Wealth fintech partners with Milliman

Ignition Wealth has struck a partnership to use Milliman's data expertise in developing its white label digital engagement and financial advice solutions.

The two have started work on building advice solutions, with artificial intelligence, machine learning and data analytics at the heart of the development, the fintech said.

Ignition Wealth chief executive Manish Prasad said the fintech's existing and new clients will benefit from the partnership.

"Underpinning Ignition Wealth's bank grade enterprise solutions with the Milliman data platform ensures that we deliver world beating digital decision making and advice at scale, with an enviable actuarial pedigree," he said.

The partnership comes at a time when Ignition Wealth is growing its European presence, opening a Dublin office in July 2017.

Milliman is already established internationally as a leading actuarial platform.

The partnership's aim is to deliver goal-based engagement, decision support and advice. Milliman will analyse data and Ignition will contribute on user experience and digital advice fronts.

Ignition Wealth said leveraging rich datasets to develop digital engagement and advice solutions allows complex comparisons.

"Benchmark data will allow consumers to gain meaningful insight into their position as compared to their peers, to develop a real understanding about normal spending patterns in accumulation and into retirement," Ignition Wealth said in a statement.

Earlier this year, Ignition Wealth appointed Alan Quinlan as its Ireland chief executive. Last year, Ignition Wealth also struck a deal with BT Panorama.

Ignition Wealth operates as software as a service (SaaS). The funds are held by clients like banks, insurance companies, and superannuation funds. Ignition doesn't hold any funds.

The company says it currently reaches 4.3 million Australian customers.

Read more: Ignition WealthMillimanManish PrasadWade MattersonAlan QuinlanBT PanoramaDublinIreland
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