Banks that use AI to hyperpersonalize their sales models and embed them in the customer journey can dramatically improve their insurance sales.
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.
How We Help Clients with 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
- M&A deals (advising the bank or the insurer)
We help clients use data science—particularly artificial intelligence—to implement or expand their digital bancassurance business. We do this in part by collaborating with BCG X, our tech build and design unit, allowing companies to launch their next big bets and enable innovation at scale.
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 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.
Our Insights on Bancassurance
Article
November 23, 2022
Banks’ rich customer data helps them create customized insurance products that give them a significant advantage over traditional insurers. For bancassurers, it’s time to get personal.
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.
Our Bancassurance Consulting Experts
