Digital Finance Life is a startup that provides an ecosystem for product development to insurance companies. The proof of concept and pilot product has been introduced to the market in 2020: the life insurance product FUTURO.
Challenges of the life insurance market
Challenges in life insurance are manifold these days: low-interest-rate environment, increasing regulatory requirements, a product development process that takes far more than one year, IT resources, and pretty much more.
Digital innovation and transformation are the keys, the solution to all these challenges, and not another item on this list.
Challenges of the project
During the «Lockdown Challenge in Insurance» the fundamentally new life insurance product FUTURO has been introduced. It was developed fully by remote, i.e., without any physical meetings between all involved parties.
Offering the product fully digital was one key challenge of the project. The chosen approach hit the zeitgeist and became very relevant in the current corona pandemic.
FUTURO is a non-traditional life insurance product. The product is designed for the very specific target group of the «best agers» and as a reinvestment solution for expiring policies. Despite the low-interest environment, FUTURO impresses with a new balance of safety and performance opportunities for the customer. FUTURO comes along with a digital and lean application process – and without any signature.
The development of FUTURO is proof that product development in life insurance can be fast, innovative, and digital – even in the midst of a pandemic. The unique ecosystem behind FUTURO allows any product development in insurance to be fast, innovative, and digital.
Faster development with less usage of internal resources enables an insurer to develop more products at the same time. And it allows for more tailor-made products that fit different sales channels and sales partners.
The project decided to build a website, which hosts the application form. On this form, all data from the customer is collected. The project reduced the needed data to the real minimum, which makes the application process easy.
The collected data is automatically and safely transferred via API to the insurance company, which in exchange sends out the relevant setting and quotes of the life insurance contract.
Finally, and prior to filing the application, the customer receives in the front-end as well as an electronic document via e-mail all necessary information to decide whether to close the contract or not.
Then, the application can be executed without any signature. This assures a fully digital and fast application process.
Tools: PhpStorm, Git, JIRA
Team: 3 members
Time Frame: May 2020 – today