Library : Majorel – Bancassurance: How Banks Can Win and Retain Customers

Executive summary :

Traditional banks and financial institutions are under great competitive pressure: the low-interest phase is causing a drop in sales, and the PSD2 directive has opened up the market to new providers. With new insurance offers, the institutions can expand their services in order to retain customers and win new ones. Majorel’s Insurance Navigator helps bank consultants provide targeted advice.

Customers appreciate convenience

Collaboration makes sense for both sides

It makes sense for banks to cooperate with insurance companies and thus offer their customers an extended range of services for two reasons. Firstly, many banking products are already closely linked with insurance companies. An example of this would be when financing is secured by taking out a life insurance policy. Secondly, end customers appreciate the convenience of receiving many services from a single source and having only one contact person. The trend is towards holistic providers offering good service and good advice.

However, the consultation with customers on their individual insurance policies can be challenging for both sides. This is because the advisor must first obtain an overview of the customer’s life situation and the existing insurance policies. Even if the customer has the information well-organised, this is often time-consuming and prone to errors.

A solution within minutes

This problem is solved by Majorel’s Insurance Navigator. The new solution makes use of the PSD2 account interface to capture payment information – of course, upon request and with the account holder’s consent.

Then, the powerful algorithm analyses the data and prepares it for the consultation: Insurance policies are automatically filtered out and assigned to categories such as possessions and property or retirement provision.

The platform solution also analyses the customer’s life situation. All of this can be done in a face-to-face meeting or remotely via video conferencing. After just a few clicks, the customer and the advisor can see which insurance policies are currently in place and which additional coverages are recommended. This overview containing all the important information and recommendations can be downloaded as a PDF.

Optimal advice, satised customers

The Insurance Compass helps banks expand their range of services and advice in order to strengthen the loyalty of existing customers and win new ones. The Majorel solution not only ensures that all the necessary information is available during the consultation, but it also significantly shortens the duration of the consultation. This increases the frequency of consultations and at the same time improves the quality of advice – an added value for all sides.

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