It is no news that digital bancassurance opens up new doors for banks, pension and insurance providers and, of course, the customers. Evidently, it’s driving much of bancassurance’s growth for both life and non-life products and the need for digital strategy development appears to be growing more and more urgent. However, despite high interest in digitalization as an enabler of growth, most banks have been slow to digitalize their bancassurance products and customer journeys.
In this digital era, bancassurance professionals just can’t afford to fall behind. They need to upgrade channels and digitalize the products they offer to stay on the growth path. Why is that? Bancassurance is transforming – from classical distribution of insurance products through banks, to a high-tech solution which allows customers to manage not only their banking, but also their life and non-life insurances, as well as pension savings, online at the same place. This kind of digital bancassurance is about to change the way we handle our insurances – and customers will love it! Today’s enlightened consumers demand services according to their individual preferences whenever, wherever and however they want.
Itello helps you to consolidate all life and pension products, both individual and group, into one integrated solution and align your administration by replacing bespoke legacy systems with one modern and open system, Inca. Having a wide range of product offerings open for digitalised customer dialogue allow you to create attractive offerings to all of the business units of the bank.
Mats Lillienberg CEO/Itello
To succeed in digital bancassurance – put customers first
Customers should lie at the heart of any bancassurance strategy and consist of a customer-focus mindset to help them build a smooth customer journey across multiple channels. Bancassurers should also be hung up about offering great services and support across all channels. Furthermore, banks and insurers need to work together, build partnerships across ecosystems, and continuously putting the customer at the center of the decision making. As a result, bancassurers can achieve significant growth and help make their organizations more resilient in the years to come.
Bankers have access to plenty of data about their customers. Not only does this allow bankers to engage in tailored conversations with clients, but it also helps them discover relevant bancassurance opportunities. Bancassurers need to explore the potential of the rich banking data available to them for developing more personalized and relevant insurance and pension offerings for their customers.
Building partnerships across ecosystems
As ecosystems reshape traditional sectors, bancassurers must better define their role to ensure that their channel remains relevant. Banks and insurers should actively seek new types of partnerships across a broader product scope and wider geographical scale. By offering additional services and product offerings via digital platforms and ecosystems, bancassurers can sharpen their value proposition for customers and capture cross-selling opportunities.
Successful omnichannel strategy
Omnichannel is more than just providing multiple ways for customers to transact. It’s about a consistent interaction between customers and their financial institutions across multiple channels. As customers become increasingly comfortable with technology, they are interacting with banks in multiple ways and expect to be treated as individuals and according to their preferences.
Having a stable multichannel infrastructure, built on a solid and flexible core, and providing an omnichannel experience allow customers to enjoy personalized service across every touch point. For banks, it’s time to take advantage of the wealth of customer information available. Capitalizing on the omnichannel opportunity could be the difference between those banks that flourish in the coming years and those that can no longer compete.
An exciting opportunity
In the future, more and more banks will want to offer highly usable services for purchasing and managing life and non-life insurances for their customers. Banks and pension and insurance providers will come together, support each other and be there just when the customer needs them. This will increase customer satisfaction and customer loyalty, as well as economically beneficial – for all participants. This is what the future of bancassurance will look like – an exciting journey, where modern day consumers will seek individualised and meaningful cover, delivered in a seamless manner.
It is now up to the industry players to capture this exciting opportunity!
Further reading – Itello’s integrated solutions