German COVID-19 lockdown measures have left 13.6 million children who would be at school at home with their families
Basler Insurance Germany, in its second project with London-headquartered InsurTech as a Service startup KASKO, has added cover for these children to existing home insurance customers in Germany
Basler Group has 2m policyholders, that with children, could benefit from the new extended cover
KASKO has built and launched over 60 products for more than 20 insurers in eight countries since founding in 2015.
KASKO, the London InsurTech company changing the way Insurance incumbents and startups scale faster bringing new products and customer journeys to market in a fraction of the time previously needed, has announced its latest partner product launch for Basler Insurance Germany. The German insurance company’s latest product is a free addition for existing policyholders to cover children now at home through the day.
Basler’s Christoph Willi, a member of the executive board, approached KASKO on Thursday as it required the startup’s agile approach and proven track record to provide its customers with the needed cover in a time of huge change for people and their ways of living and working. In four working days, KASKO built the new offering which launched today for 2m current Basler customers. All current customers with children can sign up to add cover for any accidents or injuries sustained by the now study-and-play-from-home children aged 0-18 in Germany.
Nikolaus Suehr, Co-Founder and CEO of KASKO commented, “It is great to be able to help our partner go the extra mile, we believe in the extra service they are providing for so many people at difficult times, they came to us on Thursday afternoon, and we were able to deliver a smooth go-live without missing a step on Wednesday (less than a week). Modern technology aside, the key ingredient here was the willingness by Basler to make rapid decisions that usually would have taken weeks, not hours.”
With the holdups of legacy IT for insurers, designing, building, testing and deploying new insurance products, or digitising previously on-paper offerings is a process that would take around 18 months. In a climate in which everyone’s lifestyles and working environments changed in a fortnight, insurers, like all other industries and service providers, have to adapt to look after and retain their customers. Basler recognised a need for its customers and an opportunity to help those that need it, the customers that have switched overnight from going to the office to working at home and caring for children that legally cannot leave the house or go to school.
Christoph Willi, member of the executive board Basler Insurance Germany added that “With the current global pandemic altering the lives of billions around the world, we had two things to do at Basler. One was to ensure the safe and efficient transition of our colleagues and families to a new way of doing things. The second was to adapt quickly and to provide more for our customers with a potential gap in cover for their children in a time of change and difficulty we all share a role in. Government legislation and international efforts to combat this situation have meant that millions of children have stopped going to school or out to play, we were all children and many of us have children, and accidents happen. We approached KASKO last week to see what was possible, and in less than a week, we can provide the cover that people and their families across Germany need.”
The offering from Basler will be available to current customers for free until the 15th of May 2020.