Empfohlen
Empfohlen
Weitere ähnliche Inhalte
Andere mochten auch
Andere mochten auch (14)
Ähnlich wie Customer Perspectives - Bancassurance Ghana 2015
Ähnlich wie Customer Perspectives - Bancassurance Ghana 2015 (20)
Kürzlich hochgeladen
Kürzlich hochgeladen (20)
Customer Perspectives - Bancassurance Ghana 2015
- 1. Wednesday, 06 May 2015 1BancAssurance Ghana 2015 Bancassurance Ghana 2015 Topic: Customer Perspectives Speaker : Henry Manyo-Plange, Head of Bancassurance Stanbic Bank, Ghana Limited 29th April 2015
- 2. Wednesday, 06 May 2015 2BancAssurance Ghana 2015 Discussion Points • Why Bancassurance • Customer Perspectives - What do the customers say • Leveraging the Synergies • Vulnerabilities and risks
- 3. Wednesday, 06 May 2015 3BancAssurance Ghana 2015 Bancassurance has been variously described as ; The distribution of life insurance and other products through a banks channels. An arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base. A package of financial services which can fulfill both insurance and banking needs at the same time.
- 4. Customer Perspectives – Why Bancassurance? Significance for beneficiaries Wednesday, 06 May 2015 4BancAssurance Ghana 2015 Market Penetration Geographical reach New & Wider Product Range Cost Savings & Increased Profitability Reduced reliance on traditional channels Insurer Additional Income stream Leverage existing assets Reduce reliability on NII Increase customer retention Wider product range Bank One-stop shop Customer Receive solutions not products Product/ Investment Options Cheaper Insurance?
- 5. Customer Perspectives ………but what do customers really say? Wednesday, 06 May 2015 5BancAssurance Ghana 2015
- 6. Customer Perspectives Wednesday, 06 May 2015 6BancAssurance Ghana 2015 Why do you procure your insurance from the bank? (Value)?
- 7. Why do you procure your insurance from the bank? • Like the fact that I can access insurance as well from the bank • Relationship with the branch staff; ready advise and they understand me • Trust the bank with my financial affairs/ keep my premium payments current • Its cheaper to get my insurance from the bank • I have options for investment and other insurance products • Regular a/c transaction updates via SMS alerts, ATM, e-statements * That was quick and smooth ** Your guys at the branch kept asking me to buy the insurance *** About time you did something of value other than just taking fees Wednesday, 06 May 2015 7BancAssurance Ghana 2015
- 8. Leveraging the Synergies - How should we respond? Wednesday, 06 May 2015 8 BancAssurance Ghana 2015 Customer Experience Distribution Stakeholder Engagement Systems Sales Enablement • Branch/Channel Sales • Outbound/Dedicated • Telesales/Call center • Group Schemes • Digital (Mobile, ATM, online) • Top Mgmt. Support • Scorecards, KPIs • Cultural Change • Manufacturing • Training (Right Sellers) • Resources & Tools • Campaigns Planning • Motivation (R & R) • Performance Management • Lapse Management • Real Time Alerts • Documents, Statements • Back office Integration • Channel Enablement
- 9. Vulnerabilities and Challenges Wednesday, 06 May 2015 9 BancAssurance Ghana 2015 • Innovation - Needs-based not one-size-fits-all products • Salesforce Qualification - Upskilling to be able to sell STI • Integration – Closeness without integration • Cultural differences between insurer and bank (Process TAT) • Regulation • Reputational Risk
- 10. Conclusion Wednesday, 06 May 2015 10 BancAssurance Ghana 2015 • Manage critical success factors • Build strong relationships No unique formula
- 11. Wednesday, 06 May 2015 11 BancAssurance Ghana 2015 Thank you for your attention
Hinweis der Redaktion
- It is quite clear therefore that immense opportunities are presented to both banks and insurance companies to come together and implement improvements as regards their operations and management styles, and as well confront and surmount the challenges inherent in forging the bancassurance marriage. In the end there are benefits for all involved least of whom is the customer. Bancassurance enables banks to make the transition from a product-based approach to a solutions based approach to serving customers. Travel insurance bundled with Debit cards, life insurance bundled with savings account, motor insurance and assets insurance bundled with vehicle and asset finance products mortgage life etc., in the process providing products, services and solutions over the lifecycle of the customer thus ensuring customer loyalty.
- Not from literature. Almost accidental Customer Insights from Care calls at the beginning of the year. Wanted to use opportunity to generate warm leads, gather responses from over 3000 mass affluent customers. About 210 of them had insurance policies and therefore there was a follow-up question for them to tell us about their experience and what they perceived as value to them.
- Understanding what our customers see as value within our bancassurance offering, create that value for them and manage it over time to create the loyal customer we ascribe to and achieve sustainability of our business. In the process we expect to achieve a differentiated bancassurance service from any others. (No me-too, also-ran). Insight to help us to know what is important to our customer and then to help us refine How we go about delivering this value to our customer. Our focus is on creating a customer, an advocate someone who will promote. Peter Druker’s seminal book how to Deliver value to the customer
- Understanding what our customers see as value within our bancassurance offering, create that value for them and manage it over time to create the loyal customer we ascribe to and achieve sustainability of our business. In the process we expect to achieve a differentiated bancassurance service from any others. Having reviewed customers answers we are bound to agree with a management researcher (Ozevren 2002) who posited that the value of a product or service is the proportion of the benfit to the cost or price.
- Stakeholder Engagement: Target setting, Scorecard, Performance tracking & KPI measurement. Sales: Daily Discipline to achieve any results, Make sales a fun activity Training: Training, Retraining, Test & Accredit. -No training no selling- Buddying, Coaching & Role Play, Ins. Principles, Product, Selling, Obj. Mgmt. Resources & Tools: Marketing Collateral, Application & Proposal Forms, Reporting Templates, Sales Aids & Guides, Calculators, Rate Tables, Campaign: Promotion, Leagues, Micro-Marketing activities Motivation : Reward & Recognition: Commission structure (Retainer, purely variable or both), Incentive, (Naming & Shaming)/(Carrot & Stick) Performance Management – MI, Scorecards, Tracking, Monitoring, daily weekly, monthly, Mid-stream Correction
- Innovation: Most of the products are fairly standard with hardly any variation, even with bundling, HNWI covers Salesforce; Centers of excellence/insurance kiosks etc. for complex products, short-term products Integration: Systems to enable issuance of renewal notices, endorsement, policy covers, single capture of data. Cultural differences: Insurer laid-back conservative, not commit marketing dollars, no sharing of data/records, archaic claims practices, do not factor TAT and processes at banks, Banks sales campaign cycles (multi-product) Call-centre capability and support Insurance Regulation/Legislation: Call-centre fulfillment-voice recording, e-signature, subsidiary companies or commercial business
- No one unique formula for success : Must be managed like one would any other successful business would: Craft a compelling strategy and execute as a market-oriented customer-centric business would. Build strong and dynamic relationships with the insurers that enables one to consistently deliver on the promises made to the clients. Manage Critical success factors constantly: speed-to-market, deployment of technology, service measurement, staff productivity and KPIs, portfolio We rarely succeed in anything if we are not enjoying doing it or having a good time while doing it, so HAVE FUN DOING IT