AI-Powered Industry Classification: Enabling Generali Deutschland to Insure Clients More Safely and Efficiently
In the fast-paced world of insurance, ensuring a smooth and accurate process for underwriting corporate clients is vital. This is particularly true when determining the correct industry classification—a critical factor in assessing risk and offering appropriate insurance coverage. For the insurer Generali Deutschland, this classification process had long been a complex task, demanding both expertise and precision. Fortunately, an innovative partnership with the AI data intelligence venture Fusionbase provided the perfect solution.
The Challenge: Accurate Industry Classification
When a new customer approaches Generali Deutschland seeking insurance, the sales process begins with an in-depth consultation. During this phase, sales advisors guide clients through selecting an insurance product that provides optimal coverage. A pivotal aspect of this process is determining the customer’s industry.
Consider, for instance, a car repair shop: it could operate solely as a basic repair service or provide additional offerings such as tire sales or a paint shop. These distinctions, though seemingly minor, can have a significant impact on the risk profile and the corresponding insurance coverage. For example, a repair shop involved in tire trade is likely to store more tires on-site, resulting in a heightened fire risk.
With over 3,000 possible industry categories, getting this classification right is essential. However, the complexity of the task often made sales advisors cautious, fearing they might suggest the wrong category, leading to incorrect insurance coverage and increased risks for both the client and the insurer. The stakes were high: a misclassified business could either be underinsured, exposing the client to potential risks, or overinsured, leading to unnecessary costs. It was an industry-wide problem—and one that called for a high-tech solution.
The Solution: AI-Powered Industry Classification by Fusionbase
To address this challenge, Generali Deutschland partnered with Fusionbase. Together, they embarked on a mission to revolutionize the process of industry classification. According to Kevin Goßling, CEO and co-founder of Fusionbase, the solution lies in the power of data and artificial intelligence. „We use AI to predict the right industry for Generali Deutschland’s clients by processing thousands of data points available on the internet,“ he explains. „From company websites to public registries, photos, and property data, we gather an extensive range of information. Then, this data is fed into our AI models, which analyze the specifics to accurately determine the client’s industry.“
This AI-driven approach dramatically reduces the time and uncertainty involved in classifying businesses. Generali Deutschland’s underwriting department now relies on this automated system, significantly reducing human error. As Goßling emphasizes: “Since implementing our solution, we’ve seen an automation rate of 75%, meaning that three-quarters of all industry classifications are handled without employee effort. This has transformed the process for Generali Deutschland.“
Key Benefits: Security, Efficiency, and Simplicity
The impact of Fusionbase’s solution for Generali Deutschland has been profound. Stefan Köhlbach, Head of Key Account Exclusive at Generali Deutschland, highlights the broader benefits: “ With the tool that we have developed together, Fusionbase and Generali Deutschland, we are creating simplicity and security in the advisory process this is equally important for corporate customers and sales.“
Generali Deutschland Innovation manager P&C Anna Leuchter also underlines the key advantage of the tool: security. “The biggest asset of this solution is the security it provides,” Anna Leuchter notes. „It brings security in customer consulting by sales advisors, security in underwriting because the risk is assessed correctly, and ultimately, security for the customer, who can be confident they are properly insured.“
Thousands of businesses have already been categorized since the tool was launched, allowing Generali Deutschland to expand its underwriting capacity with greater accuracy and speed. Once the Fusionbase system identifies a company’s industry, all that remains is for the customer to confirm the information. This seamless interaction enhances the customer experience while ensuring that the classification process is precise and reliable.
Result
Since the AI-driven solution went live, Generali Deutschland has been able to insure significantly more clients with enhanced accuracy, reducing risk and increasing customer satisfaction. Sales advisors now approach consultations with more confidence, knowing they have a powerful AI tool to support them. Clients also benefit from this streamlined process, gaining peace of mind that they’re receiving the right coverage for their specific industry.
The partnership between Fusionbase and Generali Deutschland exemplifies a transformative shift in how industry classification is approached within the insurance sector. Fusionbase’s cutting-edge technology, combined with Generali Deutschland’s commitment to innovation, has made a significant mark on the industry as a whole. And as AI continues to evolve, this partnership demonstrates how it can be used to address some of the most complex challenges in insurance.
