EQS-News: Hypoport SE / Key word(s): Market Report
Consolidated data as a basis for automation
Berlin, 7 November 2022. Smart InsurTech has been forging ahead with the validation of its insurance portfolio on the SMART INSUR platform for around two years. On 31 October 2022, the validated policy portfolio climbed above the milestone mark of one billion euros in annual net premiums to reach €1.07 billion. The data validation involves comparing and checking policy data from associated brokers and distribution organisations against the insurers’ information. This produces a base of consolidated, validated data that is essential for the development of data-driven business models.
“We are delighted that we have reached this crucial milestone as we strive to create usable data,” says Marcus Rex, Chief Sales Officer for the Insurance Market at Hypoport SE and member of the Executive Committee of Smart InsurTech AG. “After all, process automation only works with clean base data. And up-to-date data allows us to develop targeted products and services for consumers.”
While the validated portfolio now stands at just over €1 billion in annual net premiums, the total migrated insurance portfolio volume amounted to as much as €3.78 billion in annual net premiums as at October 2022. As several independent companies were combined to form Smart InsurTech AG, the insurance portfolios of the individual acquired entities are being steadily migrated over to the SMART INSUR insurance platform.
Validated data is not just a ‘nice to have’, it is the cornerstone of successful brokerage
For the brokerage companies that use the platform, validated data is the key to success, especially against the backdrop of challenges such as digitalisation, customer orientation and regulatory requirements. It guarantees a comprehensive view of the policyholders. Consolidated data also facilitates optimised policy data management, including fast document searching, improved commission clearing processes, intelligent process management, and improvements ranging from accurate classification to the automated initiation of processes when data is changed.
“We have reached an important milestone in the validation of our portfolio,” summarises Rex. “But we still have some way to go. Working on the data quality is a collaborative task. Brokers should check and update their customers’ insurance data at regular intervals. That provides the basis for the validation of data.”
About Smart InsurTech AG
Smart InsurTech AG operates the web-based SMART INSUR insurance platform, which enables users to manage, compare and obtain advice on insurance and pension products. The fully integrated system combines the processes and data streams of insurance companies and distributors. Its cutting-edge technology facilitates quick and direct formation of contracts, ad hoc product comparisons, end-to-end advice and efficient portfolio management. The highly automated processes used on this platform generate significant cost advantages and help our customers to achieve sustainable business success. Smart InsurTech AG is a wholly owned subsidiary of Lübeck-based Hypoport SE. The shares of Hypoport SE are listed in the Prime Standard segment of the Frankfurt Stock Exchange (Deutsche Börse) and are included in the SDAX index. Across its network of technology companies, the Hypoport Group employs around 2,500 people and generated €446 million in revenue in 2021. Further information on Smart InsurTech AG and the SMART INSUR insurance platform is available at www.smartinsurtech.de.
Smart InsurTech AG
Heidestrasse 8, 10557 Berlin
Tel: +49 (0)30 233 237 494
Mobile: +49 (0)151 5804 3077
Jan H. Pahl
Head of Investor Relations // IRO
Phone: +49 (0)30 / 42086 - 1942
Mobile: +49 (0)176 / 965 125 19
07.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
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