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AGENDA <ul><li>Bancassurance – History </li></ul><ul><li>Bancassurance – Evolution </li></ul><ul><li>Bancassurance – A Win...
Bancassurance - History <ul><li>Originated in France in 1980s </li></ul><ul><li>Spread rapidly across Europe </li></ul><ul...
Bancassurance - Evolution <ul><li>Pressures on Banking Sector: </li></ul><ul><ul><li>Customer retention in the face of com...
Bancassurance - Evolution <ul><li>Pressures on Insurance Sector: </li></ul><ul><ul><li>Channel diversification from tradit...
Bancassurance  – A Win Win Situation <ul><li>Solution: </li></ul><ul><li>Insurance + Banking= Bancassurance </li></ul>
Bancassurance  – A Win Win Situation <ul><li>The provision of insurance and banking products and services through a common...
Bancassurance  – A Win Win Situation Bank Insurance Company <ul><li>Customer retention </li></ul><ul><li>Revenue and chann...
Bancassurance   - Distribution Model <ul><li>Integrative / Generalist Model   </li></ul><ul><li>Specialist Model   </li></...
Bancassurance   - Distribution Model <ul><li>Integrative / Generalist Model </li></ul><ul><ul><li>Product distribution thr...
Bancassurance   - Distribution Model <ul><li>Specialist Model </li></ul><ul><ul><li>Distributes insurance product through ...
Bancassurance   - Distribution Model <ul><li>Financial Planning Model </li></ul><ul><ul><li>Insurer employs sales force an...
Bancassurance  - Distribution channels   <ul><li>Career Agents  </li></ul><ul><li>Special Advisers  </li></ul><ul><li>Sala...
Product- Sales approach Distribution- Value Add High Low Product Complexity Commodity Customised Customer type Low Value H...
SWOT Analysis <ul><li>Strengths </li></ul><ul><ul><li>Vast untapped market  </li></ul></ul><ul><ul><li>Huge pool of skille...
Contd…. <ul><li>Weakness </li></ul><ul><ul><li>Lack of networking among bank branches  </li></ul></ul><ul><ul><li>  </li><...
Contd…. <ul><li>Opportunities </li></ul><ul><ul><li>Data mining  </li></ul></ul><ul><ul><li>Banks have a huge customer dat...
Contd…. <ul><li>Threats </li></ul><ul><ul><li>Human Resource Challenges  </li></ul></ul><ul><ul><li>  </li></ul></ul><ul><...
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Copy Of Bancassurance

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Transcript of "Copy Of Bancassurance"

  1. 1. AGENDA <ul><li>Bancassurance – History </li></ul><ul><li>Bancassurance – Evolution </li></ul><ul><li>Bancassurance – A Win Win Situation </li></ul><ul><li>Bancassurance – Distribution Models </li></ul><ul><li>Bancassurance – Distribution Channel </li></ul>
  2. 2. Bancassurance - History <ul><li>Originated in France in 1980s </li></ul><ul><li>Spread rapidly across Europe </li></ul><ul><li>Introduced in India in 1999 </li></ul><ul><ul><li>Opening up of insurance industry </li></ul></ul><ul><ul><li>20 new companies </li></ul></ul>
  3. 3. Bancassurance - Evolution <ul><li>Pressures on Banking Sector: </li></ul><ul><ul><li>Customer retention in the face of competition </li></ul></ul><ul><ul><li>Staff retention and motivation </li></ul></ul><ul><ul><li>Universal Banking- approach to provide all financial product under one roof ; a broader relationship approach </li></ul></ul><ul><ul><li>Optimum utilisation of infrastructure and resources- maximise revenue </li></ul></ul>
  4. 4. Bancassurance - Evolution <ul><li>Pressures on Insurance Sector: </li></ul><ul><ul><li>Channel diversification from traditional direct sale </li></ul></ul><ul><ul><li>Access to a high quality customer base </li></ul></ul><ul><ul><li>Achieve the geographical reach within minimum time and cost </li></ul></ul><ul><ul><li>Ensure higher probability of success in the sales process </li></ul></ul>
  5. 5. Bancassurance – A Win Win Situation <ul><li>Solution: </li></ul><ul><li>Insurance + Banking= Bancassurance </li></ul>
  6. 6. Bancassurance – A Win Win Situation <ul><li>The provision of insurance and banking products and services through a common distribution channel or to a common client base. </li></ul>
