Training as the Critical Component of Bancassurance Partnership Search

Distribution strategies in bancassurance

Standard distribution model for bancassurance proves very successful in the early stages. It enables banks to generate early profits. Much of that early success lacks durability, however, and most companies are now reassessing their entire strategies for this business.

Success springs initially from unlocking the distribution potential of bank branches. It comes from the realisation that two very distinct activities are involved in the sale of a insurance or pensions policy. One is the initial identification of potential clients. The second is actually sitting down in front of the client and completing the sale.

Typically in the insurance industry, one person is asked to do both jobs. One of the industry's axioms is that a salesman spends 80% of his time prospecting and only 20% selling.