Bancassurance 3.0 Conference “Digitalization In Bancassurance: Turning An Opportunity Into Competitive Advantage” – Post Conference Report

Bancassurance today has evolved into a very powerful tool in the hands of insurers, bankers and wealth management institutions. Insurers see it as a tool to increase penetration and market share and bankers use it to augment their fee income and to smoothen the volatility of interest income.

Advancements in technology innovation have given rise to a new era of instantaneous connectivity. New technologies are rapidly disrupting the traditional bancassurance model and insurance organizations have no choice but to adapt.

The Bancassurance Europe 3.0 Conference that took place on the 14-15th of September in the beautiful city of Rome, Italy focused on the latest digital trends, changes, opportunities and innovations in technology and have shared inspirational success stories.

We have cast an overview on the global bancassurance market, discussed how can the bancassurance model can be more customer centric and how the technology will change the bancassurance distribution model in order to enable both banks and insurers to stay on top of their business.

EuroEvents MRI would like to thank our distinguished guests – speakers, delegates, sponsors and partners for their presence and for believing in our project and being a part of it. We hope to see you all for the 2018th edition as well.

 

Carlo Barbera: “Implementing a new model of collaboration between insurers and banks is essential for the business”

Carlo Barbera, Deputy General Manager at Gruppo Cattolica Assicurazioni, Italy

 

What are the current trends in bancassurance industry from around the globe at the moment?

Progressive technology innovations, banking regulations trend are constantly changing the global bancassurance market. I can mention several equally important trends as implementing multi-channel strategy and a new model of collaboration between Insurance companies and banks, as well as a customer segmentation.

 

Can you specify what Gruppo Cattolica Assicurazioni has done to date to meet this trends?

The key to getting up to speed on latest trends and developments is to quickly adapt to changes and secure a top place for the business in the future. We developed a new multi channel platform to increase touch points with distributors and final customers. At the moment, we are evaluating IDD requirements to identify different target markets. Meanwhile, we are expecting to set up new agreements with two new banks.

 

What were the results, lessons learned and did it prove to be a successful implementation?

Meeting company’s goals is always challenging. With big efforts and concisely made plans and strategies, we gain an increasing market share in the motor business. Also, we set up a new product IDD compliant.

 

What in your opinion is the future of bancassurance?

In my opinion, bancassurance digital transformations will bring a positive development of share of the market. Another question considered in the future will be traditional tied agents in non life businesses.

 

Find out more about Mr. Carlo Barbera insurance experience at Bancassurance Europe 3.0 Conference, 14-15 September 2017, Rome.

 

How to dive into Life Insurance & Pensions Market successfully?

Clive Bolton, Pensions & Retirement Expert, The International Longevity Center UK

 

Where do you see the life and pension in the future?

I think we are at a tipping point in the UK. The majority of customers now save into modern, platform based pensions and the old style policies (often with higher charges and sometimes with valuable guarantees) make up a fast diminishing proportion of pension business.

There will be considerable focus on efficiently transferring customers of these older policies to the new style contracts as the regulatory overhead and running costs escalate. This will be done with the dual objectives of ensuring that customers get good value and defending their business from aggressive competitors, many of whom see themselves as asset managers rather than insurers.

Indeed, as “life” increasing comes to specifically mean life insurance and pensions become just one way of saving for retirement (ISAs and property being other popular choices), the term “life & pensions” may itself begin to fade.

What are the new technologies that insurers should embrace?

There are a number of exciting developments in the biotech arena that could revolutionize medical underwriting and assessment of longevity. However, I think the two technologies that will impact this industry the most will be mobile payments and robo advice.

The transition from full-time work to retirement is becoming longer and more complicated, requiring greater flexibility in drawing funds from pensions and other savings (including housing wealth). This points to a convergence of investments and banking where mobile payment technology could provide customers far better access to all their wealth.

Robo advice could help when saving for the future and during the much more complex journey of approaching, transitioning to and finally reaching full retirement. Although there is now far greater flexibility and choice, most individuals are not equipped to make these important decisions on their own. Traditional advice can be expensive and, without underestimating the substantial hurdles (including regulatory), a cost effective online solution would be attractive to many customer segments.

What is the path to follow for to create the most disruption in the market?

When developing disruptive strategies, going right back to customer need and under served segments is a prerequisite. Obviously, new technologies such as biotech for underwriting, mobile payments, and robo advice have the potential to disrupt. Looking more broadly, other areas to consider are:

  • Customer segments that are paying too much due to undifferentiated pricing/service – especially when they underpin the profitability of the market
  • The opposite strategy – companies have strong herd instincts and tend to copy the market leader but often doing the opposite can be a successful business model that competitors have overlooked
  • Using digital channels to access customers that were previously “protected” by the incumbent players

 

Meet Mr. @Clive Bolton at Life Insurance & Pensions Conference 2017 in Amsterdam and hear his presentation “Emerging consumer trends in the UK Pensions Market”.