AUSTRIA: B2B INSURANCE PLATFORM BY FIRSTINEX

Article Abstract:

On 2 October 2000, FirstInEx is to launch a business-to-business internet platform for the insurance sector. It is said to be the first internet platform for insurance companies and brokers in Austria. Beside Allianz, Basler, Nurnberger and Winterthur, FirstInEx is hoping to persuade Generali, Uniqa and Wiener Stadtische to join the platform. The aim is to start with 10 insurers. A hundred brokers are participating in the trial phase. The FirstInEx annual participation fee for insurance companies is from Sch 250,000 upwards, while brokers are charged about Sch 3,000 per year. FirstInEx is owned 60% by the internet company YLine, while the rest is held by venture capitalists. Allianz has the first option for the shares. IBM is responsible for the computer centre. In the longer term FirstInEx might enter the business-to-consumer segment, seeing potential for insurance products such as third-party liability and domestic contents policies.

On-Line Information Services, Joint ventures, Database Vendors, Information retrieval services, Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Database industry, Insurance industry, Winterthur S.p.A.

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AUSTRIA: CAR INSURERS SIMPLIFYING RATE STRUCTURE

Article Abstract:

Following a price war with a variety of discounts for low-risk groups, Austrian insurers are returning to uniform premium rates and raising prices in third-party liability motor insurance. The gap between the rates of motorists with good and bad claims records is widening. Contrary to most competitors, Allianz is still holding to a variety of risk group-related discounts. Only two insurance companies in Austria, Hannover and Zuritel, are actually selling third-party liability motor insurance via internet.

Marketing procedures

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AUSTRIA: HIGHER COVER IN LIABILITY INSURANCE

Article Abstract:

According to a draft by the Ministry of Justice, the minimum liability cover in third-party liability car insurance will be raised from Sch 15mn to about Sch 40mn on 1 July 2001. This follows a number of big accidents such as the fire in the Tauern tunnel, where damage exceeded Sch 100mn. The increase of minimum liability cover, which affects also existing policies, is estimated to result in a single-digit percentage hike in insurance premium rates.

Government regulation

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