Bancassurance: Time to get closer to customer needs

Oct. 13, 2010 - PRLog -- Bancassurance: Time to get closer to customer needs

Press contact:
Barbora Kuckova
Marketing Executive
Fleming Europe
barbora.kuckova@flemingeurope.com
Tel: +421 257 272 126



Insurance is an important financial product providing peace of mind in the event of unforeseen circumstances. For many years the association between offering insurance products through banking channels have not always been successful, with many acquisitions by banking institutions failing and being sold off. However, there has been a surge in bancassurance products being offered, including non life products in recent years and the bancassurance market has been revived.

Fleming Europe’s 4th Annual Bancassurance Forum which takes place on the 16 &17 February 2011 in Rome will provide insight on the leading trends and opportunities present in bancassurance. Key topics to be discussed at this event will include bancassurance as a stable distribution channel for Europe, product and channel innovation, bridging pension’s gap in bancassurance, adapting to high net worth client, offering global products in regional markets and additional issues. This event will include speakers from AXA, AVIVA, ALICO, CREDIT AGRICOLE, INTESA SANPAOLO, RAIFFEISEN.

The increase in retail lending before the financial crisis led to many banks offering add-ons. This allowed banks to increase product offerings, improve back end sales and profitability, and also gain market share by bundling many bancassurance products with loans and mortgages and making them more attractive to customers.

There has also been a rapid increase in banking organizations offering bank accounts to customers with bundled insurance products, such as health and breakdown cover for a small additional inclusive monthly payment plan. Growth of the internet and online comparison websites has also seen an increase in products such as motor, home and household as well as travel insurance being offered. It has become also easier for customers to search for the best deals which have made the bancassurance market competitive and allowed for new product innovations. Bancassurance products such as legal expenses cover, public liability insurance, transit and cargo insurance products are also being offered to businesses and business banking customers.

Recent Europe wide austerity programs and corporate cutback has also opened up opportunities to offer bundled insurance products to customers who have been left unprotected and are looking for alternatives, as well as offering all inclusive products to high net worth clients. All this will be discussed at 4th Annual Bancassurance Forum.

Should you decide to become one of the attendees please contact Barbora Kuckova on +421 257 272 126 or email barbora.kuckova@flemingeurope.com

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