ONE Insurance reaches 130,000 policies
ONE Insurance holds over 130,000 policies in Germany. The digital property insurer plans to sell over 250,000 policies for the current year. Currently, over 30,000 active policies are added to ONE’s portfolio every month. The strongest growth driver of the company is the close cooperation with brokers. For these, ONE will use its technological pioneering role to set new industry standards. End customers as well as brokers should benefit from ONE’s digital automation processes and data-driven cross-selling opportunities.
Shortly after the first financial year, ONE passed the symbolic 100,000 customer mark. Thanks to broker-friendly products, competent support and stable and fully automated processes, the digital insurer already holds 130,000 policies in its portfolio. Effective immediately, ONE is concentrating on expanding the ONE API, a digital interface for brokers and other sales partners. This already enables the ONE product configurator to be connected to broker platforms, apps, online shops and websites in order to offer customers direct connection options and immediate policies. With a response time of less than 100 milliseconds, ONE’s digital interface is the fastest insurance API on the market. The fully paperless and fully automated property insurer also benefits internally from its digital approach. The use of artificial intelligence enables 87% of all business processes in the company to be completed without human interaction. ONE will continue to expand and further develop its AI in the future, for example, to further shorten claims processing, thereby improving the broker and customer experience.
“With almost 4,000 contracts per employee, we are very proud to be one of the most efficient insurance companies worldwide. In addition to our high degree of digitization, our key to success is our clear commitment to brokers as a sales channel. We would like to further intensify this successful cooperation in the future by developing tailor-made products and functions with our proven technology. ”
Oliver Lang, CEO of ONE Insurance
Brokerage business essential in Germany
According to surveys, 90% of all policyholders would like competent advice from trustworthy experts, even with household and liability insurance. Since the start in February 2018, ONE has been trying to create broker-friendly products. Due to the close cooperation with the sister company Wefox and the high level of technology, the digital insurer ONE was established as a successful broker insurer.
“The direct channel contributes less than 10% to customer growth. Since Lemonade entered the market, we have observed a significant increase in customer acquisition costs, which our competitors in the direct channel in particular are struggling with. It is therefore all the more important for us to win a stable and profitable business through our affiliated partners. Brokers are and will remain a cornerstone of the continental European insurance industry. “Alexander Huber, CMO and co-founder of ONE Insurance
ONE has implemented simple and flexible products for the most important consulting situations with brokers. In the medium term, ONE plans to offer a white label solution exclusively for brokers. ONE products can then be provided with individual logos, titles and the visual design of the broker’s office. Direct conclusion options with immediate policing and the sending of all documents by e-mail are already possible today. All products can also be integrated into the broker website. Inspection of documents, changes to customer data as well as up- and cross-selling are possible for brokers as well as for customers in the ONE portal or via app. If an existing customer buys himself for a higher-value tariff or another product, the broker receives the full commission.
“With ONE, brokers will not only sell pure insurance products in the future, but also digital preventive protection that fully meets the needs of millennials. This generation is difficult to reach because it has extremely high demands on digital functions, as they are used to banking apps or Netflix. Our IT fully relies on the expansion of ONE’s AI system to identify causes of damage fully automatically. Our insurance subsidiary ONE has done pioneering work with location-based insurance with ‘travel light’ and loss prevention through the ONE ’coach’. ”
Julian Teicke, CEO of the Wefox Group
