{"id":35297,"date":"2025-10-28T09:57:06","date_gmt":"2025-10-28T04:27:06","guid":{"rendered":"https:\/\/vymo.com\/?p=35297"},"modified":"2025-11-07T17:28:51","modified_gmt":"2025-11-07T11:58:51","slug":"challenges-faced-by-rms-in-bancassurance-sales","status":"publish","type":"post","link":"https:\/\/vymo.com\/blog\/challenges-faced-by-rms-in-bancassurance-sales\/","title":{"rendered":"Bancassurance &#8211; Relationships Matter!"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>[vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">Bancassurance is no passing trend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, if we let the numbers do the talking, it is estimated that the APAC <a href=\"https:\/\/vymo.com\/bancassurance\/\" target=\"_blank\" rel=\"noopener\">Bancassurance<\/a> market size will grow by $354.08B at a 6% CAGR.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s not all, McKinsey also states that in 2018, 31# of ALL life insurance sold in the region was through bancassurance.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">The future of bancassurance is bright due to three major reasons:\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The 60+ senior citizen population is set to double across the next two decades, pushing the need for more health and life insurance,\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The household wealth in the APAC region is growing and its middle class is expanding, leaving more room for insurers to fit in,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rising internet penetration and technology advancements are influencing customer behaviors who have more access to both banking and insurance than ever before.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">However, not everything can be smooth sailing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s where the role of a Relationship Manager (RM) becomes crucial.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To fully leverage the potential of Bancassurance, companies need to make sure they\u2019re empowering their RMs so they can:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Connect with employees of different bank branches to promote their policies,\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Educate banks about their products and the incentive models,\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Build strong relationships with branches based on trust<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, RMs face several challenges to get to this ideal:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Poor visibility into branch performance:<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> Most RMs have limited information on their branches, not knowing where and how to intervene to improve performance<\/span><\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Unclear coaching context:<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0 They also don\u2019t 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<\/span><\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Gaps in lead nurturing:<\/b><span style=\"font-weight: 400;\"> Most RM\u2019s are unsure about how to fill gaps in the lead flow cycle, making it tough for leads to transition smoothly from start to conversion<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">All of these factors can derail the efforts of the best RMs and impact revenue, profit, and potential for growth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, it becomes imperative that they use the right kind of tools to help them overcome these major challenges.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The right tool will act as their personal assistant, helping them:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Build <\/span><b>stronger branch relationships<\/b><span style=\"font-weight: 400;\"> through intelligent and contextual nudges that push them to engaging with each branch at the right time<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Streamline lead conversion<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Get <\/span><b>real-time visibility<\/b><span style=\"font-weight: 400;\"> into key branch metrics<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Teach slower branches the best practices of the top-performing ones<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">And so much more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, 44% of surveyed workers feel like their company-provided software is too slow and clunky while a whopping 65% aren\u2019t being provided with the technology needed to complete their jobs.\u00a0<\/span><\/p>\n<p><b><i>This needs to change.\u00a0<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">The only way to empower RMs and accelerate your <a href=\"https:\/\/vymo.com\/bancassurance\/\" target=\"_blank\" rel=\"noopener\">Bancassurance<\/a> business is to give them the right tools and software to do their jobs properly. That\u2019s the only way to ensure the growth of your business and the Bancassurance industry as a whole!<\/span><\/p>\n<p>\u201c<a href=\"https:\/\/vymo.com\/request-a-demo\/\" target=\"_blank\" rel=\"noopener\">Book a demo<\/a> to see how our platform helps banks strengthen every bancassurance partnership and boost cross-selling performance.\u201d<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Bancassurance is no passing trend.\u00a0 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.\u00a0 That\u2019s not all, McKinsey also states that in 2018, 31# of ALL life insurance sold in the region was through bancassurance.\u00a0 The future [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":35861,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[166],"class_list":["post-35297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bancassurance"],"_links":{"self":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/35297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/comments?post=35297"}],"version-history":[{"count":6,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/35297\/revisions"}],"predecessor-version":[{"id":37464,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/35297\/revisions\/37464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media\/35861"}],"wp:attachment":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media?parent=35297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/categories?post=35297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/tags?post=35297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}