Capco, a global management and technology consultancy, and Envizage, a London-based analytics software provider, have formed a new partnership that will see the two companies working together to deliver the benefits of Envizage’s simulation-based holistic advice engine for financial services.
Established by three former Morgan Stanley partners, Envizage supports banks, insurers, pension funds and retail wealth and asset managers through its patented methodology and technology acquired from Morgan Stanley, which is a minority stakeholder in the company.
Delivered as an API, Envizage’s advice engine addresses all financial products in the context of a customer’s future life goals. Envizage simulates ‘real life’ outcome risks across different customer age groups, from millennials to retirees, using probabilities based on a range of factors, including inflation, longevity, mortality, health and liquidity.
Envizage promises to future-proof clients’ digital or hybrid distribution strategies at scale and reduces platform, compliance and distribution costs, with data-related benefits having the potential to considerably reduce BAU costs.
Matt Hutchins, Partner and Insurance Lead at Capco, says: “Envizage offers one digital foundation across many products, channels and countries. This is a highly complementary partnership from Capco’s perspective in terms of our respective areas of industry focus and our data and digital capabilities. The ability to use data analytics to improve financial awareness and planning for customers, and to help businesses improve customer personalisation and cross-selling through different channels – mobile, desktop, contact centre agents or advisors – was particularly compelling given Capco’s focus across insurance and banking markets.”
Vinay Jayaram, CEO and Co-founder at Envizage, says: “Envizage is delighted to announce this new partnership. Capco’s deep domain expertise, broad delivery capabilities and strong relationships with leading financial services organisations globally will be invaluable as we look to deliver value to our clients across the banking, insurance, retail investment and wealth management, pensions and at-retirement sectors. In these challenging times, millions of people around the world are seeking a clear path forward to build financial security for themselves and their families, and yet the advice gap has never been more apparent. We look forward to working with Capco to address that disconnect and to drive a step-change in financial planning, customer personalisation and cross-selling opportunities for our mutual clients.”
