Digital account book

The digital account book for your policy holders

Take advantage of the opportunities PSD2 presents now

Impact of payment services PSD2

PSD2 offers insurers regular contact with customer

Third-party providers that hold a PSD2 license can access the payment accounts of bank customers in order to provide account information/payment services. Insurers also benefit from this provision. This deregulation of the market and competition puts the customer first, as the account holder is free to decide who should receive account and/or payment information. This means that customers no longer have to rely solely on services provided directly by their main bank. They can now make use of apps and services from non-banking institutions, too.

PSD2 and the digital account book - new potential for the insurance industry

PSD2 allows account information to be examined in detail. This in turn allows insurers to get to know the customer and find out about their income and spending habits within the framework set by the regulation. This analysis serves as the foundation for a digital account book, which allows insurers to provide personalised suggestions relevant to the customer. Here we will show you how you can analyse payment flows in the insurance sector:

1. Analyse turnover and identify gaps in coverage.

The digital account book provides you with a tool for analysing and categorising the income of the insured person. If you identify coverage gaps, you can specifically point these out to the insured person.

2. View external contracts and identify new sales opportunities.

The digital account book also allows you to identify and categorise third-party contracts without the need for the customer to enter this information manually. This insight can help you uncover new sales opportunities.

This type of service increases customer loyalty and generates a wealth of information about the income and spending habits of an insurance company’s customers. For insurance companies, this additional information opens the door to more opportunities to contact customers and a needs-based approach that is as relevant to the customer as possible, allowing the insurer to offer new services and generate added value.

Analysing payment flows in the PSD2 environment using machine learning

A central ‘analysis engine’ categorises payment flows in real time and breaks them down according to customer interests. adesso uses this engine in cooperation with its partner FinTecSystems. The payment institution uses market-leading categorisation logic that has been continuously refined over many years. Today, it represents an ontological system that is constantly growing, and already encompasses several hundred categories. For this purpose, traditional machine learning methods are used to generate analytical data products of use to the insurance industry in the PSD2 environment. These data products can be used profitably not only in sales, but also in other processes (such as product development). Hit accuracy in the categorisation of payment flows is up to 98.5 per cent in the most important categories, making this engine the most powerful analysis tool on the market.

The latest usage figures and market trends demonstrate the immense potential that personal finance management and the digital account book hold for insurance companies. For example, the average household now holds at least three accounts at different banks. At the same time, the use of mobile banking has surpassed that of traditional online banking. PSD2 is happening. This is also underscored by the fact that over 80 per cent of Germans under 30 are open to linking their accounts.

What we can offer you

In just six weeks, we take you from your initial idea and requirements all the way to a finished prototype/proof of concept. Our experts analyse your current situation and work with you to draw up an initial concept. Moreover, because we use the agile development approach, the concept is continually adapted based your feedback.

adesso provides the full range of services across the entire value chain of a digital account book project. This includes everything from strategic planning, preliminary studies and launching the project to implementing a fully operational solution. Throughout the process, we work with you to determine what the solution should include and create one that fits your specific needs.

Do you have any questions?

Your contact
Michael Bünnemeyer

We look forward to hearing from you.

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