Insurance Planning Tool : Personalized Protection Planning Qorus-NTT DATA Innovation in Insurance Awards 2025

At Eurobank SA we take our client's personal insurance and family risk very seriously. the insurance risk does not only concern businesses, it also concerns the individual and the family. the insurance consciousness in the country of Greece is particularly low for this and we had to take some actions to strengthen it towards our clients in the context of the consultation.

so last year we started an effort to raise awareness among our customers and launched the insurance planning tool , a risk management tool where the customer is asked to answer about 17 questions regarding his concerns, his lifestyle, his financial data and his family situation. an algorithm works behind the scenes where, by finishing and completing his answers, it produces the next recommended products for him and his family based on his own lifestyle. we went together in a completely taylor made consulting approach and not product-centric.

but our innovation does not stop here. we have created a mechanism in collaboration with the insurance company we work with, Eurolife FFH , which provides for each subsequent product a discount that starts from 5% and goes up to 15%. it is essentially a scaled discount policy that concerns mainly low premium products but also hospital/ health programs

Concept & Objectives: Insurance Planning Tool is designed to bridge the gap between customer knowledge and informed insurance decisions. By leveraging interactive engagement, the tool empowers customers to self-discover their financial protection needs while receiving personalized recommendations that align with their lifestyle and risk profile. The ultimate goal is to foster a culture of insurance awareness and responsible financial planning in Greece, where financial literacy in risk-based products remains a key challenge. Reasons Behind the Innovation: The Greek market presents significant obstacles in insurance penetration due to a lack of awareness and confidence in risk-based financial products. Traditional bancassurance models focus primarily on product selling, often neglecting the critical aspect of customer education. Our solution shifts this paradigm by integrating an educational journey that transforms customer interactions from transactional to consultative, fostering deeper engagement and trust in insurance solutions. State of Competition: Competing solutions typically offer static insurance proposals based on limited data points, without leveraging a dynamic, interactive, and fully tailored experience. Insurance Planning Tool differentiates itself by placing education at its core, ensuring that customers not only receive product recommendations but also understand their long-term value. Sources of Inspiration: Inspired by advanced fintech solutions and behavioral finance principles, Insurance Planning Tool integrates elements from digital financial planning platforms, AI-driven customer engagement strategies, and progressive financial literacy initiatives. The tool is influenced by the rising need for personalization in financial services and the increasing demand for self-guided customer journeys. Departments Involved: The innovation is a cross-functional effort involving the Bancassurance, Digital Banking, Product Development, and Data Analytics teams. Collaboration between these departments ensures a seamless user experience, data-driven customization, and regulatory compliance. Main Results So Far: • Enhanced customer engagement and increased conversion rates for bancassurance products ( +30% on risk products ) • Significant improvement in customer understanding and confidence in selecting appropriate coverage. • Increased cross-selling opportunities, driving revenue growth ( +15% on fees) • Positive feedback from both customers and financial advisors on its user-friendly and educational value.