Presented by Winnie njau, Group Head of bancassurance, KCB at the 1st Annual Bancassurance Conference | Villa Rosa Kempinski | Nairobi | Kenya.
Lloyds Africa Markets
The bank insurance model (BIM), also sometimes known as bancassurance or allfinanz, is the partnership or relationship between a bank and an insurance company, or a single integrated organisation, whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank's client base.
Everything You Need to Know About Customer Lifetime Value (CLV)Demac Media
Customer Lifetime Value (CLV) has become a must know term for eCommerce merchants of any size. It allows you to discover the true value each customer has to your store. But what most people don't know are the different ways to calculate it and the true impact it has on your business.
In this discussion we cover everything you need to know about customer lifetime value. We present a few ways to calculate it as well as show some cases where CLV can impact a business. These cases will show what happens when you ignore lifetime value, and the benefits of making decisions with CLV in mind.
The bank insurance model (BIM), also sometimes known as bancassurance or allfinanz, is the partnership or relationship between a bank and an insurance company, or a single integrated organisation, whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank's client base.
Everything You Need to Know About Customer Lifetime Value (CLV)Demac Media
Customer Lifetime Value (CLV) has become a must know term for eCommerce merchants of any size. It allows you to discover the true value each customer has to your store. But what most people don't know are the different ways to calculate it and the true impact it has on your business.
In this discussion we cover everything you need to know about customer lifetime value. We present a few ways to calculate it as well as show some cases where CLV can impact a business. These cases will show what happens when you ignore lifetime value, and the benefits of making decisions with CLV in mind.
In this presentation we will talk about the process of “Marketing in Banking Sector” and its effect on the sector as a whole and services of individual Organization.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
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Deviprasad Goenka Management college of Media Studies
http://www.dgmcms.org.in/
Subject:BRAND BUILDING
Lesson 11: BRAND BUILDING ON THE INTERNET
Faculty Name: Vishal Desai
In this presentation we will talk about the process of “Marketing in Banking Sector” and its effect on the sector as a whole and services of individual Organization.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
Deviprasad Goenka Management college of Media Studies
http://www.dgmcms.org.in/
Subject:BRAND BUILDING
Lesson 11: BRAND BUILDING ON THE INTERNET
Faculty Name: Vishal Desai
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A study on role of bank assurance in indian life insurance businessRAVICHANDIRANG
The banking and insurance industry have changed rapidly in the changing economic environment throughout the world. Together Banking and Insurance Industry contributes about seven percent GDP of our economy. The increased pace of market competition due to liberalization and privatization forced life insurers to be competitive by cutting cost and serving in a better
way to the customers. In view to reach huge untapped market, the concept of Bancassurance was introduced by the IRDA. Banc assurance is a new and an emerging model of channel of distribution adopted by almost all the life insurance players to increase the market share and insurance penetration. .The present empirical based study was conducted with an objective to understand the role of banc assurance in Indian life Insurance Industry and to measure customer awareness, satisfaction and perception towards buying life insurance products from banks.
Indian Insurance Industry - Recent Industry Trends - Part - 5Resurgent India
Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company's insurance products to its clients. Globally, bancassurance has emerged as an important channel for distribution of insurance products. Various international studies have shown that a bancassurance strategy has indeed saved costs of insurance companies in the long run.
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Highlights of the Presentation is mainly scoped around how to engage with the Banks for a more meaningful relationship in the context of Indian Non-life Industry. Also touched upon the lesson learned during this short journey and what is the potential along-with a road draft to Bancassurance success in coming years as Banks are marching towards becoming super-market of financial products to increase affinity of customers towards the banks
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Before we delve into why NBFCs are becoming more popular, let's clarify what they are. NBFCs are financial institutions that offer banking services without meeting the legal requirements of a bank. Unlike regular banks, they can't take demand deposits, but they can provide loans, credit facilities, and investment options.
Similar to The Journey of Bancassurance in Kenya (20)
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2. Scenario in Insurance Industry before
Introduction of Bancassurance
Low penetration predominantly in middle and upper class
consumers.
Low levels of consumer awareness.
