Liechtenstein Life will provide its Value Rent Business products through Penseo’s digital insurance platform. The partnership’s goal is to ease access to insurance products, improve operational efficiency, and cut costs.
Insurance companies are increasingly going digital. “Insurtech”, meaning the use of technological innovations to improve the insurance industry, is gaining traction. In Liechtenstein, the insurer Liechtenstein Life has recently launched a cooperation with Penseo. The German startup provides a digital solution for company pension schemes.
Liechtenstein Life will bring its company pension product “Value Rent Business” onto Penseo’s digital platform to provide brokers easier access. Gordon Diehr, COO at Liechtenstein Life, says, “Digital solutions, which streamline and speed up processes, are a key topic in insurance sales. It’s evident to us that products have to be as digital as possible, and processes need to be easy. Penseo has the same goals for consulting and sales. That’s why the cooperation is a perfect match for us.”
Penseo provides a digital insurance platform
Through Penseo, insurance brokers can access a platform that supports their offline and online consulting sessions. They can use video and self-service chat functionalities and clients can contact their brokers through the platform and book appointments.
The goal of Penseo is to enable businesses to offer better and more tailored services for their customers and cut operational costs. They offer their platform for insurance companies and businesses that run a pension scheme and to insurance brokers. “75% of businesses cannot imagine a company pension scheme without a digital administration,” reads the website. Penseo aims to cater to this market with its digital solution.
Liechtenstein Life has now started to use Penseo for its “value rent businesss” offering, a company pension scheme. Dr. Johannes Georg, CEO at Penseo, says, “We want to achieve, that every employee is well-insured for their retirement or any damages. For that, we need digital consulting tools and also good insurance products. That’s why we are pleased to offer ‘value rent business’ through our platform, another attractive and flexible product.”
Insurtech and digital sales are gaining traction
Insurtech providers like Penseo have recently gained traction. Digital administration, claims processing, and digital consulting are key trends in the insurance industry. The global insurtech market was valued at USD 5.48 billion in 2019 and is forecasted to grow at a CAGR of 10.8% until 2025. A huge market and Liechtenstein-based startups in the space could capitalize on their proximity to the financial industry.
For those interested to learn more about digital sales tools, the digital hunter academy is about to start in Liechtenstein, an 8-weeks program that teaches the use of digital sales and marketing tools. The program starts with free pre-sign up webinars, where people can dive into digital consulting and get more information about the Digital Hunter Akademie. You can reserve a seat here.