Bancassurance in Practice (Compatibility Mode)

Bancassurance in Practice
Presented by: Khaled Ibrahim 18-September-2011
Presenter Experiance and Profile

Sales Manager with wide experience in marketing of Insurance Products through Banks and Multi Distribution networks. Worked with : 8 different banks. Retail Brokers Insurance Agencies In 2 different countries in the Middle East.
Previous Experience and History
Current Position
2001
2002
2003
2004
2006
2008
2009
Page 2
Agenda 1 2 3 4 5 6 7 8 9
Page 3
Bancauurance Advantages (Banks & Insurer) Bancassurance Product Mix Bancassurance Channels Bancassurance Sales Culture in Banks Bancassurance Sales Model (KSA, Egypt & Call Center) Training Bancasuurance Project Plan Key Factors for Bancassurance Success Ideal Attributes in Insurance Partner for Banks
Agenda 1 2 3 4 5 6 7 8 9
Page 4
Bancassurance Advantages (Insurer s perspective)
E fforts and Complexity
Low costs, high volume distribution system which provides for rapid market New and wide customers database Low acquisition cost Typical penetration: 5-10% Using product tailoring to foster innovation Decrease lapses Strong sales control and more accurate prospect targeting. penetration.
Cross Sell
Bancassurance Line
Bancassurance as a Change Agent
Embedded Value Impact
Page 5
Bancassurance Advantages (Bank s perspective)
E fforts and Complexity
Bank becomes true financial supermarket product range, sales and service culture. Brings in sales culture at branch Revenue opportunity cumulative, predictable Customer retention. level Cascades into all other product sales Self feeding revenue cycle Customer entrenchment like never before 10 to 15 years committed savings
Cross Sell
Bancassurance Line
Bancassurance as a Change Agent
Embedded Value Impact
Value beyond traditional bank
Page 6
Agenda 1 2 3 4 5 6 7 8 9
Page 7
Bancassurance own sub headline Placeholder for yourProducts Product Description

All(Pure Protection)
Corporate Non Life
Corporate Life
Complementary Products
Group Life (Pure Protection) Group Retirement (Saving + Protection) with your own text.
Motor All Risks ( Pure Protection) Motor TPL (Pure Protection) Travel Insurance (Pure Protection) Personal Accident (Pure Protection) Level Term (Pure Protection)
Core Products
Customer Relationship Management &Products Offering
Retirement (Saving + Protection) Education (Saving + Protection) Wedding (Saving + Protection)
Page 8
Agenda 1 2 3 4 5 6 7 8 9
Page 9
Comb Chart 4
Bancassurance Channels
Placeholder for your own sub headline
Movement To Multi Channel
2
Creditors,
Wealth Management
Loan channels
Elegant Advice
1
Telemarketing
Simple Products; Travel, PA, etc...
OTC Products
Moderate Advice Relationship Officer
Low Advice Face to Face

5
Corporate Clients Worksite Marketing for Corporate Clients
Including Seminar Selling
Page 10
Call Center process for Travel Insurance with BSF
Page 11
Agenda 1 2 3 4 5 6 7 8 9
Page 12
Bancassurance Sales Culture in Banks
Phase 4
Engrained Phase
Customer Focused
Sales behavior constantly exhibited. Continuous business growth. Customer focused structures and processes. Innovative leadership keeps motivation high. Fully harmonized distribution strategy. High level of repeat business. Customers become advocate.
Proactive customer pull strategy. All staff skilled to need based selling. Motivational sales leadership. Staff buy-in. Results and quality soar. New distribution channels explored. Customer perception improve.
Driven
Phase 1
Low sales motivation Poor sales skills Selling Packaged products. Minimal Results. Numerous lost opportunities. No sales culture.
Phase 2
Tougher management and targets. Hard sell techniques. Result improve, but still under achieving. Proactive product push strategy. Poor quality leads, low conversion and persistency. Growing customer dissatisfaction.
Page 13
Pro-Activity
Skilled
Agenda 1 2 3 4 5 6 7 8 9
Page 14
Bancassurance Model in KSA (Agency Agreement)
Agency
Area Manager
Managing 6-9 Branches
Bank
Area Manager Branch Manager
AzSF
Bancassurance Manger Bancassurance Assistant
Head of Sales Insurance Coordinator
Insurance Coordinators (IC)

