In the insurance market, intermediaries fight for professional groups.

If there is suitable digital advice, many customers can be provided with policies in one fell swoop.

In the recent past, such concepts have been devised in particular by young start-ups that are well versed in digital degrees and automated communication with consumers and do not have old, unusable IT systems as a brake on their legs.

Phillip Krohn

Editor in business, responsible for "People and Business".

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The Hamburg insurance broker Funk is one of the traditional companies on the market.

Founded in 1879, he had plenty of time to build up specialist expertise in advising professional groups.

He reports that since this week he has been able to provide targeted insurance protection without physical advice with his Funk Expert portal, first in the healthcare sector, but in the course of the year also in other professional groups.

"With our new insurance portal, we are now placing an additional focus on digital direct sales," says Bernhard Schwanke, Managing Partner.

The brokerage house is thus entering a segment in which the insurtechs have previously seen their unique selling proposition.

"Our target group is becoming more digitally affine, many are doing business online," says Lukas Ganzel, Head of Digital Business.

For medical students or younger residents, the insurance market is full of hurdles.

You could now get advice on private and professional liability policies online, conclude a contract and also manage it digitally.

Funk has gained the Versicherungskammer Bayern as a product partner with the Bavarian Insurance Association as the risk carrier.

Further products for healthcare professions and additional industries will be connected to the platform in a short time.

The broker focuses on freelance and chamber professions.

Customers do not pay for risks in other professions

By bundling the range of offers for professional groups, they can be given a more targeted range of policies that suits their individual risk.

The customer saves time that he can instead use for professional matters.

Through digital processing, the broker with a long professional specialization in these professional groups secures access to an attractive customer segment.

“Now we have a fast and lean scalable system.

That means other professional groups can be integrated quickly,” says Ganzel.

In order to improve the offer, Funk also regularly exchanges information with interest groups.

Customers could receive the documents crucial for the deal in real time.

The process is accelerated by the fact that Funk not only acts as an intermediary, but also as an underwriter who has the power of attorney from partner insurers to underwrite policies on its behalf.

“We do a market comparison for each product and look for the best offer on the market, for which we write risks ourselves as an underwriting agent,” says Ganzel.

This makes it possible to take out a policy and complete the purchase within minutes.

The time factor is crucial in these professional groups, which is why the digital final route is advantageous.

“You shouldn't underestimate how much heart and soul they put into their company.

That's why we want to meet the customer at the point where he has his question," he says.

In addition, segmentation according to professional groups offers the advantage that consumers do not have to pay for any risks that they did not take themselves.

There is therefore no cross-subsidisation through their premiums.

Digitization is now making older brokers increasingly mobile.