MoneyParrot is a B2B2C platform to address the needs of a 2 million strong financial distribution community, who reside in the remotest parts of the country. With a mission to address the technological needs, empower them with powerful tools & information MoneyParrot would help Financial Advisors take informed business decisions for better productivity. MoneyParrot will help the Advisors get actionable insights on business opportunities, engage with clients in a deeper& more meaningful manner and give them a single point dashboard to provide exceptional service to the clients with high efficiency & convenience. The platform would also equip them with need-based solutions for their clients and redefine the way communication is done in this industry. We had the opportunity to sit down with the co-founders Amit and Abhijith to know more about MoneyParrot!
Durofy: How would you describe MoneyParrot in one sentence?
Abhijith: MoneyParrot is a platform which revolutionizes the way financial advisors manage their data, communicate with their clients and gain deep insights to grow their business.
Durofy: How did the idea of starting MoneyParrot come about?
Amit: Through experience over the years, the way the advisors have managed business and with the technological gaps that exist, I felt that there is a big opportunity to address the needs of 2 million + advisors across the country, which would help them bring more efficiency into their business – thereby leading to new customer acquisition, business and revenue growth. Also, more than 65,000 crores of valuable investments of individuals have been lost due to loss of documents and shifting of addresses and there was a need to digitize the same.
Abhijith: The advisor community has long been using the traditional means of data collection, and are facing challenges from various quarters like online aggregators and other channels of distribution. As per global research, even now, more than 65% of the people prefer to be advised in person before making an investment decision. The idea was to empower the advisor with the latest in technology and make them efficient and productive. The idea was also to unify the advisor community, so they can compare, collaborate and grow.
Durofy: Who should use MoneyParrot?
Amit: MoneyParrot can be used by All the Financial Advisors in India and by every single customer who owns or plans on buying an Insurance Policy.
Durofy: What are the key features of MoneyParrot? How is it different from other Insurance Portals?
Amit: We are not an insurance portal, but a technology enabler for financial advisors. For Financial Advisors: This would empower them with relevant insights, opportunities to grow their business, deepen customer engagements, manage appointments and know where they rank nationally and compare with peers across product categories. For Customers: Customers can digitize their investments, access data securely on the go, share data with family members, get timely reminders and identify other relevant investment opportunities.
Durofy: What were your biggest challenges while Developing/Launching MoneyParrot?
Amit: Since the advisor community is spread across the country and engaged with more than 50 insurance companies, we don’t have a single platform to unify the advisors, where best business practices could be shared.
Durofy: How are the early reactions from the target audience to the closed beta launch of MoneyParrot?
Abhijith: Before we started developing the product, we had taken feedbacks and done surveys using an MVP (Minimum viable product) with a group of successful advisors who have enormous experience in the industry. Based on our understanding and the learning we had during interactions, we have included those features in the current beta product. The initial feedback has been very encouraging and the target audience is appreciative of the fact that solution of this nature would help them grow their business and provide meaningful solutions to their clients.
Durofy: Why do you believe that empowering the Financial Advisors is the right way to go forward as opposed to a direct B2C model?
Amit: As per global insurance report, more than 65% of the people still prefer to buy products through financial advisors across the globe. There are about 22 lakh financial advisors, who serve crores of Indians across the country every day to help families be financially secure. We felt that there is an opportunity in empowering the financial advisors with the latest tools and technologies who in turn serve individual clients. This itself a big opportunity to address. MoneyParrot not only advises the advisor community but a has solution for the customers where we aim to completely digitize individual investments so that the valuable investment related data is not lost and also shared with the family. Being fully aware of the fact that 65,000 crores of unclaimed money is lying with the government.
Durofy: What are your future plans for MoneyParrot?
Abhijith: We plan to reach out to as many financial advisors across the country, in the process touching more than a million lives. We want to be aiding the advisor community in 50 cities in the next 1 year.
Durofy: When can we start using MoneyParrot?
Amit: MoneyParrot will be available for use from the first week of December, both for advisors and customers.
Durofy: What would be your advice to aspiring entrepreneurs?
Amit: Look for original ideas, do enough ground work with the target audience and provide meaningful solutions to enhance business opportunities.
Abhijith: Be authentic, humble and accept risks. The greatest quality an entrepreneur can have is resilience at moments when it seems impossible.