When Vin Tan and Xiang Peng, more commonly known as XP, met back in 2016, they never expected that they would be running a company together a mere three years later.
Vin was in the insurance field, while XP’s expertise was in technology. When they met through a mutual friend, they found that they had a similar philosophy towards technology in the insurance industry: that technology should supplement, rather than supplant humans.
“It was like a meeting of minds,” says XP. “Fast forward three years later and we’re running a company together!” Vin and XP are helming Fintech Alliance, which aims to facilitate the application of technology in the insurance industry.
“People don’t like change,” says Vin. “Introducing technology gives us a lot of fear that we’ll be rendered irrelevant,” he explains. “That’s why instead of disruptive technology, we want to provide tech solutions that are assistive,” XP chimes in.
Fintech Alliance is now piloting a Robo Advisory system, that provides financial advice direct to clients. While both Vin and XP acknowledge that the human touch is crucial in selling insurance, they also point to some tedious processes that can be automated, thus empowering financial consultants to work more effectively.
“What we are gunning for is a bionic advisor, so the Robo will take you through much of the initial processes, but ultimately you’ll still want to talk to a financial consultant, to get a better opinion,” shares XP.
Much of what Fintech Alliance is doing is also geared towards improving financial literacy among the public, particularly among younger generations. Their Robo advisory system will also include educational resources on financial planning.
This concern about improving the general public’s financial well-being stems from the duo’s own experiences dealing with financials– both their own and others’. “We meet entrepreneurs who have been doing business for years, and they can’t differentiate the various types of insurance!” Vin shares.
“When people struggle with financial difficulty, they don’t have the luxury to think further, because everything revolves around the next payday. That’s why it’s important to manage your finances from the start,” advises Vin.
Thanks to the work of Fintech Alliance, managing our finances is becoming easier and easier for the likes of you and me!