Embedded Insurance in Slovakia – Tatra Banka and bsurance launch a new PoC
Leading Slovakian financial institution Tatra Banka has partnered with bsurance on a PoC to create and test a new embedded insurance product: transaction-based short-term travel insurance.
In our new reality, due to covid-19, insurance carriers are going the extra mile to cater to customers’ needs, understanding that planning ahead is more difficult since the pandemic’s spread. Thus, annual travel insurance might be perceived as unnecessary and expensive, whereas short-term travel insurance offers relevancy, simplicity, and cost-effectiveness.
The collaboration is part of RBI Elevator Lab by Tatra, a program looking for innovative fintech solutions. bsurance was selected alongside other startups from different countries, and in January 2022, bsurance won the competition and started developing the mutual PoC to help create and test new products and solutions for Tatra Banka.
For the PoC, bsurance is working with Uniqa Slovakia, to integrate a short-term and transaction-based insurance product, offered via Tatra Banka’s mobile app. This will enable Tatra Banka customers to add travel insurance to their planned trips in a few clicks.
Safe Travels, Indeed!
When a Tatra Banka client buys a flight or books a hotel room online, they will get a push notification suggesting travel insurance to assure a safe and worry-free travel experience. After clicking on the offer, the client reaches a webpage in which their details are automatically pre-filled, and the policy documents are ready to be reviewed and sent, in a matter of minutes!
The insurance offers cover in all of Europe and Mediterranean countries and includes comprehensive travel insurance.
This collaboration stands for bsurance’s mission: embedded insurance, which is relevant, simple, and fair.
Relevant-embedded insurance is offered based on a transaction related to travel, thus presented only to customers that might need such a product.
Simple- insurance policy documents are ready within seconds. Customers receive their confirmation as well as a personal ‘insurance card’ directly to their email.
Fair- if the cost of the short-term insurance is higher than the annual travel insurance offered by Tatra Banka, customers will be asked if they prefer buying the cost-effective option instead.
Digital Bancassurance – The Future is Near
Banks and Insurance companies have long embarked on their digital transformation journeys but the modernization of bancassurance is yet to follow. Our Whitepaper on Bancassurance aims to shed light on an awakening industry.
Lorenz Graeff, CEO and Co-Founder of bsurance, said: “The future of the insurance market is all about convenience for customers. This means easily accessible and understandable products which are presented at the ideal time and are quick and secure to purchase. We’re delighted Tatra Banka has selected bsurance to help build and test next-gen insurance solutions.”
Juraj Čief from Tatra Banka said- “Bringing innovations in a regulated field such as finance poses a great challenge for banks. We are happy that the cooperation with bsurance helped us to find a creative way to implement a new insurance product into our digital channels and outline a new possible approach for selling bancassurance products.”
The PoC with Tatra Banka is the latest milestone for us, as we expand across Europe, reaching over 50.000 customers and securing partnerships with Gearbooker in the Netherlands, France, and Belgium (embedded insurance for P2P creative equipment rental), refurbed in Italy (embedded insurance refurbished electronics), Amodo (AI-driven mobility insurance products), Kika/Leiner in Austria (omnichannel embedded insurance) and CaixaBank in Spain (embedded life insurance).