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Ban C assurance in THE REGION OF former Yugoslavia

Ban C assurance in THE REGION OF former Yugoslavia. Outline. Why bancassurance?. Reasons for the BANK Extension of bank’s services Better market positioning “ Risk-free” increase of revenues Increase of bank deposits in terms of reinvestment

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Ban C assurance in THE REGION OF former Yugoslavia

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  1. BanCassurancein THE REGION OFformer Yugoslavia

  2. Outline

  3. Why bancassurance? Reasons for the BANK Extension of bank’s services Better market positioning “Risk-free” increase of revenues Increase of bank deposits in terms of reinvestment Increase revenue from fees charged for payments Loan repayment security in the case of death Loan repayment security in the case of loss of property Reasons for the INSURER Increase of sales: Life insurance Property insurance Increase of revenues Better market positioning Extension of services Extension of target group

  4. AUSTRIA LIFE MARKET CPI – Death, Permanent Total Disability , Temporarily Total Disability Traditional Life insurance – Endowment, Unit-linked + riders (primarily Accident) NON-LIFE MARKET Group accident / Group health / Travel insurance Property – Home / Household insurance, SME

  5. SLOVENIA LIFE MARKET CPI – Death, Permanent Total Disability , Temporarily Total Disability Traditional Life insurance – Endowment, Unit-linked + riders (Accident, Dread Disease) NON-LIFE MARKET Group accident / Group health / Travel insurance Property – Home / Household insurance, SME Car – MTPL, Casco

  6. CROATIA LIFE MARKET CPI – Death, Permanent Total Disability , Temporarily Total Disability Traditional Life insurance – Endowment, Unit-linked + riders (Accident, Dread Disease) NON-LIFE MARKET Group accident / Group health / Travel insurance Unemployment Property – Home / Household insurance, SME Car – MTPL, Casco

  7. SERBIA LIFE MARKET group life not allowed NON-LIFE MARKET Group accident / Group health / Travel insurance Unemployment Property – Home / Household insurance, SME, Industry

  8. CASE STUDIES Serbia & Macedonia

  9. Macroeconomics MACEDONIA SERBIA

  10. Case Study - SERBIA Group Accident

  11. Serbia • Focus of the project • group accidental insurance incl. death from sickness • CPI for pensioners’ loans • partner OPPORTUNITY Bank, Novi Sad • start of project: May 2011 • Development of insured:

  12. Case Study - MACEDONIA Voditelj i član tima trebaju iste sposobnosti i vještine ? Group LIFE

  13. Macedonia • Focus of the project • group life insurance • Death from accident/sickness • Permanent Total Disability • Total and Irreversible Loss of Abilities • CPI for all sorts of loans • partner OHRIDSKA BANKA SOCIETE GENERALE Bank, Skopje • start of project: January 2013

  14. ROADMAP

  15. Roadmap Affluent clients Deposits HIGH involvment of sales force training intensive Credit protection Key persons in SMEs traditional life Credit protection Cards - Assistance Addition to deposits risk life Credit protection Payment protection Addition to Deposits Cards Overdrafts property / car / SME / UE LOW involvment of sales force „easy to sell“ group accident / travel insurance LOW premium / commission margin HIGH premium / commission margin

  16. Best practice

  17. Technical Support • Sales Processes • WEB-portal (info on products, application form data, premium calculation, health questions, acceptance,…) • Production reports (daily, weekly, monthly + specific campaigns) • incorporation of premium calculation and underwriting (health declaration/questionnaire) into bank‘s software and processes • Policy issuing process • electronic data transfer bank-insurer (WEB-portal or incorporated software) • underwriting with fast response rates – feed-back on acceptance • policy issuing to bank and/or policyholder • Ongoing business processes • payment procedures – standing orders/direct debit • reminder/cancellation procedures

  18. Sales Force Trainings and Support • Centralized and on-site trainings • trainers provided by insurer • advisors/mentors per branche office • e-learning • product trainings – hard skills • sales skills trainings – soft skills • expert trainings (claims handeling, prevention of cancellations/surrenders/…) • dedicated sales trainings (e.g. best sellers club) • Call centers / Support centers • claims handling • clarification and conciliation for on-site questions by sellers or customers

  19. Marketing • Marketing material • Insurer's image brochure • give aways • ATM advertising • banners on web-sites • intranet-promotions • Branch Marketing • co-branded posters / flyers within branch offices • dedicated co-branded sales desks • Product Marketing • co-branded posters / flyers within branch offices • sales tools – FAQ, „reasons to buy“, underwriting guidelines • Incentives • remuneration/commission paid to sales force • competitions: best sales persons‘ reward, co-organized events/trips

  20. Side Business • Commission schemes • clear definitions per product / product line • Incentives • profit sharing • bonus commission schemes • Bank to act as Depot bank for the respective investment portfolios • Premium collection / recommendation to insurers existing clients

  21. Bancassurancein THE REGION OFformer Yugoslavia

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