Bancassurance is a partnership between banks and insurance companies where insurance products are sold through bank channels, benefiting both sectors and customers. Challenges include integration difficulties and conflicting incentives, which can be addressed through aligned objectives and training. Digital transformation within bancassurance can enhance market penetration, customer experience, and operational efficiency while leveraging analytics for improved engagement.

1. BANCASSURANCE:
TIME FOR DIGITAL
ARTIVATIC.AI

2. BANCASSURANCE
SUMMARY
• Bancassurance refers to an agreement
between banks and insurance companies.
• In bancassurance, insurance companies sell
their products through the bank’s outlet.
• It can benefit banks and insurance companies,
as well as customers.

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CHALLENGES
CONCERN
Bancassurance requires both banks and insurance
companies to work together; however, it is not an
easy task to integrate the business operations of
two sectors.
insurance companies lack direct control over the
selling of their products. It can be harder to
manage marketing strategies.
In the case of multiple bancassurance agreements,
bank advisors may have conflict incentives.
To solve the problems, banks and insurance companies
need to align their objectives. Moreover, insurance
companies can provide sales training for bank employees.
This helps to achieve mutual goals and reduce
miscommunication.

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The benefits of bancassurance for
insurance carriers
Higher market
penetration
Increased
premium
turnover
Increased
customer
trust
Increased
relevance
of
offering
Help with
the
launch of
new
products
Improved
turnarou
nd time
Customer
delight
Increased
operation
al
efficiency
• Banks greatly enhance the market penetration of insurance companies
without them having to invest in new branches or office infrastructure in
hitherto untapped locations.
• With the market penetration achieved due to bancassurance, the insurer’s
objective of increasing premium turnover is also easily achievable.
• Using bancassurance as the driver, insurers can use customer confidence in
banks to increase their range, penetration and premiums.
• The insurers and banks can work together to develop smart engagement
workflows to identify and offer the right insurance cover to every single
customer.
• Based on insights of their partner banks, insurers can develop and launch
new products in partnership with banks.
• The bancassurance channel gives insurers a much wider reach with far less
investment than any other channel.
• With bank employees at the forefront of the workflow, the turnaround
time is seen to improve significantly.
• This ensures the entire customer experience is seamless and hassle free
for the customer, as there is just one point of contact – the bank
employee.

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DIGITAL TRANSFORMATION - THE WAY
FORWARD FOR BANKS AND INSURERS
According to a study by McKinsey & Company,
digitization has driven development in many
bancassurance organizations. Businesses that have
digitalized non-life product sales have seen a growth
of nearly 20%.
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Improve customer
engagement and
customer experience by
focusing on the larger
financial objectives of
different target customer
groups
In order to retain the
relevant third parties for
holistic customer
propositions a digital
open standards platform
should be set up with the
bank and the insurer to
support customer
omnichannel access.
The advisory role of the
branch staff must be
augmented integrating
regulatory requirements
to provide customers with
a seamless omnichannel
process.
Customised insurance
offerings can be offered
by setting up relevant and
curated customer data
sets to allow joint
customer analytics by the
bank and the insurer.

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HOW ARTIVATIC MEETS THE INDUSTRY
DEMANDS?
MiOSales Platform designed for
Bancassurance for future allowing
sales team to have better experience,
building partnerships & relationships,
increase in customer base,
Improvement in ROI and get better
insights, recommendation & analytics.

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8
• Winning with digital and analytics in
bancassurance
• Personalization that makes the most of
unique banking data and analytics
• The data make it clear that digitization is a
core ingredient of growth
• Superior, digitally enabled customer
experience
• Bancassurers need simple, fully automated,
and end-to-end processes that reduce
barriers to sales in digital channels.
• Omnichannel customer engagement

9. For more insights, visit
https://blog.artivatic.ai/