New Efma webinar will explore the secret to effective relationships between insurers, banks, insurtechs, fintechs and bigtechs and outline strategies for success.
On April 9 2019, Efma will host the first in a new series of insurance webinars, this time focusing on how to succeed in bancassurance in today’s digital world.
Over the course of the past decade, bancassurance has evolved tremendously. What was once a term for the offline distribution of banks, has now become a complex ecosystem concerning not only banks, but also insurers, insurtechs, fintechs and bigtechs.
Against this backdrop, the webinar will outline how the creation of effective partnerships is central to success in bancassurance today. Take ING and AXA for example, who have recently announced an exclusive, long term, multi-country bancassurance partnership to provide insurance products and related services through a central digital insurance platform. Under the partnership, ING will bring to bear its leading digital banking experience and AXA its expertise in innovative modular insurance products and services, offering property & casualty (P&C), health and protection insurance solutions to ING customers in six markets.
The webinar will go on to outline in detail the five critical factors that effective bancassurance partnerships like this hinge on: a clear strategy; an efficient operating model; attractive products; compelling incentives and effective training. If firms can get all of these things right, then they are more likely to succeed in the future – a future that is increasingly digital.
Indeed, according to the latest research, many fintech and insuretech partnerships will be purely digital in the years ahead. While this may seem like a challenge to achieve today, success will bring multiple benefits including the flexibility to quickly develop and update products and services and the ability to meet new regulatory requirements.
The webinar will explore all of this and more, taking a deep dive into the digitalization that is expected to occur across all aspects of the insurance value chain, including products; claims; the sales process; and payments.
Innovation in these areas is likely to occur through significant investment in mobile and apps; greater co-creation between banks and insurers; the development of innovation hubs and an increased focus on data. Blockchain in insurance is also likely to proliferate, bringing smart contracts; increased efficiency; optimized pricing and risk assessment; new insurance products such as micro-insurance and a better ability to reach out to new clients.
Don’t miss out this free webinar strictly reserved for Efma members only. Register here to join the webinar on 9 April 2019 from 11:00am EST/5:00pm CET