Thinksurance: Delivering a Seamless Insurance Brokerage Experience

Timm Weitzel, CIO and CFO, ThinksuranceTimm Weitzel, CIO and CFO
The insurance marketplace today is highly digitalised, and legacy systems have proven to cause severe gaps in the productivity of insurance brokers throughout the financial realm. With the world moving toward cloud-first, data-driven SaaS-based workflows, brokers require cutting-edge software solutions and services in one, consolidated place to simplify their daily activities and insurance operations. Moreover, without the right guidance and consultative experience, simply incorporating the latest insurtech innovations can also prove to be a herculean task. Fortunately for brokers in the industry, Frankfurt-based Thinksurance provides a comprehensive SaaS platform that not only improves sales operations but also offers in-depth consultative services as well. “The company’s core philosophy is to constantly add value to our solutions and alleviate the burdens of brokers in their day-to-day operations,” expresses Timm Weitzel, CIO and CFO of Thinksurance.

Founded only five years ago as a B2C insurance comparison tool, Thinksurance focuses on improving the entirety of the consultation process through automation, thereby assisting clients to work more efficiently and offer better advisory to customers. The company’s platform completely digitizes sales processes, saving time, and increasing overall productivity. “Our solution is inspired by distributed ledger technology, data analytics, and artificial intelligence,” adds Weitzel. These underlying technological frameworks help overcome the challenge of closed, disparate systems that limit a broker’s full productivity. The company consolidates and delivers these diverse tools to brokers digitally, where they can use the power of data properly for the insurer and further develop products in line with the market. Thinksurance has tailored its solution to meet the needs of a modernised insurance broker, where both tied and multi-tied agents are benefited with several communication and consultation advantages.

“Our team is constantly exploring use cases in a broker’s day-to-day client-insurer interactions that can be digitized or digitally supported, such as risk assessment, quotation, policy creation.

We develop our tool according to the needs of a broker,” says Weitzel. Some of these processes typically consume a lot of time and create gaps in the sales process of a broker. The company’s risk assessment expertise is displayed via its fully digital, intelligent tendering platform that helps brokers find the best offers expeditiously by suggesting the most suitable insurers based on specific market risks. Thinksurance’s platform cuts turn-around duration by 80 percent by intelligently automating complex operations via several easy API integrations with employer CRMs and insurer systems. The company’s solution provides brokers with a fully digitalised quotation capability with 40 product categories that caters to 1800 professions and over 70 insurers in Thinksurance’s portfolio.

The company’s core philosophy is to constantly add value to our solutions and alleviate the burdens of brokers in their day-to-day operations

Brokers alone do not benefit from Thinksurance’s proprietary technology solution. Insurance firms too can cover a large area of the commercial insurance market by taking advantage of the company’s additional services that include data analytics, portfolio transfer, and after-sales processes in order to substantially save process costs and investments. Furthermore, as a result of the company’s diverse group of employees, Thinksurance’s platform is powered by experience, which provides its users with content that is most relevant to a consumer, all the while ensuring conversions.

To further elucidate on the platform’s capabilities, Weitzel shares the case study of an international insurance company. “We worked closely with the client to design new commercial insurance products specifically for the broker market,” he says. Thinksurance studied the many challenges that insurance agents faced and developed tools that offered extra insights, such as market pricing analytics and customer-specific policy suggestions to improve engagement and sales.

With such intuitive features built into one, unified platform, Thinksurance has earned the trust of over 30,000 insurance brokers across Germany. Moving forward, the company intends to focus on growth in terms of technology, geography, and its people. It will expand outreach into France, while focusing on global markets as well. “We care about maintaining Thinksurance’s culture, and as a result, oversee a retention rate of more than 90 percent,” says Weitzel. Thinksurance will continue its product development to deliver a seamless sales experience for insurers, brokers, and customers throughout Europe, overcoming all obstacles in the way.

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Frankfurt, Germany

Timm Weitzel, CIO and CFO

Thinksurance is the leading distribution technology platform for business insurance in Germany. It connects insurers, distributors from several sales channels, and customers on its platform. Thinksurance focuses on improving the functional capabilities of commercial insurance brokers by increasing customer outreach and collaboration, which directly translates to more sales and efficient revenue generation. The company’s platform brings about highly desirable changes by completely digitizing sales processes, saving time and increasing overall productivity. The solution is inspired by distribution technology, data analytics, and artificial intelligence and is built incorporating these innovations. These intuitive features in the platform help brokers overcome two main challenges: quick integration of IT systems after mergers or acquisitions and disparate software tools that are not easily accessible