Tue 18 - Thu 20 November 2008 - Frankfurt am Main, Exhibition Grounds, Hall 5.1
E.B.I.F. shows focus by insurance companies on boosting sales
Wiesbaden, 5 October 2006 – Insurance companies are focusing on information technology with a view to boosting and modernising their sales operations.
In view of this, cutting-edge IT solutions will be one of the main areas of focus at the European Banking & Insurance Fair (E.B.I.F.), which takes place in Frankfurt from 14 to 16 November of this year. In the future, insurance companies will look more and more to modern customer management software, sales-supporting IT systems and measures for increasing the efficiency of internal processes. This trend can already be seen in the run-up to the E.B.I.F.
At present, the growing demand for insurance has brought about a considerable increase in new business within the insurance sector. The 882,000 new ‘Riester annuities’ – i.e. annuity insurance contracts eligible for state subsidies – concluded in the first six months of 2006 has led to great expectations among German insurance companies. According to German insurers association GDV, there has been a 256% increase in the sale of ‘Riester pensions’ – also eligible for state subsidies – compared with the same period in the previous year. The GDV also expects sales growth in the life assurance sector to continue its positive course in 2006. In the first six months of the year, there was already a 3.3% increase in contributions, which now total €35.7 billion (including pension funds).
In view of the sustained growth, players in the insurance sector are focusing on consolidating their sales efforts and modernising their customer management. This is also reflected by the findings of the latest ‘Branchenkompass’ insurance survey conducted by Steria Mummert Consulting together with the F.A.Z. Institute. The study, in which 100 managers from 100 of the largest insurance companies in Germany were surveyed, also indicated that a mere 14% of medium-term investment is attributable to modern customer management software. In addition, further investments in information technology will be necessitated by the new EU Markets in Financial Instruments Directive, which is scheduled to come into effect as of 1 January 2007. The extensive documentation requirements relating to the advisory process make the modernisation of sales-oriented IT systems an extremely worthwhile investment.
Prof. Wolfram Wrabetz, CEO of Helvetia Germany and official insurance sector representative of the local government of Hesse, has no doubts in this regard: “Information Technology is the force that drives and shapes the future industrialisation process of the insurance sector. We are on the verge of a major change in business models, shifting towards an industrialisation of the sector. This calls for investment, since it is only possible through the use of the very latest technology.”
“The focus of insurance companies on optimising on-site customer service stems from their traditional field sales concept”, explains Roman Ulram of UNiQUARE Financial Solutions GmbH, one of the exhibitors at the E.B.I.F. “Because of this, insurance companies in particular have a great need for mobile information technology such as laptops, including constant access to the company server. The advantage of this is that all customer information can be called up from anywhere. As far as IT solutions for the insurance sector are concerned, the current trend is moving away from simple customer relationship management applications and towards integrated sales platforms providing back-up to customer advisers.
Oliver Dlugosch, member of the board of Ray Sono AG and exhibitor at the E.B.I.F., is of a similar opinion: “Through the use of web-based adviser software on service-oriented architectures, insurers are in a position to kill several birds with one stone, as it were. Firstly, the quality of advice given to customers can be enhanced significantly by a global system for determining requirements, which in turn improves customer relations. Secondly, these systems allow for customer advice to be integrated automatically in insurance architectures, thereby helping to increase efficiency significantly.”
Thomas Schütz, Managing Director of Messe Frankfurt Ausstellungen GmbH, which is responsible for organising the E.B.I.F. together with the Maleki Group, says: “Particularly in the case of insurance companies, the use of information technology will be a crucial competitive advantage in the future. This is why we are sure that IT solutions for the insurance sector will continue to grow in importance at the E.B.I.F. This can already be seen this year.” Dr. Nader Maleki, CEO of the Maleki Group, is very pleased with the increased coverage of insurance-related topics in the conference segment of EURO FINANCE WEEK: “We are very happy that the CEIOPS Conference is being held for the second time as part of the EURO FINANCE WEEK and that several hundred leading experts on the European insurance industry will be coming to Frankfurt to discuss current issues in the sector. In addition to the regulative topics on which the CEIOPS Conference focuses, we will be addressing various questions regarding sales and the increasing industrialisation of the sector as part of the conference entitled ‘Future strategies for the European insurance sector of today’.
The E.B.I.F. is Europe’s largest independent technology trade fair for the banking and insurance sector. This year the E.B.I.F. will once again be taking place within the framework of Euro Finance Week, the high-powered industry gathering of the European finance and insurance sectors in one of Europe’s most important financial centres. An additional attraction for exhibitors and visitors alike is the Sparkassen Informatik IT forum 2006, which is held at the same time and in the immediate vicinity of the E.B.I.F.
9TH EURO FINANCE WEEK 13 - 17 November 2006
E.B.I.F. Trade Fair 14 - 16 November 2006
Future strategies for the European insurance sector of today – 13 November 2006
CEIOPS Conference 2006 – 14 November 2006
Concurrent with: IT forum 2006, Sparkassen Informatik 14 - 16 November 2006
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cometis AG
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Michael Diegelmann
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deter@cometis.de
diegelmann@cometis.de
