Bancassurance Consulting and Strategy Services

Insurance Industry

Banks and their insurance partners can use data and advanced analytics to move the needle on sales. BCG has the expertise, global coverage, and data know-how to help.

Although banks have long sold retail and commercial insurance lines through branches leveraging the power of their in-person relationship management (RM), digital bancassurance already accounts for more than 20% of total sales for banks that follow best practices—and it continues to grow.

Our digital capabilities and advanced analytics give banks and their insurance partners the opportunity to turbocharge their relationship by transforming the bancassurance sales experience into an omnichannel, integrated service that greatly improves upon the traditional RM-focused sales model.

To do that, though, they must be able to provide customers with a simplified value proposition, personalized and timely offers and interactions, faster quotes, and digitally-supported processes. They also need a partnership model that encourages joint product development, data sharing, and innovation.

How We Help Clients with Bionic Bancassurance

We have bancassurance expertise across all segments (individual and commercial) and all product lines (life insurance and property and casualty insurance) and we work with clients around the world, particularly in Europe, Latin America, and the Asia-Pacific region.

Our bancassurance consulting experts help companies with every aspect of their business, including short-term growth, digital sales, strategy, digital transformation, and M&A deals (advising the bank or the insurer).

Woman and man in a professional setting having a conversation

We help clients use data science—particularly AI—to implement or expand their digital bancassurance business. We do this in part by collaborating with BCG GAMMA, our data science and advanced technology unit, to help clients create and launch advanced analytic and AI solutions.

In 9 to 12 months, we can construct end-to-end, fit-for-purpose solutions that clients own and integrate into their technology stack with full transparency into components, services, and code.

Our bancassurance consultants also employ a number of proprietary tools in client work, including health checks, a best-practices library, KPIs and benchmarks, data and analytics use cases, employee surveys, operating model archetypes, consumer market research, and tools to support insurance partner selection.

Some of Our Client Work in Digital Bancassurance

We worked with a European financial services player to create a bancassurance offering which led to a cross-selling opportunity to a base of 11 million customers.
We supported an Asian bank to build a digital sales platform to generate real-time insurance offers to bank customers, multiplying conversion rates by a factor of five.
We helped a European bank build prequote insurance offers to its customer base, multiplying conversion rates by a factor of four.
We worked with a European bank to build a lead-generation system and omnichannel sales journey to boost auto insurance sales.