Editorial by Hugh Terry
Bancassurance is a well established channel in both Europe and Asia, and one that is being impacted by digital – creating challenges to existing operating models, as well as opening up opportunities for new models.
Rick in his article on Friendsurance looks at how modern platforms are helping to offer customers in Europe more product and provider choice, as well as the convenience of digital purchasing.
KPMG in their article analyse how bancassurance is facing the urgent need for increased collaboration to build omnichannel capability. You will enjoy this short and focused piece, which ends with a simple four-point prescription, defining the key areas of focus for banks to be successful.
Additionally this month check out the TDI/KPMG Digital Bancassurance webinar. We had an all-star line up with informative discussions from insurers and banks, view the recording and webinar materials here.
For me, the successful banks of the future will take full advantage of the opportunities to provide customers with bancassurance when they:
- Become less driven by investment banking concepts of upfront fees for long-term partnerships. I remain a fan of bank-owned or joint venture insurance companies as it fundamentally aligns interests better.
- Lead the discussion on tech investments to create genuine omnichannel capabilities with tight integration.
- Use their existing capabilities (customers, data, insights, tech) to build sustainable ecosystems with insurance embedded. Examples include the car, the home, the workplace and wellness (both financial and health).
- Think about how to personalise these experience so customers can deal with a known, reliable and friendly bank RM who is available online mostly and occasionally face to face. It is time for the digital-first RM!
For more thinking on digital first sales of life insurance, you may also like this presentation I gave at LIMRAs international forum earlier in the year.
What is certain is that there is a lot of opportunity for bancassurance – but the winners will not be adopting a business as usual approach or mindset.
Founder, The Digital Insurer
Rick Huckstep discusses the InsurTech solutions for embedding insurance in the banking experience with Tim Kunde, the co-founder and MD of Friendsurance.
KPMG’s Darren Pigg and Lee-Han Tjioe, analyse how bancassurance is facing the urgent need for increased collaboration to build omnichannel capability.