PSD2 offers insurers regular contact with customer

Third-party providers that hold a PSD2 license can access the payment accounts of bank customers in order to provide account information/payment services. Insurers also benefit from this provision. This deregulation of the market and competition puts the customer first, as the account holder is free to decide who should receive account and/or payment information. This means that customers no longer have to rely solely on services provided directly by their main bank. They can now make use of apps and services from non-banking institutions, too.

PSD2 and the digital account book - new potential for the insurance industry

PSD2 allows account information to be examined in detail. This in turn allows insurers to get to know the customer and find out about their income and spending habits within the framework set by the regulation. This analysis serves as the foundation for a digital account book, which allows insurers to provide personalised suggestions relevant to the customer. Here we will show you how you can analyse payment flows in the insurance sector:

1. Analyse turnover and identify gaps in coverage.

The digital account book provides you with a tool for analysing and categorising the income of the insured person. If you identify coverage gaps, you can specifically point these out to the insured person.

2. View external contracts and identify new sales opportunities.

The digital account book also allows you to identify and categorise third-party contracts without the need for the customer to enter this information manually. This insight can help you uncover new sales opportunities.

This type of service increases customer loyalty and generates a wealth of information about the income and spending habits of an insurance company’s customers. For insurance companies, this additional information opens the door to more opportunities to contact customers and a needs-based approach that is as relevant to the customer as possible, allowing the insurer to offer new services and generate added value.

Analysing payment flows in the PSD2 environment using machine learning

In just six weeks, we take you from your initial idea and requirements all the way to a finished prototype/proof of concept. Our experts analyse your current situation and work with you to draw up an initial concept. Moreover, because we use the agile development approach, the concept is continually adapted based your feedback.

adesso provides the full range of services across the entire value chain of a digital account book project. This includes everything from strategic planning, preliminary studies and launching the project to implementing a fully operational solution. Throughout the process, we work with you to determine what the solution should include and create one that fits your specific needs.