  7. 7. Bancassurance – A Win Win Situation Bank Insurance Company <ul><li>Customer retention </li></ul><ul><li>Revenue and channel diversification </li></ul><ul><li>Satisfaction of more financial needs under the same roof </li></ul><ul><li>Quality customer access </li></ul><ul><li>Revenue diversification </li></ul><ul><li>Quicker geographical reach </li></ul><ul><li>More profitable resource utilisation </li></ul><ul><li>Creation of brand equity </li></ul><ul><li>Enriched work environment </li></ul><ul><li>Leverage service synergies with Bank </li></ul><ul><li>Establish sales orientated culture </li></ul><ul><li>Establish a low cost acquisition channel </li></ul>
  8. 8. Bancassurance - Distribution Model <ul><li>Integrative / Generalist Model </li></ul><ul><li>Specialist Model </li></ul><ul><li>Financial Planning Model </li></ul>
  9. 9. Bancassurance - Distribution Model <ul><li>Integrative / Generalist Model </li></ul><ul><ul><li>Product distribution through existing bank channel </li></ul></ul><ul><ul><li>Bankers themselves sells the product to customer </li></ul></ul><ul><ul><li>Process managed by banks and insurer act as only product/service provider </li></ul></ul><ul><li>e.g. Telemarketing, direct mail </li></ul>
  10. 10. Bancassurance - Distribution Model <ul><li>Specialist Model </li></ul><ul><ul><li>Distributes insurance product through generally employees or representatives of the insurance company </li></ul></ul><ul><ul><li>Bankers help to identify the prospects who further contacted by insurance professionals </li></ul></ul><ul><ul><li>Requires less training and higher compensation to support the referral process </li></ul></ul><ul><ul><li>It lengthens the process of sale </li></ul></ul>
  11. 11. Bancassurance - Distribution Model <ul><li>Financial Planning Model </li></ul><ul><ul><li>Insurer employs sales force and deploys them at bank branches </li></ul></ul><ul><ul><li>Quick to implement as compare to other models </li></ul></ul><ul><ul><li>Bank as introducer, insurer sales force as converters </li></ul></ul><ul><ul><li>Offers each customer and prospect a full financial planning package addressing all of the individual's financial concerns </li></ul></ul>
  12. 12. Bancassurance - Distribution channels <ul><li>Career Agents </li></ul><ul><li>Special Advisers </li></ul><ul><li>Salaried Agents </li></ul><ul><li>Bank Employees / Platform Banking </li></ul><ul><li>Corporate Agencies and Brokerage Firms </li></ul><ul><li>Direct Response </li></ul><ul><li>Internet </li></ul><ul><li>e-Brokerage </li></ul><ul><li>Outside Lead Generating Techniques </li></ul>
  13. 13. Product- Sales approach Distribution- Value Add High Low Product Complexity Commodity Customised Customer type Low Value High Volume High value Low volume Full Service Full advice (Financial Advisor) Limited advice (Life agent) No advice (direct)
  14. 14. SWOT Analysis <ul><li>Strengths </li></ul><ul><ul><li>Vast untapped market </li></ul></ul><ul><ul><li>Huge pool of skilled professionals </li></ul></ul>
  15. 15. Contd…. <ul><li>Weakness </li></ul><ul><ul><li>Lack of networking among bank branches </li></ul></ul><ul><ul><li>  </li></ul></ul><ul><ul><li>Saving Ability of Middle Class </li></ul></ul><ul><ul><li> </li></ul></ul>
  16. 16. Contd…. <ul><li>Opportunities </li></ul><ul><ul><li>Data mining </li></ul></ul><ul><ul><li>Banks have a huge customer database which has to be properly leveraged. Target segments should be identified and tapped. </li></ul></ul><ul><ul><li>Wide distribution networks of banks   </li></ul></ul><ul><ul><li>Exploit the corporate customers and tie - up for insurance of the employees of corporate clients. </li></ul></ul>
  17. 17. Contd…. <ul><li>Threats </li></ul><ul><ul><li>Human Resource Challenges </li></ul></ul><ul><ul><li>  </li></ul></ul><ul><ul><li>Non-response from the target groups can also pose a challenge. </li></ul></ul>
  18. 18. THANK YOU
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