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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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