German ICMIF member R+V Versicherung has collaborated with Friendsurance Business to jointly developing a digital bancassurance solution as a service for members of the 875 cooperative banks in Germany which make up the Volksbanken Raiffeisenbanken group. R+V Versicherung forms part of the group and is the insurance provider within Volksbanken Raiffeisenbanken.
The VR-Versicherungsmanager app is based on a modular platform from Friendsurance Business. The product will kick off later this month (May 2019) with six pilot banks and then be expanded successively thereafter. The goal is to offer the digital insurance manager to almost all of the 30 million+ customers of the Volksbanken Raiffeisenbanken group.
Digitalisation will bring real added value to members
The VR-Versicherungsmanager app offers users various functions through which they can organise and optimise their insurance. The functions include a digital insurance folder and a messenger with which customers can quickly and easily contact their personal Volksbank and Raiffeisenbank adviser. The digital insurance manager app connects to the customer’s bank account. If the customer consents to the analysis, an intelligent algorithm identifies the customer’s existing insurance contracts and the data is automatically displayed in their online insurance folder. The software also offers the customer suggestions for optimising their insurance cover as soon as it detects changes in the customer’s life circumstances through the account data. “The VR-Versicherungsmanager is designed to help customers of Volksbanken and Raiffeisenbanken keep a clear overview of their insurance policies and stay optimally insured”, says Jens Hasselbächer, Board Member for Sales and Marketing at R+V Versicherung. “It also combines the strengths of the cooperatives’ on-site advisory services with the growing desire for simple, fast and digital solutions.”
A successful white-label strategy for Friendsurance
“With R+V, we have gained another strong partner. This underscores the growing importance of digital bancassurance platforms. And it validates our strategy of pairing our direct customer business with customised white-label solutions for the industry”, says Tim Kunde, Co-Founder and Managing Director of Friendsurance Business. The company behind the brand name is Megara GmbH, which acts not only as insurance agent, but also as the developer and operator of the platform. “Because we at Friendsurance have both a broker’s licence and an agent’s licence, we can cover a range of different cooperation models,” says Kunde.
This new app for members of the Volksbank and Raiffeisenbank is one of many examples of ICMIF member insurers embracing new digital technologies and working with insurtech providers to give the best possible service to their customers, in line with their mutual/cooperative business model. At the ICMIF Biennial Conference (12-15 November 2019, New Zealand) a number of sessions will look at the ways in which technology is enabling service excellence at mutual and cooperative insurers.
Photo shows: Jens Hasselbächer (left) and Tim Kunde (right)