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Bancassurance

Bancassurance. Mike Bishop. Regional Director, Alternative Distribution. 15th Nov, 2000. Content. The bancassurance market in Asia Our bancassurance model Results to date Our plans for growth Summary. 1. The Asian Bancassurance Opportunity Is Large.

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Bancassurance

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  1. Bancassurance Mike Bishop Regional Director, Alternative Distribution 15th Nov, 2000

  2. Content • The bancassurance market in Asia • Our bancassurance model • Results to date • Our plans for growth • Summary 1

  3. The Asian Bancassurance Opportunity Is Large • Estimates suggest bancassurance sales could triple by 2005 • Banks enjoy a special relationship with individuals from an early age • Higher propensity for customers to use branches • Consumer feedback 2

  4. Our Bancassurance Model • Essence of model is proactive sales and activity management • 3 distinct channels within overall bancassurance structure • Flexibility is key: model can be tailored to fit each partner as required • Proven model – we already operate it across 5 countries in Asia 3

  5. Financial Services Consultants (FSCs) Sales • Prudential employed • Traditional life products Our Bancassurance Model Bank Sales Direct Sales • Combination of direct mail and telesales • Simple products suitable for credit card base • Bank employed • Simple “bundled” life products 4

  6. Financial Services Consultants (FSCs) • Dedicated Prudential salesforce • Based in bank branches • Comprehensive sales training programme • High quality sales management process • Lead generation approach • Experimental hub centres Bancassurance 5

  7. Customer visits branch Follow up review in 6-12 mths Customer referred to FSC Sale closed Initial introductionby FSC Full fact find The FSC Sales Process The Virtuous Circle Bancassurance 6

  8. Bank Sales • Increases Prudential’s reach: # of branches & sellers • Tailored, simple products • Mortgage Protection • Credit Life • Deposit-based life products • Comprehensive sales training for bank staff • High quality sales support & service 7

  9. Direct Sales • Targets credit card customers • Mail/Phone-Sell-Build-Nurture • 40,000 policies sold in first 9 months of 2000 • Improves customer retention and card usage for partner bank Bancassurance 8

  10. MAIL/PHONE NURTURE SELL • Loyalty campaign • Free cover • Response rate 10-30% Telemarketing BUILD Telemarketing • Upgrade/add on • Cross-sell • response rate 20-30% The Direct Sales Process 9

  11. Tailored To Fit - How WeHave Used The Model So Far Full Model Hong Kong FSCs & Bank Sales Singapore Malaysia Indonesia Hong Kong Thailand Bank Sales Thailand Malaysia Singapore Indonesia Transferable to all markets Bancassurance 10

  12. Excellent Results To Date Growth 9 mths 1999 - 9 mths 2000 +274% +140% +115% + 27% +105% Regular premium Single premium Customers acquired Conversion rates FSC productivity 11

  13. Continuing Our Growth Broaden relationship with Standard Chartered Bank • Significantly increase • Financial Services Consultants • Productivity • Develop new tailor-made products • Expand distribution in Malaysia & Singapore to include direct sales • Target new customer segments and markets 12

  14. Continuing Our Growth • Rollout our bancassurance model • New markets • New banks • Aggressively pursue Direct Marketing in select markets 13

  15. Summary • Early days for our bancassurance initiative but scale of growth apparent • Prudential is well placed to exploit this opportunity • Clear strategy • Proven, flexible, transferable model • Management commitment • Strong regional partner 14

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