Deutsche Bank has announced a new strategic partnership with Insurtech firm Friendsurance. The arrangement will see the two companies working together to advise clients and help them take out and manage insurance policies.
Deutsch Bank’s goal is to make it more simple, transparent and convenient for clients to arrange insurance. Deutsche Bank said it will integrate Friendsurance’s digital products into its online banking portal with bank clients being able to use the insurance features in mid-2018. Deutsche Bank notes the profound opportunity in the insurance industry. Premiums for indemnity and accident insurance totaled €66 billion in Germany in 2016. Approximately 27% of these premiums were negotiated by insurance brokers. Deutsche Bank and Friendsurance expect clients will increasingly turn to digital brokers for their insurance needs in the coming years as Insurtech eliminates the need to deal with a broker and pay the high fees associated with the current process.
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