Download PowerPoint [opens in a new browser window]

1,605 views
1,509 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,605
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
76
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Download PowerPoint [opens in a new browser window]

  1. 1. Bancassurance Mike Bishop Regional Director, Alternative Distribution 15th Nov, 2000
  2. 2. Content <ul><li>The bancassurance market in Asia </li></ul><ul><li>Our bancassurance model </li></ul><ul><li>Results to date </li></ul><ul><li>Our plans for growth </li></ul><ul><li>Summary </li></ul>1
  3. 3. The Asian Bancassurance Opportunity Is Large <ul><li>Estimates suggest bancassurance sales could triple by 2005 </li></ul><ul><li>Banks enjoy a special relationship with individuals from an early age </li></ul><ul><li>Higher propensity for customers to use branches </li></ul><ul><li>Consumer feedback </li></ul>2
  4. 4. Our Bancassurance Model <ul><li>Essence of model is proactive sales and activity management </li></ul><ul><li>3 distinct channels within overall bancassurance structure </li></ul><ul><li>Flexibility is key: model can be tailored to fit each partner as required </li></ul><ul><li>Proven model – we already operate it across 5 countries in Asia </li></ul>3
  5. 5. <ul><li>Bank employed </li></ul><ul><li>Simple “bundled” life products </li></ul>Bank Sales <ul><li>Combination of direct mail and telesales </li></ul><ul><li>Simple products suitable for credit card base </li></ul>Direct Sales Our Bancassurance Model 4 <ul><li>Prudential employed </li></ul><ul><li>Traditional life products </li></ul>Financial Services Consultants (FSCs) Sales
  6. 6. Financial Services Consultants (FSCs) <ul><li>Dedicated Prudential salesforce </li></ul><ul><li>Based in bank branches </li></ul><ul><li>Comprehensive sales training programme </li></ul><ul><li>High quality sales management process </li></ul><ul><li>Lead generation approach </li></ul><ul><li>Experimental hub centres </li></ul>Bancassurance 5
  7. 7. The FSC Sales Process The Virtuous Circle Bancassurance 6 Sale closed Full fact find Initial introduction by FSC Customer referred to FSC Customer visits branch Follow up review in 6-12 mths
  8. 8. Bank Sales <ul><li>Increases Prudential’s reach: # of branches & sellers </li></ul><ul><li>Tailored, simple products </li></ul><ul><ul><li>Mortgage Protection </li></ul></ul><ul><ul><li>Credit Life </li></ul></ul><ul><ul><li>Deposit-based life products </li></ul></ul><ul><li>Comprehensive sales training for bank staff </li></ul><ul><li>High quality sales support & service </li></ul>7
  9. 9. Direct Sales <ul><li>Targets credit card customers </li></ul><ul><ul><li>Mail/Phone-Sell-Build-Nurture </li></ul></ul><ul><li>40,000 policies sold in first 9 months of 2000 </li></ul><ul><li>Improves customer retention and card usage for partner bank </li></ul>Bancassurance 8
  10. 10. The Direct Sales Process 9 <ul><li>Upgrade/add on </li></ul><ul><li>Cross-sell </li></ul><ul><ul><li>response rate 20-30% </li></ul></ul>BUILD Telemarketing NURTURE <ul><li>Loyalty campaign </li></ul><ul><ul><li>Free cover </li></ul></ul>Telemarketing <ul><li>Response rate 10-30% </li></ul>SELL MAIL/PHONE
  11. 11. Tailored To Fit - How We Have Used The Model So Far Singapore Hong Kong Transferable to all markets Full Model Hong Kong FSCs & Bank Sales Singapore Malaysia Indonesia Bank Sales Thailand Thailand Malaysia Indonesia 10 Bancassurance
  12. 12. Excellent Results To Date 11 Growth 9 mths 1999 - 9 mths 2000 Regular premium Single premium Customers acquired Conversion rates FSC productivity +274% +140% +115% + 27% +105%
  13. 13. Continuing Our Growth <ul><ul><li>Significantly increase </li></ul></ul><ul><ul><ul><li>Financial Services Consultants </li></ul></ul></ul><ul><ul><ul><li>Productivity </li></ul></ul></ul><ul><ul><li>Develop new tailor-made products </li></ul></ul><ul><ul><li>Expand distribution in Malaysia & Singapore to include direct sales </li></ul></ul><ul><ul><li>Target new customer segments and markets </li></ul></ul>12 Broaden relationship with Standard Chartered Bank
  14. 14. <ul><li>Rollout our bancassurance model </li></ul><ul><ul><li>New markets </li></ul></ul><ul><ul><li>New banks </li></ul></ul><ul><li>Aggressively pursue Direct Marketing in select markets </li></ul>Continuing Our Growth 13
  15. 15. Summary <ul><li>Early days for our bancassurance initiative but scale of growth apparent </li></ul><ul><li>Prudential is well placed to exploit this opportunity </li></ul><ul><ul><li>Clear strategy </li></ul></ul><ul><ul><li>Proven, flexible, transferable model </li></ul></ul><ul><ul><li>Management commitment </li></ul></ul><ul><ul><li>Strong regional partner </li></ul></ul>14

×