bancassurance mike bishop regional director, alternative distribution 15th nov, 2000
TRANSCRIPT
Bancassurance
Mike BishopRegional Director, Alternative Distribution
15th Nov, 2000
Bancassurance
Content
The bancassurance market in Asia
Our bancassurance model
Results to date
Our plans for growth
Summary
1
Bancassurance
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
Bancassurance
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
Bancassurance
Prudential employed
Traditional life products
FinancialServices
Consultants(FSCs) Sales
Bank employed
Simple “bundled” life products
Bank Sales
Combination of direct mail and telesales
Simple products suitable for credit card base
Direct Sales
Our Bancassurance Model
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Bancassurance
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
The FSC Sales Process
Sale closedSale
closed
Full fact findFull fact find
Initial introduction
by FSC
Initial introduction
by FSC
Customer referred to FSC
Customer referred to FSC
Customer visits branch
Customer visits branch
Follow up review in
6-12 mths
Follow up review in
6-12 mths
The Virtuous CircleBancassurance 6
Bancassurance
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
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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
Bancassurance
Upgrade/add on Cross-sell
response rate 20-30%
BUILDTelemarketing
The Direct Sales Process
NURTURE
Loyalty campaign Free cover
Telemarketing
Response rate 10-30%
SELL
MAIL/PHONE
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Tailored To Fit - How WeHave Used The Model So Far
Singapore
Hong Kong
Transferable to all markets
Full Model Hong Kong
FSCs & Bank Sales SingaporeMalaysiaIndonesia
Bank SalesThailand
Thailand
Malaysia
Indonesia
10 Bancassurance
Bancassurance
Excellent Results To Date
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Growth 9 mths 1999 - 9 mths 2000
Regular premium
Single premium
Customers acquired
Conversion rates
FSC productivity
+274%
+140%
+115%
+ 27%
+105%
Bancassurance
Continuing Our Growth
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
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Broaden relationship with Standard Chartered Bank
Bancassurance
Rollout our bancassurance model
– New markets
– New banks
Aggressively pursue Direct Marketing in select markets
Continuing Our Growth
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Bancassurance
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
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