UK life insurer acquires fintech business

UK-based mutual insurer Royal London has agreed to buy fintech firm Wealth Wizards from LV= for an undisclosed sum.

Royal London said the move recognises “the growing need for high quality, technology-enabled solutions to help improve efficiency in the provision of advice”.

Wealth Wizards’ offering can automate parts of the advice process and provide clients with a digital system to assess their wealth.

‘Excellent outcome’

Barry O’Dwyer, chief executive of Royal London, said: “We are impressed by the innovative technology offered by Wealth Wizards and are delighted they are joining our business. We see the positive impact of advice on customers’ lives every day and will work with advisers to help to overcome the advice gap in the UK.

“This acquisition provides us with an opportunity to enhance the leading support and service we already provide with market leading technology and processes that can help advisers become more efficient and broaden the offering we have for our workplace clients.

“As a mutual, our investment decisions are solely driven by the benefits offered to customers and this acquisition is a great example of this in action. I look forward to welcoming Wealth Wizards to Royal London.”

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Source: UK life insurer acquires fintech business | International Adviser