Our Services:
Market Analysis and Project Evaluation
We can conduct a market survey to analyse and prepare a feasibility report in order for you to decide and commit on resources for any bancassurance venture. Being an external consultant / partner, we can provide an objective overview of the market vis-a-vis the ground realities within your own organisation. This will help you understand and measure your own level of preparedness to start any bancassurance initiative.
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.
Setting up a bancassurance division within your organisation
Well begun is half done! Right talents must be put on the job to achieve success, particularly since bancassurance has no fixed models, no fixed products or no fixed target segment. Creativity and innovation is the name of the game here. We can help you by initially setting up the division and slowly handing over the unit to you to run independently.
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 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.
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.