Standardisation in industrial and commercial insurance has also reached the BiPRO standard. For example, the collection of risk data is currently being tackled as a second standardization project following the standardization of inventory processes. Standardised and accepted interfaces are important milestones for digitization in industrial and commercial insurance. We believe that BiPRO could become the standard within the next two to three years. The reasons:
1. Standards are necessary to make SME business profitable
The SME business is characterized by small premiums and high transaction figures. No insurer wants to use its highly paid underwriters for this. It is clear to all market participants that the highest possible degree of automated processing is necessary to produce profitable business in this segment.
2. BiPRO interfaces reduce process costs for all market participants
The establishment of BiPRO standards is a win-win-win situation. Insurers benefit from the automation of their processes. Software manufacturers make their systems more attractive by connecting them to more systems that participate in the market. Brokers have fewer manual interactions with insurers to get quotes. Last but not least, existing know-how and investments (BiPRO infrastructure) are used and expanded in many companies.
3. Experiences with BiPRO standards in the private customer business facilitate standardization for industry and commerce
Proven models from the private customer business accelerate the development of models for industry and commerce. In this respect, a corresponding quote from one of the last rounds of standardisation, which was attended exclusively by representatives of the industry guild: “In terms of data, there are actually only minor differences between private liability and a simple business liability insurance”.
One thing is certain: Even with ready-made and industry-wide accepted standards, the coordination between market partners in implementing integrated digital processes is not trivial. However, for the first time, a technical and professional framework has been put in place, the use of which promises a significantly improved prospect of prompt implementation. The digital wheel does not have to be reinvented next time, but only adapted to the sales situation. We are therefore firmly convinced that the BiPRO standards will also become established in industrial insurance and will advance digitization. What do you think?