Asseco helps banks sell insurance products
Financial institutions are becoming increasingly more digital and automated, which makes them more efficient. At the same time, they are competing with each other in offering their customers increasingly newer products and services. Cooperative banks are also following that path. Having them in mind Asseco has launched CUI.Ubezpieczenia - an omnichannel platform for insurance sales and servicing. It is a convenient tool for advisors in bank branches, as well as a solution available through Internet banking. AXA is a partner delivering insurance products through the platform.
Owing to its integration with the banking system, the new Asseco platform is a solution which primarily automates most of the processes, e.g. data exchange, clearing of contributions or installments, as well as many other services which are currently performed manually by advisors at cooperative banks. Another facilitation for them is one common sales front end supporting various products, regardless of the number of partners providing them. CUI.Ubezpieczenia can already be used by the clients of the Cooperative Bank in Lubaczów, the Cooperative Bank in Namysłów and the Cooperative Bank in Płońsk.
We have been cooperating with Asseco for many years now, using the transaction system, e-banking solutions and tools facilitating the work of our advisors in our branches. A natural step was therefore the implementation of the latest functionality, which significantly improves the quality of customer service and automates sales and clearing processes. Such a solution is the CUI.Ubezpieczenia platform, which operates in our bank. Thanks to our partnership with Asseco and AXA, we have managed to expand the source of our revenues, said Paweł Kapel, President of the Management Board, Cooperative Bank in Lubaczów.
The CUI.Ubezpieczenia platform is offered free of charge to cooperative banks which already use the Asseco Internet Services Centre.
We understand the needs and current expectations of cooperative banks. That is why we have created the CUI.Ubezpieczenia platform, which can significantly increase their competitiveness and revenues. It is also very important that cooperative banks, which are already our clients today, can switch this functionality on and start offering new financial products in a completely cost-free manner, said Andrzej Nowakowski, Director of the Cooperative Banks Division at Asseco Poland.
Thanks to the integration of the CUI.Ubezpieczenia platform with the banking system and automation of processes, such as collecting contributions from a client's account, AXA has enabled the customers of cooperative banks to make payments on a monthly basis. The CUI.Ubezpieczenia platform, in addition to increasing the competitiveness of cooperative banks, has a chance to popularize a new model of bancassurance based on omni-channel solutions.
Bancassurance needs a new impetus as it has been shrinking year after year. In 2018, insurance premiums acquired in this channel amounted to PLN 7.6 billion, 25% less than in the previous year. We find the cooperative banking sector promising, as these banks are currently making a kind of technological leap. We want to accompany them in this development process because it also opens up an opportunity for business growth for us. The CUI.Ubezpieczenia platform is innovative and I expect that soon next players will follow our lead. It is good for the market to develop in this direction because the positive experience of customers, which builds confidence in financial institutions, is now priceless, said Marcin Wąsikowski, managing director of AXA's bancassurance and affinity sales.
CUI.Ubezpieczenia today gives cooperative banks the opportunity to offer various types of insurance, which AXA has prepared. It can be said that thanks to Asseco's application of the latest technologies, we are able to offer high quality and affordable products together with our partners. But this is just the beginning. We are currently working with AXA to expand our insurance offer. Currently, our offer includes cash loan insurance, life insurance, accident insurance and medical and home assistance. The platform will be developed so that it also includes housing, communication and travel insurance, as well as non-financial products and services. This will certainly increase the competitiveness of cooperative banks in the financial market, said Kamil Parzuchowski, Business Development Manager, Asseco Poland.
The CUI.Ubezpieczenia platform is fully integrated with the Asseco Advisory Banking Platform designed for customer service in a branch as well as with the e-banking available within the Asseco Customer Banking Platform.
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Asseco for cooperative banks
Asseco has been developing software for cooperative banks for nearly 30 years. It includes both comprehensive IT solutions and specialist systems facilitating the work of banks. Asseco systems are implemented in the on-premise model using local installations as well as in the cloud. The Asseco Internet Services Centre is already used by over 110 cooperative banks.
Asseco Poland is the largest Polish IT company listed on the Warsaw Stock Exchange (WSE) and the sixth-largest European software producer. It leads international Asseco Group, which operates in 54 countries and employs over 24,000 people. Development of software for banks is one of the key areas of Asseco Poland's business operations. The company offers solutions which respond to the latest trends in global banking.
AXA Group in Poland
AXA is one of the largest insurance groups in the world. It has been present in Poland since 2006. It is a universal insurer with a full range of non-life insurance and life insurance products used by over 3 million customers, including companies and multinational corporations. Additionally, it manages investment funds and private pension funds (OFE). AXA is the sixth-largest capital group on the non-life insurance market with 4.8% market share measured by gross premium written at the end of 2018. AXA holds ninth position in the life insurance segment. In Poland, AXA is mBank's exclusive partner in offering life and property protection insurance.