Our client is one of the largest financial institutions in the world and one of the leaders in consumer finance in Poland. It is particularly well known for its strong position in consumer, instalment and car loans. Serving over 2 million customers, the bank operates through more than 300 branches, thousands of partner points of sale, a call centre and digital channels.
What was the goal of the project?
Customer motivations for taking out a loan can vary from buying a laptop for studying to financing a dream holiday, but one concern often remains the same. Many customers ask a similar question: “Is there a risk that I will not be able to repay the debt in the future?”
Having thousands of conversations with customers every day, the bank understands their concerns and biggest risks. To address these risks, the bank chose to expand its insurance offering to provide comprehensive protection for borrowers. It decided to develop a portfolio of standalone insurance products and open up new revenue streams.
One of the main business assumptions was to sell insurance through the bank’s extensive branch network. With an already complex range of banking products, the sales process needed to be fast and easy for both customers and the bank’s sales staff.
To achieve this, our client decided to implement a user-friendly digital platform with a high level of automation to support the sales process. Another requirement was a low-code, configurable solution that would not require significant involvement from scarce internal IT resources.
What solution was implemented?
Sollers partnered with the bank to implement RIFE– a bancassurance solution designed to create seamless digital customer journeys.
The RIFE-based platform uses robo-advisory to automatically provide packaged offers from multiple providers.
The bank’s team had a vision of providing comprehensive insurance coverage for its customers. The challenge was how to implement this vision when insurance was a secondary line of business and IT development was primarily focused on core banking products.
The project was 100% agile and, in fact, the first successful agile project in the bank’s history, allowing our client to maintain constant control over the outcomes. Involving the client’s frontline employees from the very beginning and using agile prototyping were key to creating a simple and powerful interface. Powered by a recommendation engine, the platform enabled insurance packages to be sold within seconds, supported by customer needs analysis.
As a result, the bank received an independent platform for selling, servicing and managing insurance products. Introducing new products became easier, faster and more cost-effective, allowing the bank to further enrich its offering.
Fast and profitable implementation
Go-live within four months, enabling a quick launch of sales.
Fully automated offer personalisation with robo-advisory, automatically recommending the best option from more than 50 variants.
Increase in the number of policies sold and in the percentage of customers purchasing more than one policy.
Technology & Market Insights
CEO Voices
CEO Voices – FMNE Insurance社長 ゲイル・M・ページ氏へのインタビュー
