Financial services giant Deutsche Bank announced it will work together with digital insurance broker Friendsurance to advise clients and manage insurance policies.
It’s another major step toward the implementation of technology into the insurance business, insurtech.
The DB-Friendsurance partnership was created to make it easier and more transparent for consumers to buy insurance. Deutsche Bank said it will integrate Friendsurance’s digital products into its online banking portal. Later this year, bank clients will be able to use the insurance manager function to manage and optimise insurance policies and take out new ones quickly and securely.
“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. Digitalisation is creating the technological framework to make this possible,” Markus Pertlwieser, Chief Digital Officer Private & Commercial Clients at Deutsche Bank was quoted by The Financial. “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,” said 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 together with key details such as notice periods, coverage and a claims history, all at a glance. It will also be possible for clients to manage their insurance policies online, to compare policies and conditions and, if necessary, change insurer or take out a new policy.”
Founded in Berlin in 2010, Friendsurance is a peer-to-peer insurance company that combines social technology with traditional insurance products to create networking effects that lower costs and deliver value.