28 Oct Bancassurance – Relationships Matter!
Bancassurance is no passing trend.
In fact, if we let the numbers do the talking, it is estimated that the APAC Bancassurance market size will grow by $354.08B at a 6% CAGR.
That’s not all, McKinsey also states that in 2018, 31# of ALL life insurance sold in the region was through bancassurance.
The future of bancassurance is bright due to three major reasons:
- The 60+ senior citizen population is set to double across the next two decades, pushing the need for more health and life insurance,
- The household wealth in the APAC region is growing and its middle class is expanding, leaving more room for insurers to fit in,
- Rising internet penetration and technology advancements are influencing customer behaviors who have more access to both banking and insurance than ever before.
However, not everything can be smooth sailing.
With new players entering the financial market and wooing new-age prospects and customers away from traditional banks and insurance companies, they need to work in tandem to solve challenges and face competitors who are deterring their growth.
That’s where the role of a Relationship Manager (RM) becomes crucial.
To fully leverage the potential of Bancassurance, companies need to make sure they’re empowering their RMs so they can:
- Connect with employees of different bank branches to promote their policies,
- Educate banks about their products and the incentive models,
- Build strong relationships with branches based on trust
To do all of this effectively, RMs need to have proper oversight of their branches, know the exact volume of business each branch is delivering, and the kind of support the branches need to improve their performance.
However, RMs face several challenges to get to this ideal:
- Poor visibility into branch performance: Most RMs have limited information on their branches, not knowing where and how to intervene to improve performance
- Unclear coaching context: They also don’t know how to best prioritize branch interactions to ensure that they can coach non-performing branches and get more visibility into branch activities for better leads
- Gaps in lead nurturing: Most RM’s are unsure about how to fill gaps in the lead flow cycle, making it tough for leads to transition smoothly from start to conversion
All of these factors can derail the efforts of the best RMs and impact revenue, profit, and potential for growth.
So, it becomes imperative that they use the right kind of tools to help them overcome these major challenges.
The right tool will act as their personal assistant, helping them:
- Build stronger branch relationships through intelligent and contextual nudges that push them to engaging with each branch at the right time
- Streamline lead conversion
- Get real-time visibility into key branch metrics
- Teach slower branches the best practices of the top-performing ones
And so much more.
Most RMs are predominantly a deskless workforce, and according to a study by Emergence Capital, are greatly dissatisfied with the technology provided to assist them in their daily activities.
In fact, 44% of surveyed workers feel like their company-provided software is too slow and clunky while a whopping 65% aren’t being provided with the technology needed to complete their jobs.
This needs to change.
The only way to empower RMs and accelerate your Bancassurance business is to give them the right tools and software to do their jobs properly. That’s the only way to ensure the growth of your business and the Bancassurance industry as a whole!