German family insurance: digital property insurance
German Family Insurance has been offering a new household insurance policy since 19.09.2018. Household Budget Protection is the first of a series of new digital property policies that the Frankfurt-based Insurtech wants to launch on the market in the coming weeks. “Sixth Matrix” therefore contains household contents, liability insurance, motor legal protection and accident insurance.
Accident insurance in Germany, and what awarded a “very good” rating (1.3) by the German consumer organization, Stiftung Warentest on Wednesday. The structure of “16th Matrix Property” is based on the simple and clear structure of “16th Matrix Health” and is available in the variants Basic, Comfort, Premium and Exclusive. Dr. Stefan M. Knoll, CEO and founder of Deutsche Familienversicherung says: “In 2007 we launched the property insurance package Combi-5-plus on the German insurance market which offered a revolutionary new product solution. So, in 2018 we will be introducing the new “16th Matrix Property”; a product portfolio that is easy to understand and is based on the level of digitization of our supplementary health insurance.
Customers want to be quick and easy – the digital customer journey
Basic, Comfort, Premium or Exclusive, and German Family Insurance offers PayPal, AmazonPay and Amazon Login. Once the 2-minute online process is complete, the customer will receive an email with the login data for the DFV customer portal, the link to download the DFV app and an insurance card in wallet format. The digital wallet card has replaced the old plastic card. Customers can use the DFV app and the DFV customer portal to make changes to their contract data. The Java-based IT system then implements in real time and notifies the customer via email. The conclusion and business processing of the new DFV property insurance therefore takes place exclusively online and digitally. Dr. Stefan M. Knoll: “Customers want to be quick, easy, clear and transparent. We can guarantee this with our digital customer journey and achieve new standards in terms of customer orientation. “
Dr. Stefan Knoll
Claims settlement – the digital 48-hour guarantee
Customers can upload to their DFV app or the DFV customer portal. The digital claims settlement process can then begin. With Accident Insurance, the Insurtech uses ICD-10 codes that would frequently appear on a medical invoice. The artificial intelligence then compares the data with the codes stipulated in the insurance policy conditions as covered, and the AI uses a fully automated process to decide if the costs will be reimbursed. German family insurance uses AI to settle claims to other property insurance cases. However, the Insurtech is only in the early stages of the application; Dr. Stefan M. Knoll adds: “The vulnerability to fraud in household and insurance is much higher than in accident insurance or health care insurance. But it will be ready to be disbursed for a period of time. “
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