Bancassurance, the selling of banking and insurance products through the same channel, traditionally the bank branch network services, saw banks acting as a major distribution channel for insurers, and insurance sales a significant source of profits for banks. Nowadays banks have reduced their branch networks both as a cost cutting exercise and because many customers no longer wanted to physically visit the bank to carry out their banking.
The age of digital has arrived and with it a need for banks and insurers, who are often operating on legacy technology systems, to rethink their partnership approach to the customer and embrace the opportunities presented by the digital environment.
As customers’ financial needs become ever more complex the bancassurance model has a distinct advantage in that it has a wealth of insights derived from customer interaction. However, this advantage can only be realised if the bank and insurer partnership is able to tap into that combined knowledge base and use it to deliver a modern day, integrated customer experience.
This whitepaper focuses on how banks and insurers can overcome the challenges associated with the traditional bancassurance model by embracing new innovations and building more effective partnerships in order to serve customers’ needs in the digital age.
• Bancassurance – challenges and opportunities.
• Open banking and digital customers.
• The challenges presented by legacy technology systems.