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17. June 2021

FinTecSystems becomes a new member of InsurLab Germany

Understanding insurance customers better and creating tailored offers. FinTecSystems has joined InsurLab Germany with this mission since April 2021.

Who is FinTecSystems?
We (FTS) were founded in 2014 and are a Bafin-licensed account information and payment initiation service. We enable private and business customers to actively provide account information and initiate payments via whitelabel online banking login. In the meantime we have grown to a team of over 65 colleagues and are active in 4 locations in Germany. Our goal, supported by the PSD2 regulations, is to generate added value from every turnover in an account and to develop sustainable solutions for our customers. To this end, we cover over 99 percent of the banks in Germany and Austria and analyze payment flows in such a way that they gain critical value for our customers. We help to understand the person or the company (B2C and B2B) behind a bank account.

Why are you a member of InsurLab Germany?
Topics like Open Insurance, Open Banking and the overall analysis of any payment flows drive us. In InsurLab Germany we see the opportunity to network with the experts of the industry and to have an influence on the drivers of the industry. Through our deep experience within PSD2, we would like to take an active part in InsurLab Germany and actively contribute with knowledge. High quality analysis of account information is a first step to get to know the customer better and together we would like to go deeper and set industry standards in financial data analysis. We look forward to working with all partners and are always available to get to know each other, contact us!

What experience have you already gained in the insurance industry?
The ability for a customer to actively provide account information, via online banking login, has already become an industry standard in the banking sector. Since the beginning of 2019, we have been on a journey in the insurance industry to develop PSD2 use cases for insurance companies. Looking at where we are today, 2 cases have already been established:

  1. Personal Finance Management

Getting to know the customer better every day and understanding their life situation is exactly our goal. Together with our partners in the market we are involved in so-called "Personal Finance Management Apps" and enable the customer via online banking login a constant connection to the account to share financial data. Based on this financial data, the customer is provided with situational and personalized suggestions regarding the current financial situation. Examples of contacting the customer within the app include: Receiving child payments (“Kindergeld”) for the first time, changing jobs, entering retirement, changes in living expenses, identifying hobbies, building a house, moving, and many other opportunities that arise from the customized analysis of account information. The goal is to better understand the customer, provide optimal advice and increase digital touchpoints with customers. Each individual touchpoint represents a new sales opportunity and increases the chance of further business. Such apps are already used by hundreds of thousands of people in Germany and we as FTS work with a large number of providers.

  1. Digital contract check

"Where is the folder with my insurances and what have I actually concluded again?".

End customers no longer have to ask themselves this question with the digital contract check. Together with our partners (e.g. Jung, DMS & Cie.) we have created a digital contract check, which makes it possible to determine the contract portfolio (insurance company, premium, type of insurance, insurance policy number, payment interval, etc.) of a customer in real time through the online banking login. For the sales department, this is important information to advise the customer even better, to identify gaps in coverage and to create tailor-made offers, whether through brokers, the exclusivity or in bank sales. The end customer has the advantage of receiving a policy overview in real time, and brokers can proactively point out insufficient coverage and create optimal offers.

Both use cases show that PSD2 is also taking place in the insurance world and that we already have pioneers in its use. We actively address InsurLab Germany with the request to think about further use cases together with us in order to identify added values.

What are your next goals?
Our goal in the Insurance business unit is to get even closer to the market in order to understand which PSD2 use cases deliver real added value for end customers, insurers and distributors. Everyone in InsurLab Germany is invited to enter into dialog with us in order to become active together. We are also available at any time to share our experience and insights from Open Banking/PSD2. We are looking forward to the membership!

Philipp Opitz

- Bachelor and Master studies (International Business) at Maastricht University - Over 5 years of experience in partner and key account management - Since 2019 at FinTecSystems in business development and responsible for partnerships and collaborations with insurances & InsurTechs - Contact person for the cooperation in InsurLab Germany and part of the Topic Group "Open Insurance".

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