Low levels of trust coupled with negative perception
towards Insurance products and industry in general
Irrelevant products perceived to be of little or no value
Formal sector was main target market for most insurers
Informal sector to a great extent ignored
Insurance not accessible in remote and infrastructural
deficient rural areas
3. Bancassurance Journey in Kenya
2004: First Insurance Agency license issued to CBA Bank
under CBA Insurance Agency
2007: Equity Bank acquires License to operate under a
separate Equity Insurance Agency
2010: KCB acquires a License under KCB Insurance Agency
2011 to date: More than half of Kenyan Banks plunge into
Bancassurance
Nov 2011: First IRA Guidelines on Bancassurance issued
May 2013: CBK issues prudential guidelines allowing Banks to
distribute Insurance
Oct 2014: IRA drafts revised Bancassurance guidelines
4. 1
Agenda
3
4
2
Effectiveness of Models at Play in Kenya
Impact of Technology on Bancassurance
Drivers of Bancassurance Market
Conclusion
Increasing Penetration by Enhancing Bancassurance
5. Effectiveness of Models at Play in Kenya
Key Models used in Kenya
i)Partnerships between banks and insurance
companies where the insurance company uses
own staff to sell within Bank Branches
ii)Use of Bank’s own Insurance employees with an
Insurance desk set across the bank’s branches
iii)Distribution through a broking partner who
offers technical guidance and after sales service
under a profit-sharing model
Increasing Penetration by Enhancing Bancassurance
6. Effectiveness of Models at Play in
Kenya……
i)Partnerships between banks and insurance
Failed due to lack of ownership at the bank and
lack of clear partnership guidelines
Employees of Insurer perceived as outsiders and
lack buy-in and support from bank staff
Lacked regulatory support/ basis as Banking act
does not support use of outsiders in banking halls
Ambiguous cost-sharing/ profit-sharing criteria
Failure to create a win-win situation for Customer,
Bank and Underwriter: Trust, Loyalty & Growth
7. Effectiveness of Models at Play in Kenya….
ii)Use of Bank’s own Insurance employees
Model has been the most successful and ideal
for most banks
However, it’s an expensive model and not
sustainable in the absence of huge volumes
Is ineffective where insurance staff are expected
to support several branches
Scalable only where bank is expanding/ growing
Increasing Penetration by Enhancing Bancassurance
8. Effectiveness of Models at Play in Kenya…
iii)Distribution through a broking partner
The model has been fairly successful especially for
smaller banks where set-up of an independent
Insurance unit proved unsustainable
Also worked well for foreign banks who lacked
legislative support to set up Insurance agencies to
carry out Bancassurance
Challenges of enough brokers with capacity to
efficiently handle the volumes generated by banks
Increasing Penetration by Enhancing Bancassurance
10. Drivers of Bancassurance Market
Desire by banks to offer a one stop shop for
financial services to their customers in order to
improve efficiency, enhance loyalty and rein
fence their customers.
Generally higher levels of trust in Banks vis-à-vis
Insurance industry players
Convenience, easy access and ease of premium
payment through Insurance premium finance
Strong distribution network and e-commerce
capability; Bank branches, Mobile platform, POS,
ATMs, Web, Bank Agents e.t.c
Increasing Penetration by Enhancing Bancassurance
11. Drivers of Bancassurance Market…
Banks see an opportunity to effectively grow their
non-funded incomes in the face of compressed
interest margins.
Due to huge insurance business volumes, banks
generally enjoy a higher degree of bargaining leverage
and relaxed underwriting restrictions backed by strong
underwriter partnerships. The stringent Service Level
Agreements enhance claim processing and settlement.
Ability to develop and sell simple, affordable and
relevant white-labled products riding on their
strong brands.
Increasing Penetration by Enhancing Bancassurance
12. Drivers of Bancassurance Market…
Breadth of Insurance product lines due to diverse
customer segments and the ability to develop new
relevant products and improve on existing
products.
Banks enjoy massive customer base with
customers straddling all economic sectors;
opportunity to offer a diverse range of products
Ample financial resources to acquire reliable systems
and develop high quality human capital.
Increasing Penetration by Enhancing Bancassurance
13. Drivers of Bancassurance Market…
Expanding demand for insurance products to
meet broader range of customer needs with
Insurance Industry growth in the recent years
far outstripping growth in GDP.
Embedding of insurance products on existing
banking products e.g. Credit Life and
Mortgage protection on loans e.t.c
Increasing Penetration by Enhancing Bancassurance
15. Impact of Technology on Bancassurance
• Integration – enhance interoperability between
Insurance and Bank systems leading to ease of customer
service across all service points of the Bank.
• Ability to develop standardized packages that can be
easily distributed by Bankers.
• Provide integrated view of customer information across
various products.
• Improve information-sharing practices and improve the
sales cycle.
• Enhances cost-efficiency and scalability.
• Enables integration to call centres enhancing the
capability of making outbound sales.
Increasing Penetration by Enhancing Bancassurance
16. Impact of Technology on Bancassurance
• Facilitates distribution of high volumes of lower
premium products within a short amount of time.
• Help improve insurance renewal and business
retention.
• E-commerce and mobile payment solutions act as
efficient claims delivery service points for customers.
• Offers capability for online real-time creation of policy
and downloading of scanned documents. Supported
by self-service menus on after sales service.
• Opportunity for online connection for claim and
complain filing to improve customer experience.
17. Impact of Technology on Bancassurance
• Penetration of lower income segments: Traditional
channels are well suited to meeting the needs of upper
middle class consumers, but are severely limited in
reaching the emerging classes. Technology offers an
opportunity to effectively and sustainably service this
category of insurance consumers.
• Opportunity for using established Bank’s mobile
payment solutions through a fully automated end to end
onboarding process to distribute simple Insurance
products.
18. Concluding Remarks
• There is urgent need to eliminate existing legal and
regulatory impediments as well as create consistency
and clarity in the regulatory environment to deal with
the existing misconception and competitor hostility
towards Bancassurance. This will create confidence for
further investments in this channel by Banks.
• Bancassurance is still a fairly underdeveloped channel
with very high potential and capability to enhance
insurance penetration across the country and bring
about the necessary fundamental economic
transformation and prosperity to the people of Kenya.
Increasing Penetration by Enhancing Bancassurance