BCWL: Our Services - Bancassurance Consultants Worldwide Ltd.

Gap Analysis

For banks who are already into bancassurance but find themselves at crossroads not knowing the way forward - we are there to help. We can also do a thorough Gap Analysis for banks to know and evaluate if they are on right path. We not only help indefying the Gaps in the processes and skills but also help in overcoming them so that revenue targets are achieved.

This is the first and most important step towards your goal to become a financial supermarket. Therefore, please talk to us and see how best we can assist you.

Gap Analysis

For banks who are already into bancassurance but find themselves at crossroads not knowing the way forward - we are there to help. We can also do a thorough Gap Analysis for banks to know and evaluate if they are on right path. We not only help indefying the Gaps in the processes and skills but also help in overcoming them so that revenue targets are achieved.

Setting up a bancassurance division within your organisation

Having decided to plunge into bancassurance, this is probably the most sensible and logical step to do. What is required is the right strategy based on the market realities and bank's own capability based on the customer profile and management philosophy. It also requires understanding of insurance business and dynamics of product development. Add proper channel management to it without which sales loses sight and  the whole bancassurance experiment can lose its direction. We can help you in setting up the division and show how to run it successfully.

Helping you to chose a right partner

We shall use our propreitory matrix to help you decide on selecting a right partner. We shall also help you in negotiations with your prospective partners and ensure that you emerge as a dominant player in the entire deal. The negotiations are generally protracted and involve a huge amount of technical inputs (read product knowledge and understanding of market practices) and therefore you need an expert assistance.

Product Development

There has been a long running debate within bancassurance circles - what should drive the strategy: Product or population? Whether the strategy should be product-centric or customer-centric? In our opinion product should follow the population and therefore product development needs special attention. Any insurance product thrown at any customer segment shall not work.

Product development in bancassurance needs special skills and is generally multi-disciplinary. It involves investment, pensions, wealth management besides insurance. Within insurance too, it requires expertise in life as well as property products. Our technical know-how about insurance products and our relationship with international reinsurance markets can create a synergy which no one can match.
Please therefore talk to us and we shall help you in selecting or developing the right products which will add value to your customers.

Harnessing Internal Business Potential within the bank

There are several opportunities currently existing within your organisation which are untapped. We shall identify and tap all those to provide additional stream of revenue (read fee income) for the organisation, its share holders and directors.

Preparing the Agreement

Before the plunge into bancassurance, this step has the most far reaching implications. Issues like ownership of clients, data privacy, renewal, dual marketing, product camouflaging, guarantee money, customer complaints, fund flow, claims handling are only some of the issues which need extreme caution. Please use our expertise and multi-national exposure to do it right for you.

Creating Incentive Schemes

Different markets have used different methods to sell bancassurance products. However, one common step has been taken by all successful bancassurers - that is to pass on the right incentives to the people who bring money. This is no mean job as disproportionate incentives on either side can create havoc with the sales. Good intentions by banks with good partners and good products have failed due to inapproprate incentive strategy. Use our understanding of international markets to devise a scheme that can work for your type of bancassurance.

Takaful Solutions

Islamic banking and Takaful products are the happening issues in banking circles today. Islam being the largest religion in the world has rightfully expected banks and insurance companies to respond to Shariah compliant banking and insurance solutions. Takaful contracts today are sold and bought in Middle East and Far East and has proved to be an attractive proposition for banks and its customers.

The value chain creation and loyalty generated by Takaful contracts have brought more and more banks into seeking Takaful solutions. Even non Muslims are interested in Takaful products as it provides value and returns commensurate with market investment opportunity. Our experience in the middle eastern market can help you develop your own Takaful Solutions. Talk to us today.

Bancassurance Training

Training is key to success in bancassurance and in some jurisdictions passing relevant certification is mandatory before sales force can sell bancassurance products. We have a specialist division handling training on bancassurance. We can provide specialized training to bancassurance staff and executives on sales techniques, motivational training and on hardcore insurance technical subjects. The training can be arranged either on your premises or in our offices in London or Dubai or in Mumbai.

IT Support and Software Development

Extremely well planned and well executed bancassurance have failed in the past due to lack of proper IT support. Banks usually have internal robust IT systems and people tend to believe it can take all future bancassurance requirements under the same system. This has undone some of the otherwise excellent bancassurance experiments in the world.

We know for sure that bancassurance requires specialised IT solutions and can only be done by the masters in the field. Whether you are already on to bancassurance bandwagon or are planning to do so, talk to us about your IT requirements and we are sure to provide you a workable solution.