Digitization – It Is Time For Banks To Get Moving Finally


“After non-life insurance and investments, we are gradually digitizing life insurance and pensions. From today, our intermediaries can negotiate fully digital life insurance contracts with a third partner. I believe that this example will also speed up the processes in other institutions.

Why Is Digitization Important For Your Company?

First and foremost, we have made a commitment to sustainability as a company. We used to process and store tons of paper with a significant impact on the environment. Today, we are moving on a clearly defined path to an entirely paperless company. Which, of course, has advantages for both intermediaries, clients, and business partners.

For Example, What?

The mediator is very efficient at work. Creates an offer in all relevant institutions simultaneously. They even combined life insurance and different investment solutions. Or compulsory contractual insurance and accident insurance. And it enters the client’s data only once. These are then shared in the client’s financial analysis, calculators, internal systems, the Filip client portal, or mandatory contractual documentation generation. At the same time, the broker does not have much room to make a mistake. It does not send anything to the headquarters or the institution. They do not have to order, store or check the up-to-dateness of any documents. The center can thus gradually transform the back office from contract picker to client support and more qualified assistance to the sales network.

What Does It Bring To The Client?

First of all, faster and more convenient processing of contracts meets his expectations on the road to life according to his ideas. A comprehensive overview of all solutions in the client portal is always at hand, thanks to the mobile application, which we will launch quickly. And last but not least, better care from the intermediary, who has more time to deal with clients because he is not burdened with administration.

You Also Mentioned a Financial Institution. How Does It Help Them?

There is also a back office on their side, which processes, evaluates, and throws contracts into the system. In the event of an error, a paper or, at best, electronic intervention is generated, which needs to be sent, processed, sometimes urged, and subsequently processed. All this can be eliminated by checking the data on our side already after the contract and automatically creating documentation directly in the institution’s system. We increase the speed of processing and save costs for institutions with a minimum of errors.

The Market Is Generally Digitizing. How Are You Different From The Competition?

Sometimes I find it comical when a digital leader is described as a company that can compare the offer of three insurance companies. We can reach all relevant submissions and fully conclude the contract with three insurance companies. We are the only ones able to negotiate second and third-pillar pension contracts online. This is beyond the standard that I consider paperless property, car insurance, and investment intermediation today. In addition, we can combine current accounts from six banks in the client portal and classify transactions into a spending report. We, therefore, have a fully implemented European Directive PSD2. So far, most of our competitors are just talking about it as a vision.

You mentioned a full-fledged online life insurance arrangement in three insurance companies. Why only three?

Unfortunately, other insurance companies are not ready. We have been meeting with some partners on this topic for years, and we cannot move forward. They are surprised at how far we have come in digitization, which is a priority for us. We are technically very flexible and meet the highest standards of digital security. Otherwise, banks would not share current account information if clients show interest.

You Didn’t Mention The Area of ​​Mortgages At All. How Do You Go In This Direction?

I think it is time for the banks to move finally. We understand that the area of ​​housing loans is limited by legislation. In particular, signing real estate collateral agreements is a sensitive issue where caution is warranted. But generating online home loan applications and electronically submitting initial documentation should have long been standard. Again, we are ready, and we are constantly reminding banks. Now the ball is on their side.

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