Amsterdam-based Digital Insurance Group (DIG) and Swiss InsurTech dacadoo entered into a partnership to further expand insurance solutions for banks, insurers and brokers with a new ‘Quote & Buy’ product.
The new offering will calculate risk for life insurers, therefore, transforming the underwriting process for life operators. The health risk quantification product enables accelerated risk calculation, dynamic and personalised pricing, reducing the need for personal assessments.
Leveraging dacadoo’s technology, the new product will analyse four data points – height, weight, age and gender – for quantifying health risks and will then generate complete estimation data sets for mortality and morbidity in real-time. It aims to provide a scalable solution for streamlining risk calculation and improving customer acquisition.
The combination of the ‘Quote & Buy’ solution from DIG and dacadoo’s technology brings greater value in customer experience leading to better insurance access for consumers, DIG said.
With a clientele including Aon, Santander, Prudential, Zurich, Allianz, Chubb Life, Sompo Himawari Life, Manulife and T&D Holdings among others, the firms will be able to offer their solution for real-time and dynamic quantification of health risks.
Commenting on the partnership, DIG CEO and co-founder of Ingo Weber said, “Our mission is to give more people access to insurance and make sure they get the protection they need for themselves and their families. We work a lot with innovative insurers and enable them to build disruptive distribution and engagement models including ecosystems.
“With the solution we’re now building with dacadoo we can even increase the level of personalization and customer experience. It is a great example of how ecosystems enrich the offering of an insurer and provide tangible benefits to its customers.”
Echoing a similar sentiment, dacadoo president and CEO Peter Ohnemus added, “What makes this such a special partnership is that both DIG and dacadoo have very similar altruistic values; the desire to make a real difference to consumers’ lives by accessing better insurance products that give them peace of mind, as well as rewards for leading a healthier lifestyle. With our science-based Health Risk Quantification technology, DIG will be able to provide a unique solution for their clients that is both scalable, easy to work with and will prove extremely effective in helping insurers take their underwriting processes to the next level.”
InsurTech company DIG offers tailor-made insurance services based on the low-code and open API platform. Its SaaS-like solution can be seamlessly integrated into the customers’ existing IT infrastructure and external services.
Whereas dacadoo specialises in supporting the digital transformation of insurers through the quantification of health risks and digital health platforms. Its technology quantifies holistic health in a single number from 0 representing bad to 1,000 i.e excellent. The health index changes in real-time with the lifestyle data provided, enabling dynamic pricing and pay-as-you-live insurance offers.
Copyright © 2021 FinTech Global
