Bancassurance, the selling of banking and insurance products through the same channel, traditionally the bank branch network services, saw banks acting as a major distribution channel for insurers, and insurance sales a significant source of profits for banks.
Nowadays banks have reduced their branch networks both as a cost cutting exercise and because many customers no longer wanted to physically visit the bank to carry out their banking.
As customers’ financial needs become ever more complex the bancassurance model has a distinct advantage in that it has a wealth of insights derived from customer interaction.
However, this advantage can only be realised if the bank and insurer partnership is able to tap into that combined knowledge base and use it to deliver a modern day, integrated customer experience.
Bancassurance: what are the main challenges and opportunities?
Read the in-depth article to learn more about how banks and insurers should build effective partnerships in order to compete in the digital era.