Interview with Alexander Bojer
Alex how did you design the new insurance products?
Together with BLKB (Basellandschaftliche Kantonalbank), one of the largest cantonal banks in Switzerland, and Baloise Insurances we designed two entirely new insurance products from scratch. We concentrated on BLKB’s mortgage customers purchasing a new home. The products should meet these customers’ risks concerns and fit their needs exactly. Therefore, we talked to the stakeholders involved: The relationship managers from BLKB on the one end and their clients on the other. Afterwards, we designed two products and successfully tested them with approximately 200 banking clients.
How does the client undersign the insurance?
We developed a first-of-its-kind undersigning solution. Policies are taken out live via video recording, which is legally binding in Switzerland. Anivo stores the video session in data for proof. No further undersigning is necessary for the client.
How did you develop the Bancassurance process?
Usually, relationship and trust between a banker and his client is very strong. Therefore, we designed the new process based on this valuable relationship. With the difference being that the banker does not have to advise his customer in insurance issues any more. During his normal banking discussions, the banker only needs to make a short introduction of what is to come and explain the risks of a mortgage to his client. Thereafter, a certified Anivo customer service agent, at Anivo’s call centre in Zurich, takes over via video chat and conducts the actual insurance advisory with the banking customer. This way, the banker is able to cede to the expert both they and the customer can trust.
What can you tell us about the technical implementation?
Based on Anivo’s insurance technology platform AnivoCore, the new products were mapped and technically implemented within only six weeks. The Anivo system generates all the necessary documents – like the insurance offer or policy – during the advisory conversation and sends them automatically to the bank, the bank client and to the insurance company. The solution does not require any software interface, neither with the bank nor with the client.
Maintenance and communication efforts within the bank or the partnering insurer are reduced to the minimum: AnivoCore supports policy administration, portfolio checks with the insurer and commission calculation, all fully automated and scalable. New products or sales channels can be added seamlessly.
What is the outcome of this business case?
The Anivo Bancassurance solution has been fully productive since April 2018 with the first bank, BLKB, and three exclusive insurance products for Baloise. The results are beyond our expectations:
BLKB and Baloise are very happy. As a matter of fact, we sell more policies on a daily basis than the entire bank sold in a whole year before Anivo’s solution.
- 75% of all customers are interested in talking about their risks – it is a relevant topic for them.
- 90% of the customers like the advisory via our new video call solution.
- 40% of all video chat appointments lead to the purchase of at least 1 product.
BLKB’s bank advisors are excited about the high advisory quality of Anivos’ insurance experts and rated it 8.9 out of 10 points.