Boosting Key Bancassurance Metrics with Timely Coaching Interventions & Intelligent Nudges

In this blog, we’re going to be talking to you about how you can Boost your Bancassurance Metrics. We’re in conversation with Rajesh Sabhlok, Bancassurance veteran, and CCO at Vymo to understand how managers can better build a remote working environment while enabling the teams’ digital transformation and creating visibility of engagement activities that directly impact relationship metrics with bank branches, locally and globally.

Bancassurance sales teams are in a very unique position. How are Banca sales teams different from normal distribution channels?

What are the metrics that matter to you most, we asked our banking and insurance community. 75% voted for the no. of activities completed to be most important, followed by new business premium and branches activated.

Every insurance company around the world is gunning for bancassurance partnerships. Banca channel has exceeded the contribution made overall, making it the single largest distribution channel for insurers, slightly over agency. In many other markets, if you look at the western world, bancassurance accounts for almost 70% – 80% of the revenue coming in. That’s quite a large percentage.” Rajesh Sabhlok, CCO at Vymo

Do we know who our customers are? Here’s Rajesh’s view on how banca reps can improve their relationship-building approach.

Retail customer segments can be further divided, and you may have experienced this with banks – where teams are divided by capacity i.e. the relationship value brought into the bank. This way, you have ultra-high-net-worth customers, similar to private banking.

Then you have affluent banking and mass affluent banking. For at least high-net-worth and affluent, you may have RMs who are dedicated to these customers, but for the mass affluent, nobody’s talked to them. Either they self serve themselves online or they go to the bank branches and undertake the banking environment. There’s complexity here because, from an insurance company’s point of view, bancassurance isn’t easy to implement the model. With the need to address multiple customer segments, your strategy and metrics would depend on not just what segments you’re targeting but how you’re approaching them too.

How the metrics are changing per layer? And what are the most important metrics to be tracking right now in Banca?

  • Branch Activation
  • Branch Mapping & Prioritization
  • Activity Completion
  • Activity Prioritization & Planning
  • Driving Best-Practices
  • Lead Management

Sales Managers need visibility into mapped branches that help generate good-steady leads. If this data were to be provided on a daily/weekly basis, managers can intervene when they spot inactive branches and activities. With Vymo Coach, managers can view branch (i.e) partner summary cards and business trends in real-time, intervene and speak with the relationship manager to understand hurdles and reorient.

What are the current systems of tracking these metrics?

Every company should have its own MIS system built. Some may have their in-built software, some externally deployed, others may use Excel or WhatsApp mechanisms for chat-based communication and tracking on what’s been sold and the current status of policies.

Few of these numbers like persistency, cancellations, policies issued and BP come from the policy and the core system that the companies have. Data is flowing through there anyway, but that’s where the challenge lies, right?

This data is flowing in from multiple sources and is harder to access a CRM, especially for sales managers. How do you want to run your business so that you get all these insights in one place?

What are the biggest challenges you face as a sales leader? We asked our banking and insurance community.

20% voted for lack of visibility into performance metrics, 20% voted for lack of data for contextual coaching, and 20% voted for lack of insight for activity prioritization.

Managers may not always have the bandwidth for timely follow-ups. And due to the lack of data integrity, banks & financial institutions lack real-time visibility into daily activities. How are Sales Managers going to empower their teams to be better if they themselves don’t have the adequate resources that are empowering them for it?

We ran a pilot program with some of our larger deployments to gauge the effectiveness of manager coaching interventions. As a result, we saw that managers who responded to nudges on a timely basis saw 4x improvement in the total teams’ daily activities with a 75% reduction in the TAT.

Watch the webinar recording:

Want to know more about Vymo Coach for Bancassurance? Write to us at hello@http://vymo.com, and we’ll get right back to you!

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