Insurance and tax advisory engines for financial consultancies

The R&D team developed a novel way to use an individual’s circumstances to create unique insurance and tax advisory recommendations based on parameters provided by the customer.

This project has been developed as part of a wider product development project for Fusion Consulting, a consulting and investment management firm, and the Mortgage Advice Bureau, a Mortgage Advisory platform, 

Due to the absence of an off-the-shelf solution, GrowCreate created a custom implementation to collect and consolidate data from diverse APIs, including stocks and shares, funds and ETFs, property, and cash. Other personal details, such as family and employment situation, were used to create insurance and tax advice. The resulting data was plotted using charting engines and delivered on a personalised website interface.

This advisory engine allows us to source data from diverse sources, generate forecasts, and deliver them in diverse formats at scale. This mechanism builds on the need to source data from several different sources, including CRMs and financial systems. Subsequently, the dynamic tax forecast is made available to secure, mobile-optimised environments. 

Scientific or Technological Uncertainties

The advancements described above could not be achieved without resolving scientific/technological uncertainties. The main scientific/technological uncertainties that the company sought to overcome during this claim period are summarised below:

• How to construct a complete financial position using data collected and consolidated from multiple sources, including the customer
• How to generate accurate insurance and tax forecasts and advice based on the customer’s circumstances, plans, and other assumptions
• How to deliver these forecasting toolkits in a user-friendly way, using a secure environment and ensure regulatory compliance

Eventually, the team was able to circumvent all the technological challenges to achieve a flexible and scalable data management solution for Fusion Consulting and the Mortgage Advice Bureau.