About the bank
Our customer, based in Frankfurt, plays a significant role in both investment and retail banking at international level. The bank is divided into business sectors and regions to facilitate the management of its operations. The Private & Business Clients sector accounts for standard business in more than 700 branches with a large number of private customers as well as small and medium-sized enterprises.
About the project
Consumer loans are an important branch of the bank's operations with private & business clients. Various insurance policies, such as unemployment insurance, remaining debt insurance etc., from an insurance partner are provided directly in an application as part of the sales policy for consumer loans.
Owing to the introduction of the Insurance Distribution Directive (IDD) throughout Europe, insurance providers have become accountable in two areas
- Obligation to advise: The product provider must segment the target market by criteria before selling an insurance policy (e. g. age, risk tolerance, financial situation, etc.) and offer a product tailored to the target market. End customers must receive an additional information leaflet with information such as term, conditions, insurance benefits so as they can make ‘well-informed decisions’.
- Registration and training obligation: Every insurance provider has to be registered and provide proof of having participated in at least 15 hours of further training each year.
Thanks to its process know-how and expertise, FERNBACH could convince the bank of its strategy. The task was to not only fulfil the legal framework conditions but to design the consultation process for the customer advisor as well as possible. FERNBACH’s solution is fully integrated into the loan application process and the peripheral systems. The training information is retrieved from the bank's HR portal via the user login. The information leaflet is requested directly from the insurance company on the basis of credit data and insurance segmentation, processed and displayed in real time to the consultant for submission to the customer.
This allows the customer advisor to focus on finding the best credit solution for the customer. The entire IDD process, including regulatory logging, runs in the background without any additional effort needed for advisory processes.