Kenya joins Uganda, which has also enacted laws to streamline the operations of bancassurance to drive penetration of insurance. I&M Bancassurance offers both General and Life insurance. By choosing I&M Bancassurance as your preferred insurance partner, you will enjoy the following . Banking institutions and insurance companies have found banc assurance to be an attractive and profitable complement to their existing activities. The Kenyan.
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Some features of this site may not work without it. Abstract The entering of the banking institutions on the insurance market can be seen as an effort of modernizing the sector of financial services, for satisfying the diversifying needs of the consumers.
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Bancassurance the future for banks, insurance firms – Manjang
Current State and Future Perspectives to Initially, traditional brokers and agents were not comfortable with the idea of having to share their space with banks. Your browser does not support iframes.
The entry of the duo into the bancassurance industry comes at a time when insurance uptake has reduced marginally which the regulator of insurance has credited to poor knowledge of the products.
However, brokers seemed to be more for the idea than agents believing that the entry of banks into the insurance sector will increase retail outlets and raise the penetration of insurance products countrywide. Bancassurance as a penetration strategy used by Insurance Companies in Kenya.
Consequently, it makes more sense to put aside the current rivalry and focus on harnessing the collective experience, strategic creativity and innovation of insurers, banks, brokers and agents towards solving our persistent penetration challenge. Beyond Operational Efficiency July 25, For further information about bnacassurance research, please access the table of contents and series prospectus by clicking on the corresponding links above, or e-mail info finaccord.
Bancassurance…the new opportunity; Growth, Differentiation and Disruption.
In many countries around the world, India being a great example, the distribution of insurance by banks using their branch network has proven to be a very effective channel of increasing insurance penetration.
Finaccord is also able to undertake bespoke research and consulting assignments about this and other subjects. The insurance companies have also gained a competitive edge through tapping into existing bank customers’ database in the various branches as well as using the well trained staff and innovative marketing channels such as online marketing and e-sales.
Bancassurance Not the End of Insurance Agencies – Kenya
By definition, bancassurance is simply the bancassurancr of insurance products by banks, and as per banking regulations, banks can only act as agents of insurance companies and not underwriters or providers of insurance.
Cookies help us to provide you with a positive experience. Inthere were new registered agents down from 1, new agents registered in Technology as a Driver for Special Risk Bancassurance.
Over 1, agents dropped out of the industry in up from agents who dropped out in Leave a Reply Cancel reply Your email address will not be published.
The Insurance Regulatory Authority IRA has had to step in following numerous complaints from agents and are coming up with guidelines to help regulate bancassurance business. Operating model — the bank must have clarity on the model they will function within and what success looks like in that context.
Bajcassurance research design used in this study was cross sectional descriptive survey of a defined population as it involved a study of all the eighteen insurance companies which use banc assurance as a channel of distribution.
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Standard Chartered has bancassurajce in the bancassurance industry for two years following its entry into the sector through its subsidiary Standard Chartered Insurance Agency Limited.
Partner with intermediaries to tap into their expertise in servicing complex insurance product tapping into the agency distribution channels a sub-agent portfolio is critical for banks to ensure both their insurance and banking products reach a wider market beyond their current customer base.
In my opinion the three key areas that I believe banks need to focus on are: Contact us at Finaccord.
Bancassurance Not the End of Insurance Agencies
The Kenyan insurance industry has been relying heavily on agents and brokers to sell insurance products. The agents on the other hand were not for it, as to them bancassurance represented a loss in placements and commissions.
What should a bank focus on in order to succeed in bancassurance. Study findings show that banc assurance has increased insurance uptake by increasing inn distribution channels, attracting new customers while retaining the old and winning the customers trust unlike the traditional agents kdnya most customers trust banks and they frequently visit.
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