"Analysis by market data and research firm Timetric a couple of years ago predicted that “new technological innovations coupled with the challenges of the digital era are expected to put significant pressure in this (bancassurance) channel over the coming years”. The underlying reason for this prediction is that achieving scale on a human level is very difficult. It is also difficult to maintain competitive levels of pricing, coverage and features when new digital players are able to move more quickly."
Rick Huckstep on LinkedIn Sep 24th 2019
Rick uses Friendsurance to show how technology delivers benefits for banks, insurers and customers e,g,
Cash Flow Analysis
Customers can hold all their insurance policies in a single place on the Friendsurance platform, even those from other insurers. To make it easy for customers, Friendsurance uses an API to scan a customer’s bank account and look for insurance contracts. From this, they can identify policy details and add them to the central folder. This is all enabled because of PSD2 and the finAPI, which has licence to scan customer data.
The final word from Tim, “Through the cooperation with Deutsche Bank and R+V Versicherung, we can reach a customer base of around 35 million customers in Germany. The next partnership is already in the making and includes conversations in the German market as well as other European markets.”
Well worth reading the full article linked below
In early 2018, Friendsurance Business announced its first bancassurance partnership with Deutsche Bank to integrate the platform into Deutsche Bank’s online portal. This was followed a few months ago with the announcement of a bancassurance partnership with R+V Versicherung. The partnership with VR-Versicherung’s manager enables customers of the cooperative Volks- und Raiffeisenbanken to manage and optimise their insurance policies online.
unknownx500
