Increased competitive pressure, new ideas, new skills and evolving customer demands are creating unprecedented change in the insurance sector. At the same time, insurers have come to realization that their current organizational structure may not be favorable to achieving the type of real, feasible and value-creating change needed to compete over the long term.
As a result, insurers are focused on creating powerful partnerships to drive new growth, create new channels and drive new innovation. In fact, the Insurance Innovation Imperative found that 43 percent of insurance organizations have already developed partnerships with academics and other third parties.
The Road Ahead
However, our experience suggests that few insurers have yet to find a ‘winning formula’ for successful partnerships in the insurance sector. For instance, DBS Bank found it’s success through collaboration as the first bank to offer choice of multiple life insurance providers using analytics driven technology platform with two new partners in Tata AIA Life and Birla Sun Life in addition to Aviva India Life. This makes DBS the first bank in the country to adopt the new open architecture model with three life insurers on a single platform, giving its clients the freedom to choose using an analytic driven, intelligent and interactive process.
Some of the key benefits this platform offers to DBS Bank customers are:
- Help prioritize individual financial needs and long term goals
- Matches the best suited product from each of the three insurers against their needs and milestones
Is your company following customer needs? And are they part of organization’s goals?
Is your company on the way to conclude a bancassurance partnership or already did it?
To learn more about the key benefits of this platform and how to be a game-changer in the bancassurance industry, Vikas Arora Vice President and Head of Bancassurance, DBS Bank, India will share DBS Bank Winning Strategy for creating successful and powerful partnerships, at Bancassurance 3.0 Europe Conference 2017.