AAZZUR receives its first revenues from major Polish insurer PZU
AAZZUR has received its first revenues, from Poland’s largest insurer PZU, for its successful proof of concept that leveraged transaction data to identify insurance triggers.
The Berlin-based fintech company, whose ground-breaking financial platform acts as a layer between banks and fintech companies, previously worked with PZU at Alior Bank’s RBL_Start accelerator in Warsaw.
Here AAZZUR worked with the two major Polish organisations on leveraging bank transaction data to identify travel insurance triggers, in frictionless and customer-friendly way. The resulting proof-of-concept highlighted that it is indeed possible to contextualise mundane transactional data into something useful – to the benefit of both the customer and the financial service provider.
AAZZUR was technically able to:
- Connect to Alior Bank account information;
- Identify insurance triggers;
- Make a test insurance offer and automatically complete the executive of the contract, including payment.
While such technology was used for travel insurance in this case, it could also be used for other forms of insurance such as house, contents and car cover, among others.
“Our proof of concept highlighted the very promise of open banking, along with the single sign-on capabilities of AAZZUR’s middleware software. The project was completed in a record six weeks and we would like to thank both PZU and Alior Bank for the excellent team we assembled and the great work we could do together,” said AAZZUR CEO Philipp Buschmann.
“The project highlighted how data can be used to provide a better service for customers and financial services providers alike, in a frictionless and cost-effective manner. In an increasingly competitive market that is driving down fees for customers, banks should look at what we can offer to boost customer engagement, increase retention rates and improve unit economics.”
AAZZUR’s innovative platform enables the exchange of data, messages and transactions, meaning banks and other fintech companies can dramatically reduce the time and cost it takes to build their product and get it to market. Meanwhile customers benefit from being directly connected to a range of financial services, giving them greater choice and enabling them to access all their accounts in one place and on-to-go.
PZU is Poland’s oldest insurance company and one of the largest financial institutions in the country. To find out more about the insurer, visit the PZU website.
Warsaw-based Alior Bank is listed on the Polish stock exchange with PZU as an anchor shareholder. Alior seeks to combine traditional banking with innovative solutions. It also runs the RBL_START accelerator programme, which AAZZUR participated in this year.
To find out more about how AAZZUR is revolutionising banking, go to the AAZZUR website.