Thinksurance is a leader in the insurtech space from Germany that strives to connect insurers and distributors on a single platform to make commercial insurance the epitome of what it is supposed to be – simple, fast, and digital.
The company aims to achieve its goals, with a dynamic and diverse team of developers, business insurance experts, and product developers, who work together closely and constantly implement the feedback received from brokers, insurers, and data, to craft brilliant solutions that give customers what they genuinely need.
“Our goal is to change the way insurance is thought of, putting the policyholder and their risks back at the center of attention. To do this, we have invented a platform that fully digitizes the development, distribution, consultation, and servicing of commercial and industrial insurance. With the platform we reduce the complexity and connect all relevant players in the market in one environment.”, says Timm Weitzel, CIO, and CFO, Thinksurance.
By uniting all parties involved, Thinksurance platform covers the full consultation journey, from customer needs and risk assessment, to contract closing and policy issuance, by leveraging AI and data analytics. By digitizing the entire consultation process of brokers, and reducing manual labor, Thinksurance helps them save a significant amount of time. It is therefore revolutionizing the insurance world, by offering insurers a data basis including analytics, to help them optimize their products in the long term.
This way, the scaleup gained an unparalleled combination of market knowledge, market insight, and new, advanced technologies, ensuring that Thinksurance is at the forefront when it comes to offering efficient and valuable services that help its partners grow.
Though commercial and industrial insurances have always been data-driven, this data is often unstructured, rarely digital, and sometimes, even outdated, which makes it challenging for insurers to assess the risk profile, and make a suitable offer. It also hampers cross-sector networking, aggregation, use, and interpolation, which ultimately affects the value of the service for all stakeholders involved.
Hence, technological models that cohesively combine as many data points as possible from the industry, and smart, neutral competencies for processing, analyzing, and interpreting this data, are the need of the hour. This is exactly where Thinksurance steps in with its stellar solutions.
The scaleup leverages the power of data analytics to help insurers develop futuristic insurance products. For example, they receive market insights about successful pricing models, or tariff characteristics and concrete advice on how their tariffs can be optimized, therefore enabling them to fundamentally modify product development with new types of tariffs. Over 500 tariffs with more than 1800 tariff features from 110 insurers for over 42 divisions are the basis for unprecedented market transparency and speak for themselves.
Thinksurance also uses the power of data to develop an AI that improves the consultation process of brokers consulting their clients. It also equips them with actionable insights on sales performance, expected premium levels, and more, while facilitating important process steps through intelligent adjustments and recommendations.
“In the future, we will use Natural Language Processing and will be tackling the issue of Image Recognition in the future to expand the intelligence of our suites,” says Timm Weitzel. “It will even be possible for market participants to access our treasury of data via their own data interface.”, he adds.
While Thinksurance is working on a solution that makes every market participant successful, there is however still a tendency to individual solutions, instead of those that focus on connecting and integrating an industry, especially among well-established players in industrial and commercial insurance. In some cases, this tends to lead to a massive innovation backlog, that’s worsened by low capacities of essential resources like developers and tech experts.
To address this challenge, Thinksurance partners with leading firms as it believes that there needs to be a change, and innovation needs to be bolstered. In doing so, they partner with brokers from all sectors: Large brokers, agencies, broker pools, banks, structural distributors and also individual brokers. The goal is to support everyone in digitization and to map all complex steps within the insurance value chain. Though tailor-made solutions are the key to success in insurtech currently, Thinksurance goes a step ahead, by always taking its learning to the next level, deriving technical features for its one-stop platform, or inventing completely new solutions for the whole industry.
Thinksurance has an edge over its competitors because it strives to understand and cater to the consultation process as a whole, instead of solely fixating on individual steps of the value chain. The company aims to build upon its vision of making insurance simple, fast and digital, by relaunching a better-designed, more user-friendly, consulting platform, with enhanced technical infrastructure. The team of Thinksurance has been making rapid strides in commercial insurance over the last few years, and with the knowledge gained along the way, it has built a network, and a holistic, technology-based solution that has and will continue to propel the digitization of the industry. In 2022, it is also planning to enter the U.S. market and some new European markets.