is obliged to initiate a chat session online. Before concluding the transaction, the advisor will validate if it is the right product and the right amount of insurance according to the needs expressed by the client. “
Commission sharing and recruitment
Mr. Savard reveals have a team of 16 youth advisors to freshly coming out of the university to respond to questions from users of the site. “We have them trained ; they are ready,” he said. If one of his advisors sells, the one who has sent his client to the site will benefit from a sharing of the commission. We have signed agreements with brokerage firms insurance. These agreements provide that 30% of the commission will be shared with the referrer. The 70 % remaining will pay the advisor and support to the platform. “
The president of MICA believes that Emma may also allow you to bring more of the young advisors in the industry. “Within a few years, this platform will become the best educational tool to train a new advisor. It will fly with its own wings. “
Mr. Savard believes that Emma will also better reach the segment of young families, while MICA is a firm traditionally focused on entrepreneurs.
Mr. Savard states that the algorithm of the software is rules-based artificial intelligence, and that it can evolve. He adds that the new application is available on computer, tablet and smart phone.