Managing 6-9 Branches
Agency s IC
RO
RO
RO
CSO
CSO
CSO
CSO
Page 15
1 2 3 4
Bancassurance Model in Egypt (Partnership Agreement)
AzLE
1 BRE
Bank Relationship Executive
Branch
Branch Manager Superviser
Bank
Bancassurance Manager Product Assistant
BRE Area Superviser
Area Supervisor
1 AS every 10 Branches
Insurance Specialists (IS) & Insurance Coordinators (IC)

At lease 1 IS/IC in every 2 branches
AZLE IS
CRO
CRO
CRO
Teller
Teller
Teller
Teller
Page 16
Agenda 1 2 3 4 5 6 7 8 9
Page 17
Puzzle Chart
Bancassurance Training Modules Placeholder for your own sub headline
Induction Courses:
Lead Generators. Customer Relationship Officers Relationship Officers Supervisors and Branch Managers
Motivation and On the job training:

Sales Process coaching coaching Closing and objection handling.
Page 18
Agenda 1 2 3 4 5 6 7 8 9
Page 19
Bancassurance project Plan

1. 2. 3. Confidentiality Agreement-To be signed before entering into the Project phase Products to be Promoted Business Plan
Average Number of Sales per Branch Average Premium per policy Achieved ANP Per Year Bank Revenue Three-Five year Plan
4. 5.
Fees Schedule Bancassurance Agreement

Steering Committee Roles and Responsibilities of the Bank, Agency and the Insurance Company (SLA) Exclusivity -if possible. Term of Contract- 3 to 5 years renewable. Distribution of Marketing Costs- equally split.
6. 7. 8. 9.
Direct Debit/ Documentation Procedure Marketing & Communication Strategy Cobranded Training Launching
Page 20
Agenda 1 2 3 4 5 6 7 8 9
Page 21
Key Factors for Bancassurance Success
1 2 3 4 5 6
Alignment between partners on strategic goals Commitment to joint projects and focus on longterm relationship Integration of operationsappropriate premium collection methods Product designs to meet clients 'needs and complement bank products Effective enrollment and administration High quality sales training, servicing, sales incentives and motivation.
Page 22
Agenda 1 2 3 4 5 6 7 8 9
Page 23
Ideal Attributes In Insurance Partner for Banks

Banks are looking for the following:
1. Local experience of insurance partner. 2. Detailed sales processes. 3. Sales management process and ability. 4. Strong IT system. 5. Compensation and reward. 6. Understanding bank culture. 7. Bancassurance related training programs. 8. Multi channel capacity. 9. Channel conflict management.
24 Page 24
This document was created with Win2PDF available at http://www.win2pdf.com. The unregistered version of Win2PDF is for evaluation or non-commercial use only. This page will not be added after purchasing Win2PDF.

Bancassurance in Practice (Compatibility Mode)

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Bancassurance in Practice (Compatibility Mode)

Uploaded by

Copyright:

Available Formats

Bancassurance in Practice

Presented by: Khaled Ibrahim 18-September-2011

Presenter Experiance and Profile

Previous Experience and History

Bancassurance Advantages (Insurer s perspective)

E fforts and Complexity

Bancassurance as a Change Agent

Embedded Value Impact

Bancassurance Advantages (Bank s perspective)

E fforts and Complexity

Bancassurance as a Change Agent

Embedded Value Impact

Value beyond traditional bank

Bancassurance own sub headline Placeholder for yourProducts Product Description

Customer Relationship Management &Products Offering

Retirement (Saving + Protection) Education (Saving + Protection) Wedding (Saving + Protection)

Simple Products; Travel, PA, etc...

Moderate Advice Relationship Officer

Low Advice Face to Face

Corporate Clients Worksite Marketing for Corporate Clients

Including Seminar Selling

Call Center process for Travel Insurance with BSF

Bancassurance Sales Culture in Banks

Bancassurance Model in KSA (Agency Agreement)

Head of Sales Insurance Coordinator

Insurance Coordinators (IC)

Bancassurance Model in Egypt (Partnership Agreement)

BRE Area Superviser

Insurance Specialists (IS) & Insurance Coordinators (IC)

Bancassurance Training Modules Placeholder for your own sub headline

Motivation and On the job training:

Bancassurance project Plan

Fees Schedule Bancassurance Agreement

Key Factors for Bancassurance Success

Ideal Attributes In Insurance Partner for Banks

You might also like