Challenges

• Insurance commission income via bank sales insufficient in existing market situation
• Bank distribution partners were courted by FinTechs and platform providers to channel insurance sales through these third-party providers and additionally generate revenue through these partners 
• The insurance company was threatened with the loss of bank distributors and customer interface
• Lack of clarity on whether to build and operate a dedicated Bancassurance platform

Approach

After defining the central requirements for a Bancassurance platform, the advantages and disadvantages of operating an own platform vs. participating in a third-party platform were elaborated. In addition to analyzing the market and competitive environment, the target customers and their requirements, the relevant functions of the platform, and a suitable product portfolio (composite, life/insurance) were developed. The core requirements for an MVP were transferred into user stories and subsequently used for the RfP-Process of technical vendors. The target picture was supplemented by a target operating model and financial KPIs were calculated for own and third-party services.

1. Market and competitive analysis of insurance platforms & platform providers for Bancassurance sales
2. Functional platform concept based on existing personas & customer journeys as well as definition of the product portfolio
3. Derivation of functional user stories for MVP & analysis of potential technical providers for realization (incl. planning &RfP process)
4. Target Operating Model & detailed Business Case

Results

Full recommendation for action in the form of a board resolution including analysis, concept, target operating model, business case and vendor recommendation as well as an overview of necessary next steps.

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