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Move Over Robots - InsurTech Still Needs the Human Factor

Dirk_Proessel_Finanzen_GroupDigitization may be in full force and enveloping your every move, but Dirk Prössel, CEO at Finanzen argues that the human factor is vital to the future of InsurTech. He says "Let's not underestimate the effect of a good, personal advise in the insurance and financial sector." Find out more from Alain Desmier, Country Manager at Finanzen at the biggest InsurTech event in Europe, 16-18 October.

How important is a personal consultant, when it comes to insurance cover or pension?

Digitization changes the way people research and purchase products. More and more comparison sites enable customers to check prices and services with just a few clicks. But especially complex insurance products still need a lot of explanation – and trust in the insurer. This is where a human factor comes into play: according to a recent survey by Google and Zurich, 59 percent of all insurances are researched online, but purchased offline. For high value and complex insurance and finance products like health, mortgage and pension insurances, the ROPO share accounts for more than 75 percent of all sales. So I would say: Let's not underestimate the effect of a good, personal advise in the insurance and financial sector.

How do European advisers respond to digitization?

The figures show that insurance and financial experts should pay particular attention to the digital acquisition of new customers. But the know-how and the resources to be perceived as an expert on the internet are often not available, especially in smaller distributions. I recommend such distributors to focus on their core competency and to keep doing, what they are best at: Give advice and help customers to find the right insurance or financial product. For their successful acquisition they can source high-quality, online-generated leads at our marketplace. Those leads allow immediate access to pre-informed prospective customers with an acute need for consultation.

ALAIN DESMIER InsurTech Rising

Which technologies enableconnecting online customers with offline brokers and agents?

Since 2004 we offer a real-time marketplace technology and digital platform, which connect customers, who inform themselves online about insurances, preventive and finance products, with competent agents and brokers. All is done by using real time auction and real time lead delivery; once the prospect hits “submit,” the picture of the broker and an overview of who they are, their contact information, and their ratings are displayed for the prospect to see. There is no online-to-offline break. The consumer is matched with a real person and knows who to expect a call from.

Brokers and agents can use our pure bidding process in which we deliver leads to them based on their willingness to pay and match. In addition we offer an eBay-type option for leads, that do not get matched and sold immediately. These leads go into an auction database and brokers can go in and bid on them. The manual auctioning of leads is also available by mobile app.

What’s unique about the matchmaking you just described?

We are able to provide a face with a name. Consumers looking to gather information on insurance or financial products are often skeptical about filling out forms, not knowing who they will speak with or if it will be a fraudulent call. By Finanzen providing the broker’s name, contact information, personal ratings and picture, it provides a personal, warm, and more trustworthy experience.

The ability to know the journey the consumer took on the website, the information they reviewed and all of the personal data submitted on the form helps brokers to tailor the conversation to fit the consumer’s needs. The omnichannel experience allows the consumer to not have to start at the beginning of their journey and allows the broker to pick up the conversation where the consumer left off.

To sum it up, we believe that the insurance and financial sector still needs the human factor for its success – even within the digital shift. Our marketplace business model cuts both ways: Customers get continuous access to the best products and services in the market and a high-quality digital experience. And costs can be kept at a minimum through connecting both parties in real time.

As CEO of Finanzen Group, Dirk Prössel leads the rollout of one of the oldest and at the same time most successful German InsurTech companies into the European market. At their locations in Berlin, Paris, Zurich and Bristol the Finanzen Group has been successfully taking over the digital acquisition of new customers for small and large distributors. In the midst of digital transformation they connect online customers with offline brokers and agents – and wouldn't undermine the human factor in InsurTech. Please find more information about Finanzen Group on their website.

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