Kassel. Fintech fino has developed a solution with its Cockpit that takes the advisory process for insurance companies to a new level. This is because it represents a further development compared to solutions based solely on PSD2 interfaces, which offer too little benefit. The key to this added value is intelligent data analytics algorithms that can be used to identify customer needs and sales potential in the shortest possible time. On this basis, insurance consultants can optimally prepare customer appointments and score points with individually tailored insurance solutions. No programming or installation effort is required to use fino-Cockpit.
In a study by the insurance technology company Cover Genius, more than half of the participants wanted embedded insurance offers based on account transaction data. “This is exactly what insurers can implement immediately with fino-Cockpit,” emphasizes Aleksandar Jeremic, Managing Director of fino digital, adding, “Our innovative solution analyzes customers’ account transaction data, identifies existing insurance policies or any insurance gaps, and even provides recommendations for suitable products. These include, in particular, opportunities to optimize old-age provision or to adapt one’s own insurance cover to the individual living situation. But recognized life-changing moments such as changes in marital status or retirement also provide good occasions for advisory discussions.”
Ready for use immediately
The great advantage of fino-Cockpit is that it integrates seamlessly into the consulting process and insurance companies can use the solution directly without any additional investment in their IT. The insurance company sends a link to the individual needs check together with the invitation to the consultation. The customer logs into his online banking as usual, completely securely and in compliance with data protection regulations, and enters his access data in the protected area. Afterwards, fino-Cockpit analyzes the account data in real time and provides the evaluation result to the customer as well as to the advisor as an encrypted PDF file. On this basis, the advisor can prepare optimally for the customer meeting and make suitable product suggestions. The tedious manual compilation of premiums, income information and other data is no longer necessary. In turn, the customer benefits – in addition to precise advice – from the fact that he does not have to pick out insurance folders or policies and bring them along to the meeting.
Lessons Learned
As a BaFin-certified company, fino operates primarily in the finance sector, so it has extensive expertise in translating account transaction data into valuable information about customers. “We have adapted this knowledge and our experience to the InsurTech sector and incorporated it into fino-Cockpit,” says Aleksandar Jeremic.
Further information: https://kontoanalyse.de/use-cases/versicherungen/
About fino
The fintech company fino was founded in 2015 and develops products and services that optimize business processes in the area of finance. More than 100 employees work every day to ensure that the fino motto “Less finance – more you” becomes a reality for more and more companies and private individuals. Among other things, companies benefit from easier provision and management of their invoices, account information and payment flows. The analysis of these also helps them to make well-founded business decisions. Financial institutions, in turn, can offer their customers modern, fast solutions with fino’s products. Reference customers and partners include savings banks, VR banks, DATEV, Miles & More and Schufa.
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