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.
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.
Companies that embrace AI at scale, expand their digital platforms, and optimize their distribution economics will emerge from the COVID-19 crisis stronger.
Our global survey shows a strong increase in the use of remote banking channels during the COVID-19 lockdown—a development the bancassurance industry cannot ignore.
For digital bancassurance to take off, these things have to change.
