Kevin Steer, CEO & Co-Founder of 121Advisor, is a dynamic leader who hails more than 40 years of experience in the entire spectrum of Banking & Finance.
He started his career for Schlumberger Asia in 1979 as a Field Engineer and Manager. Later, he joined Artificial Intelligence Ltd, UK in 1988 as a Research Engineer. He played a major role as a Consultant with Strand Software Inc, US, Oregon Advanced Computing Institute in the US and was appointed as a consultant to Boeing Aerospace Inc, US (1989 – 1990).
In 1990, he moved to Malaysia working as a Consultant to Computer Systems Advisers Bhd on a client-server banking systems for a local bank. In 2010 he co-founded One Two One Advisor Sdn Bhd, providing FinTech & InsurTech solutions to the Banking, Insurance & Takaful sectors.
Academic Background
In academics, Kevin did graduation from Cambridge University (UK) in 1978 and holds:
- Bachelor of Arts Engineering degree
- Master of Arts (Electrical Sciences) degree from Cambridge University, UK
- Master of Science (Computing) degree from Imperial College, London, United Kingdom
A Glimpse of 121Advisor
Catering to both the FinTech & InsurTech sectors, One Two One Advisor was formed in 2010.
121Advisor’s product is called ‘Customer First Connected Enterprise Digital Framework’ that integrates all of the above solutions.
121Advisor motto:
“We Don’t Follow Trends, We Pioneer Them”.
Over the past 10 years, the company has implemented many disruptive online solutions including:
- Referral Management with Marketing Automation (for Banks)
- Mobile Point of Sales
- Online Direct Selling
- Online Claims
- Agency Distribution
- Online Customer Service Portals
- Corporate Websites
With the growth of AI & chatbots, 121Advisor implemented disruptive solutions including:
- Multilingual Chatbots
- Robo Advisors
- AI-based Predictive Analytics / Machine Learning
These solutions predict new products, lapsation, fraudulent claims & future predictions for investment funds.
The Inspiration Behind the Initiation
Having worked in the insurance & takaful sector for a number of years, 121Advisor’s mission was to provide disruptive InsurTech & FinTech solutions for insurers, takaful operators & banks.
As a CEO & ‘techie’, Kevin has always been looking for new disruptive solutions to continue evolving the business. His experience working for an Artificial Intelligence company in 1986 sparked his long-standing interest in AI.
When 121Advisor started seeing the evolution of Chatbots, Robo Advisors, Predictive Analytics, Behavioural Intelligence & Robotic Process Automation, the company began researching AI solutions.
121Advisor implemented:
- 24×7 multi-lingual Chatbots
- Robo Advisors for lifestyle financial planning
- Predictive Analytics solutions
These solutions predict new products to buy, lapsation of policies, fraudulent claims & future growth or decline of investment funds, integrated with RPA solutions to trigger workflows and notify relevant teams.
By 2014, the company was profitable and used its profits for R&D on developing new disruptive solutions. A graph illustrates the company’s growth over the past decade.
Clientele and Challenges on the Way
The clientele includes:
- Manulife
- MCIS (part of Sanlam Group)
- Etiqa
- Gibraltar BSN (part of PrAmerica)
- FWD Takaful
- Zurich Takaful
- AmMetlife
- AmMetlife Takaful
Banks:
- BSN Bank (Bank Simpanan Nasional)
- MBSB Bank
In 2010, the terms ‘FinTech’ & ‘InsurTech’ were not available, and it took time to convince customers of 121Advisor’s digital skills and capabilities. By 2014, the company began growing its customer base across banks, insurers, and takaful companies.
The Roller Coaster Ride toward Success
The company now has 18+ clients and 12 product solutions. 121Advisor continues to be disruptive by developing new solutions such as predictive analytics, multilingual Chatbots, and Robo Advisors.
A Day in Kevin’s Life & Favourite Book
Kevin gets up at 5 am and reaches the office at about 7.30 am. As a ‘techie’, he reviews emails, advises his team on solutions, and designs data models for customers. He goes to sleep at about 10 pm.
Favourite Book:
“Valuation Seventh Edition – Measuring & Managing Value of Companies” by Wiley
Road Ahead
In the future, u12know will include health and wellness calculators to advise people on their health, including a “Total Health Score” indicating whether they are very healthy, healthy, unhealthy, or at risk.
121Advisor will also introduce u1Notice, a mobile app integrated with WhatsApp for Business, enabling customers to receive reminders and renew policies online.
For the knowledge portal (u12know), Kevin Steer will expand into:
- Indonesia
- The Philippines
- Myanmar
- Vietnam
Followed by expansion into Europe and the US.