{"id":36340,"date":"2023-06-15T10:22:37","date_gmt":"2023-06-15T10:22:37","guid":{"rendered":"https:\/\/vymo.com\/blog\/?p=36340"},"modified":"2023-11-17T08:27:28","modified_gmt":"2023-11-17T08:27:28","slug":"tech-at-the-bancassurance-steering-wheel","status":"publish","type":"post","link":"https:\/\/vymo.com\/blog\/tech-at-the-bancassurance-steering-wheel\/","title":{"rendered":"Tech at the Bancassurance Steering Wheel"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>[vc_row][vc_column][vc_column_text]<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-36341 size-full\" src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2023\/06\/blog-inner-image-1-4.webp\" alt=\"\" width=\"1200\" height=\"678\" title=\"\" srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2023\/06\/blog-inner-image-1-4.webp 1200w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2023\/06\/blog-inner-image-1-4-300x170.webp 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2023\/06\/blog-inner-image-1-4-1024x579.webp 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A 2022 McKinsey report highlighted that 31% of the life insurance premiums in Asia Pacific came from the Bancassurance channel alone. By now it is established that the Bancassurance channel makes increasing sense for the bank, the insurer, and the customer. And the deal is further sweetened with regulators opening up the playground further. IRDA now allows banks to partner with up to nine insurers for each type of insurance &#8211; life, non-life, and health.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, everything is not smooth sailing. There are complexities involved in such a partnership. These include (but are not limited to):<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Executive time<\/b><span style=\"font-weight: 400;\"> that will be spent by bank leadership in dealing with their insurance partners.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The time and effort<\/b><span style=\"font-weight: 400;\"> needed to evaluate the extensive range of product choices available across providers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Curating a basket of limited product<\/b><span style=\"font-weight: 400;\">s that are best in their respective categories and suit the bespoke needs of their customers across customer segments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The complexity of managing the sales process<\/b><span style=\"font-weight: 400;\">, whether it&#8217;s bank-owned RMs who need to be trained on a wide range of insurance solutions or insurance company-supported representatives of 9-27 companies in bank branches!<\/span><\/li>\n<\/ul>\n<p><b>Identifying and monitoring input and output metrics<\/b><span style=\"font-weight: 400;\"> to reflect the new normal &#8211; which helps optimize the performance of sales teams engaged in selling banking and insurance solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But with newer players stepping into the arena &#8211; neo banks, financial services providers, insurtechs, payment channels and so on, banks must look at ways to build their brand as an integrated financial services provider and insurers must look at partnerships that are profitable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A digitized, data-led bancassurance strategy that is focused on delivering to customers a unique one-stop-shop for all their financial wellness needs can help accelerate bancassurance growth further.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both banks and insurers must augment existing capabilities with,<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deeply thought-out product portfolios and personalized product plans that can cover the financial needs of customers end-to-end.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">End-to-end automation of all processes to increase sales effectiveness and customer experience<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The power of analytics on the expanded amount of customer data available to develop relevant and timely offers, which are aligned and integrated\/embedded within the bespoke customer journeys.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Advanced AI\/ML customer engagement solutions can help businesses become:<\/span><\/li>\n<\/ol>\n<p><b>More Efficient through:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automation of processes and real-time access to all necessary information.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prescriptive guidance on the next best actions to maximize outcomes.<\/span><\/li>\n<\/ul>\n<p><b>More Effective through:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understanding and emulating winning behaviors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accessing scientifically defined activity playbooks.<\/span><\/li>\n<\/ul>\n<p><b>More Productive through:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Providing proactive visibility on goals versus achievements, highlighting gaps and necessary interventions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increasing customer face time through automatic detection and reporting of activities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assisting with digital prospecting and lead enrichment to expand the opportunity set.<\/span><\/li>\n<\/ul>\n<p><b>Banks and insurers are already sailing the bancassurance channel and seeing profit. Better technology at the steering wheel will ensure a smoother, faster and safer ride.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019d like to read more such insights about the future of Bancassurance, we asked FIVE leading experts in Indian Bancassurance (from organizations like IndiaFirst Life, PNB Metlife, HDFC Bank, Bank of Baroda, and more) for advice on how to turn the channel into a profit-generating lever.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ALL of their insights are in our latest report &#8211; Morph: Bancassurance India Insights. Click on the image below to download their nuggets of knowledge!<\/span><\/p>\n<p><a href=\"https:\/\/resources.vymo.com\/morph\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-36342 size-large\" src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2023\/06\/blog-inner-image-2_1-1024x579.webp\" alt=\"\" width=\"780\" height=\"441\" title=\"\" srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2023\/06\/blog-inner-image-2_1-1024x579.webp 1024w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2023\/06\/blog-inner-image-2_1-300x170.webp 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2023\/06\/blog-inner-image-2_1.webp 1200w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\" \/><\/a><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We asked FIVE leading experts in Indian Bancassurance (from organizations like IndiaFirst Life, PNB Metlife, HDFC Bank, Bank of Baroda, and more) for advice on how to turn the channel into a profit-generating lever. ALL of their insights are in our latest report &#8211; Morph: Bancassurance India Insights. Read on to download\t the report\u2026<\/p>\n","protected":false},"author":11,"featured_media":36343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133,38],"tags":[45,174],"class_list":["post-36340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-insurance","tag-banking","tag-insurance"],"_links":{"self":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36340","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/comments?post=36340"}],"version-history":[{"count":8,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36340\/revisions"}],"predecessor-version":[{"id":36407,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36340\/revisions\/36407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media\/36343"}],"wp:attachment":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media?parent=36340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/categories?post=36340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/tags?post=36340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}