Deutsche Bank and digital insurance broker Friendsurance have formed a partnership designed to make it simpler and more transparent and convenient for clients to arrange for their insurance needs.
To drive this, Deutsche Bank said it will integrate Friendsurance’s digital products—derived from 170 German insurers—into the bank’s online banking portal.
Starting mid-2018, bank clients will be able to use the insurance manager function to manage insurance policies and take out new ones quickly and securely, said Deutsche Bank in a statement.
Deutsche Bank and Friendsurance expect clients will increasingly turn to digital brokers for their insurance needs in the coming years.
The companies noted that premiums for property/casualty insurance totaled €66 billion ($80.8 billion) in Germany in 2016 with 27 percent of those premiums negotiated by insurance brokers.
“We aim to become our clients’ main digital bank. Many of them want a reliable platform where they can efficiently manage all their financial needs and where they can get products that go beyond what traditional banking services offer,” said Markus Pertlwieser, chief digital officer, private and commercial clients at Deutsche Bank.
“Digitalization is creating the technological framework to make this possible,” he added. “The insurance manager function is a logical addition to our digital offering, and we have found the right partner in Friendsurance.”
“This cooperation helps us to raise client satisfaction levels and inspire greater loyalty from our bank customers. And we are opening up to new, Internet-savvy target groups,” explained Tim Kunde, managing partner and co-founder of Friendsurance.
Using the digital insurance manager function, clients will be able to see all their insurance policies along with details such as notice periods, coverage and a claims history, said Deutsche Bank, noting that clients also will be able to manage their insurance policies online, to compare policies and conditions and, if necessary, change insurer or take out a new policy.
In the event of a claim, quick help is at hand from the insurance manager function. However, in addition to the digital offering, clients can call a hotline manned by insurance experts.
Friendsurance, which offers products from every insurer in the German market, serves more than 100,000 clients and aims to offer its clients “a home for their insurance products.”
When selecting a policy, the determining factor is that Friendsurance applies the same criteria that leading consumer protection groups do. As a result, the insurance manager function will not just come up with the cheapest insurance policies but the ones most suited to each individual client’s needs and situation.
Source: Deutsche Bank/Friendsurance