Empathy is a fundamental part of any financial home. Dimply, an Irish startup founded in 2020, believes in an empathetic and resonant approach in empowering healthier financial futures for customers. The startup builds a bridge between large financial businesses and individual customers with a focus on helping people think and feel better about money. Its applications provide users with smart, personalised, financial support in their pocket.
We have asked Dimply’s founding team to tell us more about their behavioural-based approach and personalisation models and how insurers could contribute to their customers’ long-term financial health.
How do you see consumer expectations changing when deciding on how to build their financial home?
Latest research suggests that 40% of millennials and Gen Z consumers expect financial, health and wellness guidance from their insurer. New engagement models and more holistic digital offerings are necessary. These digital first consumers want flexible products that offer clear value and are aligned directly to their goals, lifestyles and values (especially relative to ESG). Consumers perceive value through rich experiences and trust-based relationships, in which flexibility and customisation are imperative. They will expect this kind of utility from a digital home platform.
From a product perspective utility is the power of satisfying consumer needs, while, from a consumer point of view, utility is a rich behavioural and emotional experience. In essence, the pleasure they will get from the consumption of experience and services.
Insurers can leverage technology partnerships to combine simpler components into personalized solutions, driving engagement, utility and sales. Ensuring they also develop the necessary digital and analytics capabilities.
Our co-founder backgrounds are in financial advice, insurance distribution, digital advice and product design. Dimply was established in 2020 and our focus was in building “a trusted primary interface where people can better manage their financial lives”.
How does a behavioural-based approach allow for increased customer awareness and experiences?
We left careers in traditional digital advice to establish Dimply. We have built an intelligent B2B engagement and experience platform. For consumers, money isn’t just about the numbers, it is a deeply human, emotive, behavioural and personal subject. Our behavioural approach and personalisation models have led us to build digital products that help insurers better understand and engage with user’s needs. The right experience, right tone of voice, at the right time. Empathetic and resonant.
We understand this unique relationship with money and that the customer is constantly evolving. This evolving money story, and the individualised transition through various financial life stages impact their financial needs and decision-making process.
Dimply has developed a large suite of intelligent AI engines that we call ‘Orbs’. These Orbs continually run simultaneously for each and every user, collecting objective and subjective user data. Our personalisation engine optimises Dimply’s sensitivity to our user’s financial and behavioural needs. By doing this, we help them better understand the context and prudence of financial planning and well-being throughout the various phases in their lives.
We provide a personalised interface with multiple intelligent actionable insight types. Our intelligent financial experiences are designed to empower greater consumer engagement, financial awareness and well-being. Using all this information with a configurable hierarchy of financial needs we can intelligently provide consumers with relevant pathways to financial advice and insurance products.
What role do insurers play in the success of their customers’ long-term financial health?
Insurers have a really important global role to play in protecting and promoting financial resilience and well-being to individuals, families, businesses and communities. As mentioned earlier, approximately 40% of millennials and Gen Z consumers expect financial, health and wellness guidance from their insurer. The provision of intelligent applications in the workplace pension area is a significant opportunity for insurers.
The insurers that commit to creative thinking, bold action and continuous innovation have an opportunity to fundamentally reposition around a higher order of value — improve overall financial health, resilience, reach and well-being.
Participating in this ‘experience economy’ means insurers must become more data-driven, with an architectural shift leading to investment in new customer data infrastructure technologies to unify the journey, especially voice-of-the-customer (VoC) tools.
They must be willing to increase their digital innovation and testing cadence when creating a successful financial home. A home where consumers can easily understand and buy products, when they need them, because they want them all in the understanding of the value they provide. Engaging with consumers using financial well-being and service focus, will increase consumers’ understanding of benefits to both them as individuals and to their families.
Dimply is one of the 10 startups joining InsurTech Hub Munich FIN:SURE Innovation Sprint. Like the sound of Dimply? Book a live demo on their website.