N26 embeds insurance robo-advisor Clark
26 June 2017 | 4142 views | 0
Clark, the leading german insurance robo-advisor, expands its integration base with german Banks.
After first co-operations with ING-DiBa and PSD Bank Hannover, the partnership with the mobile bank N26 is announced today. Clark has developed a Bancassurance-API, which helps N26’ customers to better understand their current tariffs and improve their insurance situation.
The co-operation between Clark and N26 features a fully digital dashboard displaying all contract details directly in the bank app. Reporting claims is possible with a few clicks. Soon, the full depth of Clark’s digital insurance service will be unlocked for N26 customers: Clark will assess all tariffs and scan the product portfolio of more than 160 German insurance providers to bring users the best offers. Based upon the robo-advisor’s recommendations, customers will be able to improve their insurance situation directly within the app.
Clark has developed a Bancassurance-API which banks and other financial services companies can utilize to expand their product suite with digital insurances.
“Integrating the Clark insurance manager with N26 is a major milestone for bringing transparent and fair insurances to banking clients. We are happy to offer our digital insurance service to N26’ customers and help them to improve their insurance situation”
Dr. Christopher Oster, CEO of Clark
“Digitalisation in the insurance market is lagging behind. Customers are still facing offline structures and a lot of paperwork. It is therefore a huge opportunity for N26 to address these customer issues by leveraging digital innovation to make insurance more user-friendly.”
Maximilian Tayenthal, founder and CFO of N26
In today’s insurance market, customers frequently shy away from actively managing their insurance due to high complexity, intransparent cost structures and missing access to fair and competent consulting. As a result, customer satisfaction is very low. According to the World Insurance Report (Capgemini, 2016), only one third of customers below 35 years of age rate their insurance experience as positive.
Existing bancassurance concepts often suffer from missing product know-how regarding both bank and insurance products, or a narrow choice of products for the customer due to banks’ ties with one or only few insurance providers.
In contrast, the digital Clark insurance solution creates transparency about the quality of all insurances and automatically scans the majority of the German insurance market. Integrating Clark’s service via its Bancassurance-API puts banks in a position to become the “digital one-stop-shop” for all their clients’ financial matters.