Lenders launches Income Protection Insurance for its customers in Lithuania
Maiden General Försäkrings AB and First Insurance Baltics
are pleased to announce the launch of our new Lenders Income Protection insurance. It is a new type of insurance product in the Lithuanian market offered by the leading loan brokerage company Lenders
. It is also the first partnership that First Insurance Baltics is launching in the Baltic market, and this is what Pasi Puntari
, CEO of First Insurance Baltics, has to say about it:
What customer needs are covered by this insurance product?
– When creating an insurance product, it always starts from customer needs. At the same time, it has to be beneficial for our partners, in this case Lenders, so that they can offer a wider service portfolio and gain more loyal customers. But originally any product that is introduced needs to give an added value for the customer, says Pasi Puntari
– The main principle of Lenders Income Protection insurance is to provide financial security for the customers so that they can protect their income in different situations, such as unemployment or sick leave. It gives peace of mind and secures financial continuity in times of trouble, notes Puntari.
Finding the right local partners
When launching new partnerships in new markets, First Insurance Baltics has several criteria for choosing their cooperation partners.
– There are a few main things: first, the partners need to be well established in the market, so that they know their customers, are interested in customer experience and can tailor the product for their own sales channels, e. g. tele sales or online processes. Last, but not least, we need to share the same values for the partnership to be successful. Once this common interest and understanding is established, we proceed with tailoring the product and pricing and launching it, as simple as that, explains Pasi Puntari.
The trend of digital insurance distribution
With the rapid rise of fintech companies in recent years, more and more insurance products are tailored to suit digital distribution channels.
Even though this type of product is more traditional in Finland and Sweden, it is still quite new in the Baltic countries. However, we see that digital interaction in the financial services sector and other sectors is increasing steadily in Lithuania, therefore we believe that more and more customers will purchase their insurance through online channels and will, among other things, also choose to protect their income from unforeseen events like unemployment or illness, comments Pasi Puntari.
Expertise of IT partner
The IT solution has been provided by Insly
with headquarters in Tallinn, which has demonstrated the proof of making insurance easy for business by adapting to the needs of Lenders and tailoring a specialized solution for the product launch in the Lithuanian market.