DGAP-News: JDC Group AG / Key word(s): Alliance
JDC Group and Provinzial Group plan collaboration on consumer insurance business of savings banks
- JDC and Provinzial sign letter of intent to process and settle insurance products beyond the Provinzial product range and plan to create a joint venture
- Around 100 savings banks will support a million new retail customers through the joint venture via the S-Versicherungsmanager (insurance manager) and the JDC platform
- Significant growth in revenues and profits expected in the coming years
Wiesbaden, Germany, 12 February 2021 - JDC Group AG and the Provinzial Group today signed a letter of intent to collaborate extensively on the processing and settling of selected insurance products for retail customers through the savings banks in Provinzial's business region.
The range of all insurance products beyond the Provinzial portfolio is to be combined on the JDC platform through an interface to S-Versicherungsmanager (S-VM), the central distribution platform of savings banks and public insurance companies for the intermediation of insurance products to retail customers.
To reflect the relevance and long-term nature of the collaboration in legal terms, JDC and Provinzial plan to create a joint venture company.
The letter of intent is subject to the approval of the boards of the two companies. It states that JDC expects that within five years up to 100 savings banks in Provinzial's business region will process and settle their insurance business through the joint venture.
This will result in a significant increase in revenues and profits for JDC in the coming years.
JDC Management Board member Ralph Konrad commented: 'We are delighted that the JDC bancassurance technology developed by us should now be widely used by savings banks through S-VM. This collaboration, with its target of at least a million additional customers, is definitely the biggest step in the development of the JDC platform since the company was established in 2003. However, this is just the beginning of our future development.'
About JDC Group AG
JDC Group AG (ISIN: DE000A0B9N37) offers a digital platform for insurance companies, mutual funds and all other financial products and services under the brands Jung, DMS & Cie., allesmeins and Geld.de. By offering the full product range and complete data and document supply of all product providers in the financial market, it creates through its vision systems and interfaces the perfect workplace for financial intermediaries of all kinds (brokers, agents, corporate brokers, banks, tied agent networks, FinTechs) and the first real financial home for financial service customers. Via smartphone app, tablet or PC, customers and intermediaries receive a complete overview of the individual insurance and fund portfolio, simple online tools and transfer processes as well as a complete market comparison, so that customers and consultants can optimize insurance cover and pension plans easily and in an ideal performance-cost ratio. More than 300 well-trained consultants under the FiNUM brand complement the platform offering for demanding and upscale private customers. With more than 16,000 connected platform users, around 1.5 million customers, annual sales of around two billion euros, a fund portfolio of more than five billion euros and annual insurance premiums of almost 800 million euros, we are one of the market leaders in the German-speaking region. JDC focuses on sustainability and is committed to the ESG criteria: As a digitalization service provider, JDC helps to save many tons of paper and make everyday life of financial intermediaries and customers easier.
About the Provinzial group
With a total premium income of more than 6 billion euros, the Provinzial Group is one of the big German insurance groups. Around 26 million people live in the Group's business region in the north and west of Germany. The Group's regional insurance companies are firmly rooted in the Rhineland and in Westphalia, Schleswig-Holstein, Mecklenburg-Western Pomerania, Hamburg and Rhineland-Palatinate. They are involved in a variety of social and cultural projects, in loss prevention and in amateur and elite sports.
The members of the Management Board of JDC Group AG hold stakes in JDC Group AG and have a personal interest in the type and content of the information given in this announcement.
12.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
JDC Group AG
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