Can you introduce your company and your service?
KASKO provides ‘Insurance as a Service’ by allowing banks to offer tailored insurance products within their digital workflows via plugin or API.
How specifically does your service disrupt the traditional Bancassurance model?
The traditional bancassurance model is predicated on a bank partnering with a generalist insurer to offer a wide range of non-life and life insurance products.
Each partnership requires a bespoke integration between the bank and the insurer, which results in high investment and long implementation periods.
KASKO significantly reduces the opportunity cost and time-to-market for new partnerships by offering a digital API-based layer between a bank and one or many insurers on various insurance products.
How do you define "digital customer"?
A digital customer is someone who wants to engage with a service provider in a digital manner across all or most of these "touch points" involving information, purchase or support. Moreover, digital customers focus increasingly on flexibility, accessibility and convenience aside from price and product benefits.
What is your vision when it comes to the digital consumer?
Currently, much of the digital customer journey is actively driven by the customer based on active search requests. Increasingly, customers will trust "smart" suggestions as to which services to use, when to buy or how to save. We call this opportunity-driven consumption. This will be particularly powerful for banks which can tap into the wealth of customer information (i.e., transactions) to suggest relevant services, whether they are their own financial products or other service products from best-in-class partners.
One of the topics you mentioned is to maximise customer value, not margin. Does it mean that focusing on margin is not always connected with customer value?
The ultimate goal of any economic entity is to offer services at a margin whereby customer acquisition costs are lower than customer lifetime value, where customer value is the income generated by the customer over the duration of the customer relationship.
When saying ‘maximise for customer value not margin,’ what I mean is focusing on the extension of the customer relationship rather than minimising customer acquisition costs or customer income.
Based on your concrete experiences or possibly successful implementation of your services, how much can companies maximise their customer value and through that also their margin?
KASKO essentially provides an enabling technology to quickly offer new and tailored insurance products to their customers with very limited investment, thus enabling banks to maximise customer value and finally margin by integrating new services in a lean fashion, iterating based on real customer feedback regarding benefits and price points whilst focusing their own resources on their core business proposition.
What would the whole industry look like if every bank or insurance company used your services?
Bank customers would passively receive tailored insurance offers based on insights from the banks’ CRM based on analysing the customers’ consumption behaviour and life events.
Conversely, banks and insurance companies could develop and deploy new and tailored insurance-related services to their subsegments of customers within weeks.
Find out more: Bancassurance Forum