Fintech start-up Certua is to launch a robo-life insurance platform this year, aiming to re-join the protection and investment sectors following their split post-Retail Distribution Review (RDR).
Certua's robo-life insurance platform intends to offer financial planning solutions that automatically adjust as people's lives change. It said the platform will identify risk exposure throughout a person's life span, creating products and services that can auto-adjust based on client needs.
It will do this by connecting to live data sources - including banks, wealth platforms and social media - on a daily basis.
The service will launch in Q3 and will be available on both a self-serve and advised basis. Self-service will offer a more simplified user experience, while the advised version will be used for complex problems such as inheritance tax.
Certua aims to enable end-clients to have one insurance policy with multiple different benefits that will include investment products.
Chief executive Tom Williams (pictured) said: "We see the split in protection and investment advice following RDR as detrimental to the end client, as advice is about creating and protecting wealth.
"There has been a lot of innovation in creating but none in protecting, so our solution provides a platform to bring it back together."
He said the ideal platform model would be completely automated after receiving some manual data entry initially.
Williams said: "Financial services is among the last big industries to be disrupted; but with open data, changing consumer attitudes and the pace at which technology is evolving, we see it as inevitable."
He added: "Financial services solutions should always be relevant to where you are in that journey at any given time, while also helping you anticipate and protect against what's coming next."
Former regulator, the Financial Services Authority (FSA), split the investment and protection sectors of advice in an RDR consultation paper in 2009.
In the paper it said it would not apply its guidance on adviser charging models to the protection market. Former Tax Incentivised Savings Association (TISA) policy director Malcolm Small said this was due to the protection market having historically operated on commission.
Joining London team
Previously at Old Mutual Wealth
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Inertia has become a key policy mechanism