ABOUTBancassurance
About Bancassurance for the Insurance Business
Bancassurance refers to the partnership between an insurance company and a bank to distribute insurance products to the bank’s customers through the bank’s distribution channels, such as bank branches, websites, and mobile apps.
Bancassurance is a key growth strategy for the insurance business. This strategy helps insurance companies reach a wider customer base, build credibility, and increase distribution channels. Bancassurance has a bright future and plays an important role in driving the growth of the insurance business.
Why Bancassurance?:
Bancassurance has several advantages:
- Wider customer reach:Â Banks have a large customer base, which allows insurance companies to reach more target customers.
- Increased credibility:Â Banks have a reputation and credibility that can help build customer confidence in purchasing insurance products.
- Convenient distribution channels: Customers can purchase insurance products directly at the bank without having to go to the insurance company’s branches.
- Comprehensive services:Â Banks can provide customers with comprehensive services related to insurance products.
- Bancassurance has become a key growth strategy for the insurance business.
Factors driving the growth of Bancassurance:
- Government policies:Â The Thai government has policies to encourage Thai people to buy more insurance.
- Economic growth:Â The Thai economy is growing, resulting in higher incomes for Thais and increased purchasing power for insurance products.
- Demographic changes:Â Thai society is aging, leading to increased demand for health and life insurance products.
The future of Bancassurance:
- Use of technology:Â Bancassurance will use more technology, such as AI and Big Data, to analyze customer needs and offer products that meet those needs.
- Product development:Â Bancassurance will develop new products to meet the changing needs of customers.
- Expanding cooperation:Â Bancassurance will see more cooperation between insurance companies and banks.
- Bancassurance plays an important role in driving the growth of the insurance business.
Considerations:
- Competition:Â The Bancassurance business is highly competitive. Insurance companies need to develop strategies and products that attract customers.
- Regulations:Â The Bank of Thailand (BOT) closely regulates the Bancassurance business. Insurance companies and banks must strictly comply with BOT regulations.
Our Solution
Stream IT Consulting has successfully provided Bancassurance solutions for several of our insurance clients. We develop the solutions through focused teams of highly skilled and experienced professionals well versed in modern technology with domain knowledge in the insurance and banking industries.
Key features of Bancassurance solutions by Stream:
- Product development: Through application integrations, Stream implementation enables our Clients to offer Bancassurance through their partner banks to offer new products to meet the changing needs of customers.
- Secure: The solution meets the security standards of both the insurance clients and the banks.
- Technology: The integrations are provided by robust and secure APIs developed by Stream based on the latest open tech stack.
The Bancassurance strategy has allowed our clients to reach new customers, expand its customer base, and increase revenue.
Stream is committed to support our Clients on Bancassurance for sustainable growth, making it another strong growth channel for the insurance business.
