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Driving Profitability and Market share in the Indian Non-life Industry, Presented by Sharad Mathur, Singapore

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Driving Profitability and Market share in the Indian Non-life Industry, Presented by Sharad Mathur, Singapore

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Highlights of the Presentation is mainly scoped around how to engage with the Banks for a more meaningful relationship in the context of Indian Non-life Industry. Also touched upon the lesson learned during this short journey and what is the potential along-with a road draft to Bancassurance success in coming years as Banks are marching towards becoming super-market of financial products to increase affinity of customers towards the banks

Highlights of the Presentation is mainly scoped around how to engage with the Banks for a more meaningful relationship in the context of Indian Non-life Industry. Also touched upon the lesson learned during this short journey and what is the potential along-with a road draft to Bancassurance success in coming years as Banks are marching towards becoming super-market of financial products to increase affinity of customers towards the banks

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Driving Profitability and Market share in the Indian Non-life Industry, Presented by Sharad Mathur, Singapore

  1. 1. www.company.com Bancassurance Asia Summit, Singapore, 2015 Sharad Mathur Senior Vice President & Head – Agency, Digital & Alternate Channel SBI General Insurance Company Ltd, India
  2. 2. www.company.com Bancassurance Channel Driving Profitability and Market share in the Non-Life Insurance Sector through the Bancassurance Channel
  3. 3. www.company.com Learnings - Insurers optimising Bancassurance • Bancassurance players have out-performed the market in India • International experience supports the bancassurance model • Bancassurance also provided a platform to develop scale • A well-integrated bancassurance model is required • Personal Lines is growing on the back of strong economic indicators • Micro / SME represents a growing segment which is underserved by insurance
  4. 4. www.company.com Turning out to be Beneficial Bancasurance Benefit What it leads to What it enables Better risk selection due to Banks’ own risk selection processes Better overall risk profile “Subsidise” less profitable insurance business in other channels Lower Loss Ratio Substantially higher margins Integrated processes and systems, straight-through processing Greater efficiency Bundling of insurance products with other bank products Lower ME Lower acquisition costs Significant existing customer database Better cross-sell rates Leveraging of the bank partner to develop scale Better Penetration Access to bank's clients – particularly in commercial / SME Brand Leverage Instant brand affinity Greater ability to grow into various product lines and channels Better customer perceptions Greater marketing reach
  5. 5. www.company.com Cost Minimization - Bancassurance The best Bancassurance are able to fully leverage the model to extract maximum performance – driving down cost while more efficiently increasing top line Supporting Cost Minimization
  6. 6. www.company.com Channel wise Business Share #Figures in Rs. Crores
  7. 7. www.company.com Bancassurance Pie
  8. 8. www.company.com Bottom-line Trend : Bancassurance v/s Industry
  9. 9. www.company.com Banks Classification
  10. 10. www.company.com Banks size
  11. 11. www.company.com Banks Reach
  12. 12. www.company.com Regulatory - Bancassurance arrangement
  13. 13. www.company.com Successful ride on bank products
  14. 14. www.company.com Product Mix It is discovered that if products are simple, easy to understand, time-effective and convenient to sell, chances are high to achieve success
  15. 15. www.company.com Process - Asset Customers Customer walks-in for loan processing Bank’s staff pitches the Home loan features & also the Home structure insurance product Customer completes the loan documentation. Fill insurance Proposal Form. Gives consent for Premium debit At the time of final home loan disbursal, bank staff debits the insurance premium Bank staff issues 'Certificate of Insurance' Premium amount is credited to the Insurers account by EOD along with insured details No Yes Customer’s Decision
  16. 16. www.company.com Process - Liability Customers Customer walks-in for opening saving account Bank’s staff fulfills the account opening formality & also pitches for Accident & Health Products Customer fills the Proposal form & gives consent for Premium debit Bank staff issues the Certificate of Insurance No Yes Customer’s Decision Premium amount is credited to the Insurers account by EOD along with insured details
  17. 17. www.company.com Why Bancassurance model a success?
  18. 18. www.company.com Learning - Key Drivers for Banca Growth
  19. 19. www.company.com SWOT - Bancassurance
  20. 20. www.company.com Technology – game changer
  21. 21. www.company.com Driving Profitability - BancassuranceDriving Profitability - Bancassurance Strong Retention Strategy • Robust process on renewal retention • Use of technology to enhance client’s experience • Develop strong supply chain for service Higher Penetration / Bigger Customer Base • Focus on Retail Saving A/c & Deposit customer of Banks • Even a marginal increase in penetration of 5% can result in handsome Premium • Segmentation of Customers will help identifying the right target customer Health Insurance Opportunity • It is growing rapidly @ about 15% • It can bring huge retail premium to the tune of 20%~22% of the overall bank business • Good health products for customer & Better incentive for Banks with favorable losses • Rising medical inflation will support add-on health cover too • Motor, due to heavy competition is struggling Co-branded & Better priced Products • More simplified OTC products • Preferably Co-branded to leverage the Trust element • Appropriate pricing (Value-for-money) Favorable Op-Ex Better Loss Ratio Visibility, Awareness & Knowledge will aid development this channel
  22. 22. www.company.com

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