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Webinar for June - Digital Bancassurance

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Webinar for June - Digital Bancassurance

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Webinar for June - Digital Bancassurance

  1. 1. 1 DIGITAL BANCASsURANCE
  2. 2. Today’s Panelists Host: Hugh Terry Founder, TDI Moderator: Elisha Deol Global InsurTech Manager, KPMG Virginia Wong Group Head of Partnership FWD Group Stephen Appleyard Head of Distribution AXA Asia Markets Rick Vargo Managing Director Bancasurrance, DBS Bank Lee-Han Tjioe Partner, KPMG China Darren Pigg Partner, KPMG Hong Kong
  3. 3. Discussion Agenda
  4. 4. Questions & Answers How to participate: If you have a question please type into the Q&A area If you have a comment please type into the chat area Session format: The moderator will use a combination of his own questions and those from the audience
  5. 5. Lee-Han Tjioe Partner, KPMG China Darren Pigg Partner, KPMG Hong Kong
  6. 6. Snap Poll 11 Q. Should banks build their own fulfillment front end or re-brand an insurance partners? a) Build own b) Use partners How to participate: Just respond to the question when it appears on your screen
  7. 7. Stephen Appleyard Head of Distribution AXA Asia Markets
  8. 8. Snap Poll 13 Q. How should insurers best position their digital capabilities to win partnership opportunities with banks? a) API enabled technology offering integration to banks tech stack b) Micro insurance and digitally enabled products c) Price competitive products for core enabled by super low cost operating base d) D&A insights that can assist with targeting of products to customers How to participate: Just respond to the question when it appears on your screen
  9. 9. Rick Vargo Managing Director Bancasurrance DBS Bank
  10. 10. DBS on the Future of Bancassurance in Singapore and Asia
  11. 11. 2018 snapshot for DBS’ Bancassurance business Our Strategic Partners Our Customers >650K Our RMs >1.5K A truly digital business Annualised Premium Equivalent (SGD) RECORD >1bn 36% y-o-y Singapore Market Share RECORD >1/3 As of 1Q19Mainland China Taiwan Hong Kong India Singapore Indonesia DBS is the market leader for Banca in Singapore. The bank is focused on expansion in its other six primary markets 1st Investment in digital capabilities (SGD) >20mil Since 2016 RM Mobility; Your Financial Profile; Your Financial GPS
  12. 12. How we have differentiated ourselves Helped customers understan d their needs Developed innovative solutions with our partners Being digital to the core Deeply collaborative partnerships Brand, Reputation and Trust
  13. 13. § We are committed to helping our customers understand their protection and long-term savings needs as part of holistic financial planning § We will expand our digital infrastructure to tap partner synergies, enhance efficiencies to create a seamless, integrated and personalised experience for our customers § Going forward: DBS continues to be a universal provider which serves all customer segments, including the underprepared, the underinsured, and the HNWIs Our Three-year Aspiration DBS to help 1 million Singaporeans get insured and protected
  14. 14. We established joint strategic planning teams to look at consumer trends and identify potential needs. With our ‘4D’ framework, we conduct comprehensive consumer immersions to develop solutions that they truly need. Our business strategy – Staying relevant to our customers Mobile Protect Worldwide protection for your phone against loss, accidental damage and theft CyberSmart Safeguard your well- being with holistic cyber protection.
  15. 15. Our business strategy – Creating digital synergies for greater customer convenience Our API partnerships simplify the customers’ purchase and claims process Our customers engage with us in their own time Our payment ecosystems and platforms afford our customers choice Our customers have a suite of digital financial planning tools at their fingertips
  16. 16. Snap Poll 22 Q. What % of bank fee income can be generated from bancassurance in a digital world? a) Less than 10% b) 11-20% c) 21-30% d) More than 30% How to participate: Just respond to the question when it appears on your screen
  17. 17. Virginia Wong Group Head of Partnership FWD Group
  18. 18. 24
  19. 19. Snap Poll 29 Q. Do you think bancassurance will dominate agency in terms of distribution in Asia (say >65% share)? a) Yes b) No c) Not sure How to participate: Just respond to the question when it appears on your screen
  20. 20. Q&A Host: Hugh Terry Founder, TDI Moderator: Elisha Deol Global InsurTech Manager, KPMG Virginia Wong Group Head of Partnership FWD Group Stephen Appleyard Head of Distribution AXA Asia Markets Rick Vargo Managing Director Bancasurrance, DBS Bank Lee-Han Tjioe Partner, KPMG China Darren Pigg Partner, KPMG Hong Kong
  21. 21. Further reading 31 https://www.the-digital-insurer.com/insurtech-insights/
  22. 22. LIVEFEST 2019 32 What to do now – apply for an award! • Prepare award entries for – Insurance Innovation and Startup InsurTech’s. Applications Open! • Insurers – apply for the LIVEFEST Knowledge programme (it’s free !) • Save the Dates and Login with TDI credentials to participate live or view on-demand • LIVEFEST 2018 session recordings and summary also available in the LIVEFEST Zone
  23. 23. Post webinar activities Recording will be emailed to registered participants Please give us your feedback and participant suggestions If you would like to follow-up with any of the panelists hugh.terry@the-digital-insurer.com Elisha.Deol@kpmg.co.uk leehan.tjioe@kpmg.com stephen.appleyard@axa.com.hk richardvargo@dbs.com virginia.wong@fwd.com Ø Join or next webinar on 4th Sept Organisational Design & Strategy

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