Two years ago, it all started with a small lunch. Three men refined an idea about how they could offer Viessmann, one of the leading international manufacturers of climate and energy solutions, appropriate insurance services. At this meeting, Andreas Adenäuer, Senior Project Manager for “Products” in Property/Liability/Casualty/Motor from HDI in Germany, introduced his Divisional Board Member to Lutz Richter, Managing Director of Peccon and former Chief Financial Officer, Chief Sales Officer and Chief Product Officer for various companies. Lutz Richter played a key role in the subsequent proceedings: Peccon is the digital insurance broker for more than 53,000 partner installers of Viessmann and introduced HDI Versicherung AG as a cooperation partner.
Viessmann is currently experiencing a strategic and cultural transformation. This includes giving all the installers the opportunity to straightforwardly conclude an exclusive insurance policy tailored to their needs and risks. Viessmann is extremely interested in ensuring that the large number of businesses have good insurance cover. And their proprietors in turn want to wrap up the issue of insurance as quickly as possible with a good solution so that they can devote their energies to their core business. Naturally, this means that HDI is strengthening the entrepreneurial spirit of Viessmann’s partner installers in line with the Talanx Purpose: “Together we take care of the unexpected and foster entrepreneurship.”
HDI came up trumps with the “Corporate Digital” [“Firmen Digital“] tool, which the insurer has tailored to meet the wishes of the company. This required lots of brainstorming sessions. “We were all grouped around the whiteboard and developed the cooperation together. Alongside the ‘Corporate Digital’ team, employees from various areas like product management, industrial engineering, IT, operations, claims and sales were frequently brought in and they contributed quickly and effectively,” explained HDI Project Manager Andreas Adenäuer, who played a major role in building up the cooperation.
“You might say that we adopted an agile approach right from the start, though that wasn’t what we called it at the time. It was team work – together with the customer – and it was the key to success.”
HDI Project Manager
Flexibility, operating from the customer’s perspective and the new way of working were the prerequisites for ensuring that the cooperation was rolled out successfully. “The process involved more than 100 phone calls and telephone conferences and more than 20 workshops, and these were all extremely important,” commented broker boss Lutz Richter. “Without this input, there would have been no cooperation. I would say: Viessmann is cooperating because HDI has been undergoing a transformation and thinks much more from the customers’ perspective nowadays. Other competitors were not in a position or not prepared to embrace the requirements for speed, flexibility and digital capabilities and endurance. Right from the start, HDI demonstrated its readiness to fully get to grips with this topic.”
Consequently, an innovative digital broker – the Peccon Cross-Selling Platform – has been created from scratch and in collaboration with Viessmann. It is dedicated to digital consultation of Viessman partner businesses and offers the product “Viessmann Partner Protect”. “‘Corporate Digital’ empowers comprehensive digital consultation, tariff setting and conclusion of a policy in conjunction with the Viessman partner businesses,” continued Lutz Richter. “We are proud to have been able to facilitate entirely new business models and foster entrepreneurship in its purest form on the basis of ‘Corporate Digital’,” added Andreas Adenäuer. Meanwhile, Peccon has become firmly established in the Viessmann Group.
Marketing corporate insurance by means of the digital channel – that’s exactly the strategy HDI is using in order to generate growth efficiently in the SME segment. Using digitalisation to drastically reduce the complexity of commercial business for customers while at the same time using systems to facilitate the automation of settlement processes as far as possible. “At that time, ‘Corporate Digital’ was in its infancy and adopted a contrarian route compared with the market,” explained HDI Project Manager Andreas Adenäuer.
Lutz Richter from Peccon confirmed this digital pioneering position. He describes “Corporate Digital” as a “giant leap which is unsurpassed in the marketplace”. This is because commercial insurance can quickly involve more than 100 rating criteria that are relevant to get the product on the books with proper actuarial oversight. “Corporate Digital” has succeeded in reducing this to a minimum. Frequently, significantly fewer than 20 disclosures are necessary for this. And yet the shadow processing rate on this digital insurance channel remains stable at more than 80 percent.