In today’s competitive market, financial institutions prefer to sell solutions rather than products to their customers. For example, many banks – particularly in Europe and Asia – also sell insurance products instead of simply selling the usual banking products. This one stop shopping at bank branches makes life easier for customers and also benefits the bank.
Selling each customer a number of products helps build loyalty in addition to generating additional revenue for the bank. No wonder Bancassurance – the insurance distribution model where insurance products are sold through a bank’s branch network – is growing rapidly in the markets outside US.
Currently, the market is characterized and dominated by manual processes and aging, inflexible legacy platforms. The Bancassurance process at most banks and insurers is operating solely on paper, and there is a laborious origination and underwriting process between banks and insurers. There is a lot of back and forth communication that the bank needs to manage along with an extensive paper archive. This paper-based process leads to errors and inefficiencies that result in higher cost of operation for the banks.
Because Bancassurance is so important to their business, many banks and insurers are considering how to leverage advanced technologies to successfully market insurance products through banks. Oracle offers a complete, modern Bancassurance Platform that financial institutions can leverage to deliver speed, reliability and consistency throughout the Bancassurance process. Take a look at this short video to learn how your organization can improve its Bancassurance business.
For more information on Oracle’s solutions for insurers, visit oracle.com/insurance.
For more information on Oracle’s banking solutions, visit oracle.com/banking.