Since 2016, riskine has been shaking up the insurance market in Austria. Now the FinTech is also taking off in Germany. As a new member of Insurlab Germany, we asked riskine for an interview to learn more about the company and its digital solutions.
What exactly does riskine do and what customer problems does it solve?
riskine develops digital solutions for insurance companies and banks, based on the latest AI and graph technologies. The B2B solutions are used to provide insurance advice to private and corporate clients. Our many API-based products are suitable for self-service (portal, website, apps, …) as well as face-to-face consulting.
We offer solutions such as holistic risk and needs analysis that support advisors in the process, as well as lead generation and self-service tools that allow customers to perform initial steps of advice and calculations themselves. Our solutions and calculators significantly help insurers cross-sell, acquire new customers, and provide high-quality, customer-centric advice – across all channels.
“Customer-centric” is the buzzword in insurance consulting today. What specifically makes your solutions customer-centric?
riskine came about because we noticed that many people don’t have an overview of their own risks and financial needs at all. This makes it very difficult to understand the personal need for financial products and to recognize an added value in them. riskine has made it its business to analyze the objective risks, preferences as well as wishes & dreams of the end customers in a holistic way, to make them visible and thus actively controllable – for advisors and their customers.
In the development of all our products, we make sure that precisely this 360° customer view – from the objective risks to the risk preferences to the wishes – is fulfilled in the advisory service. As a result, the customer-centric approach is always at the heart of everything we do.
You now have more than 20 insurers as customers, as well as banks and brokers. Why are your solutions so popular with insurance companies?
Our award-winning technology combined with deep insurance knowledge and beautiful UX/UI make the calculators and products unique and highly specialized. What’s also special about riskine is the wide range and combination possibilities of the products and that they can be put together entirely according to the wishes (content, frontend, design) of our customers to create a completely individual consulting set. We owe this to our API-based micro service architecture. This enables us to use our products for a wide variety of use cases and channels, thus ensuring customer-centric consulting everywhere. In short: the flexibility, the technology and the customer-centricity of our solutions.
What would be a use case at a customer?
One of our customers – a large international insurer – wanted to make its advice route more efficient and digital, while also attracting potential new customers to the offering. The company has now been conducting consultations using our holistic risk analysis for 3 years. The use has not only led to 35% higher cross-selling rates, but also to a significant drop in customer turnover. In the meantime, the Risk Sentiment Recommender has also been implemented at the insurer in order to be able to act in the market in an even more customer-centric manner.
The next step is to integrate the Insurance Bot, which is available 24/7 for customers, on the website and in the app. This is pre-trained with comprehensive insurance knowledge and can be used for different topics.
Our customers see us not just as a software provider, but rather as a partner and consultant for digital sales projects.
Where are you right now with riskine? What are your next goals?
We have many large insurance companies and banks in Europe as partners who are successfully using our solutions. A particular highlight for us was that we were chosen as a Gartner “Cool Vendor in Insurance” with our technology back in 2018. At the time, this confirmed that we are on the right track and that our solutions are innovative. In 2020, we won the Zurich Innovation Championship with our solutions for sustainable customer relationships and became the national winner. The fact that we are developing strongly is also noticeable in our team. We now have over 30 experts from the fields of mathematics, IT and insurance, and have built up a great deal of expertise on the topic of digital consulting within the team.
The next important step for us is to expand our customer base in Germany and continue our success story with exciting projects. We are really looking forward to that.
What are you looking forward to as new members of Insurlab?
As part of the collaboration with InsurLab Germany, we would like to bring our expertise on digital insurance consulting to the network. We hope to network with many members and exchange ideas on exciting topics. And, of course, that this will result in successful projects. We want to work with partners to develop the digital, customer-centric insurance consulting of the future, and InsurLab is exactly the right place for us. Germany, here we come! 😉