Bancassurance
hi welcome to my YouTube channel don’t forget to like comment and subscribe how bunch of students can keep peace with retail banking in Asia Pacific and the changing Insurance landscape Banks and insurance must update every integrated their panja students business model to stay relevant and meet customers where they were is an important distribution channel for insurance products across Asia Pacific in 2018 alone around 31 of life insurance premiums in narration came from Panda Express this is partly driven by the retail banking industries that transitioned to serve customers primarily through digital banking in addiction many super apps that deal in payments e-commerce and digital wallets are moving into the financial services space and banks that failed to deliver on changing customer demand face the risk of this intermediation to successfully tap into the potential of this Market in the coming years Banks and insurers need to act and three American imperatives the first is digitalis digitalization’s Channel and then Reinventing the business one there and bringing purpose to the four the traditional panjasurance Motel is focused on bundling protection products with existing banking products usually sought in a person at Palm printers this model has subsequently on involved to be less generic and more
personalized with major advancement in technology insurance and banks are integrating more digital and analytical tools into the end-to-end customer Journey enabling the panja students channel to better serve specific customers needs both in person and typically the covid-19 panda makes significantly accelerated the off-road digitalization of the insurance and banking Industries as long transport Banks and insulers to rapidly adopt to surfing and Advising customer remotely customer adoption of online and Mobile Banking saw a 30 percent net increase across the region according to McKinsey Insurance estimates digital marketing has also become more personalized this is thanks not only to modular nature of online sales but also to Regional Regulators increase support of digital sales in recent years for example in October 2020 the Indonesian Financial Services Authority relaxed rules for the online promotion of insurance products additionally they became permitting social media platform to serve as a market channel for insurance companies and their distribution partner to promote their insurance products the banking industry has embraced both Regulatory and technological advancement to lead the way with shoppies digital marketing and products offerings but have we have yet to see the same development to take place with panjestrian’s offerings the continued popularity of sort from form article and social media content is one example of customer shifting preference and in many cases reduced attention spans to capture attention Banks and insurance must imagine the panja student business model with customers preference and expectation at the core this could imply for instance the Americans of contextual products they are embedded in the insurance journey and ongoing advice to help customers change certain Behavior it comes with players need to build this capabilities rapidly as customer Behavior as stress transition it rapidly building such Innovation model will require Banks and insurance to consider either investing in the right technology and building or chronically or exploring strategy partnership with insurance technology vendors and other partners that can provide the right capabilities furthermore we are seeing the Americans of the direct distribution player in painting the sprayer have significantly more experience with manual foreign digital channels than traditional players and are looking for answered partner similar capabilities okay thanks for watching bye bye see you next time