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Digital solutions are disrupting the traditional bancassurance business model, thereby forcing bancassurance partners to reimagine effective customer engagement over digital channels.
The global bancassurance sales has been steadily growing over the last few years. Sitting on top of the list is Latin America, where premiums expanded 12%, while in Asia–Pacific’s sales went up by 9.2%.
There is no doubt in my mind that the future will be won on the basis of the alliances, partnerships and joint ventures formed by insurance companies today. Anyone that thinks they can survive on their own in this environment is fooling themselves ~ Gary Reader, Head of Global Insurance, KPMG International
Bancassurers need simple, fully automated, and end-to-end processes that reduce barriers to sales in digital channels. Agree? In our whitepaper, we have covered all aspects of bancassurance, including how businesses can transform their strategies to stay ahead of the competition.
With fewer customers visiting the branches, banks have begun making the shift towards implementing a comprehensive digital model for bancassurance.
There is a visible shift in customer expectation levels and the amount of information they have access to through the digital channels. It is therefore no surprise that the demand for better customer experience in the insurance sector will continue to drive technology change in the coming years, including a wider use of Automation, AI, and even blockchain-enabled bancassurance platforms.