Fully digital conclusion of contracts via Alexa becomes possible for clients of insurtech firm Deutsche Familienversicherung

Maria Nikolova

Customers can now not only receive advice from Alexa, but can also simultaneously conclude an insurance contract within only a few seconds.

A German insurtech firm has taken the use of digital assistants to another level. Deutsche Familienversicherung has earlier today announced it is offering a fully digital conclusion of contracts using Amazon Echo.

Last year, the Frankfurt-based firm became the first German insurance company to launch their own Alexa Skill on the market. The idea of executing Alexa insurance contract conclusions was prevented at the time due to a lack of connections between Amazon Echo and Amazon Pay.

Dr. Stefan M. Knoll, founder & CEO of the Deutsche Familienversicherung comments:

“Through our intensive collaboration with Amazon and Amazon Pay and thanks to our proprietary IT platform which is a highly modern event & java-based portfolio management system, we have finally succeeded in making the fully digital conclusion of contracts using Amazon Echo a reality. The customer can now not only receive advice from Alexa, but can also simultaneously conclude an insurance within only a few seconds. We are starting with our foreign travel health insurance, continue with our liability insurance and will be gradually adding the products from the “16er Matrix Kranken” (Matrix of 16 Health insurances) and the “16er Matrix Sach” (Matrix of 16 Property insurances).”

The company notes that the use of digital assistants is on the rise and refers to a recent study published by Adcubum known as the “Digital Insurance 2018”, which has shown that almost every fifth German under the age of 35 can imagine concluding an insurance contract via a digital language assistant. Furthermore, the number of people using Alexa & Co. has more than doubled over the past three years, according to a Statista survey on the use of virtual digital assistants.

Forex brokers have also shown affinity for digital assistants. In April this year, for instance, Monex Inc, a Japanese online trading subsidiary of Monex Group, Inc. (TYO:8698), announced the launch of its channels on innovative voice media Voicy and cloud-based voice service Amazon Alexa. Alexa, the famous virtual assistant, provides access to Monex’s news and talk shows via verbal communication, that is, it is enough to tell her “Alexa, play Monex’s news” and the broadcast (podcast) will start playing.

Another online trading company which has gotten cozy with Alexa is Interactive Brokers. The company has earlier this year introduced the new “IBKR IBot Skill” for Amazon Alexa, which lets traders access Interactive Brokers’ content and data from any Alexa-enabled device, including the Echo, Dot, and Fire TV. Alexa can install this skill for a trader through a simple voice command: “Alexa, open IBKR.” Once initiated, traders can ask Alexa for the latest market updates (which she is set to provide courtesy of briefing.com), real-time quotes, volume, and other market data, and general information pertaining to Interactive Brokers.

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