Gartner Analysts Steven Leigh and Juergen Weiss launched a new Industry Report about Bancassurance:

Bancassurance is an important distribution channel for life insurers and pension providers in many markets, and can account for more than 70% of the entire insurance premium volume in some markets. Life insurers looking to leverage bancassurance initiatives need to understand the technology and processing requirements and the challenges of the different bancassurance models.

Key Findings

• Each of the various bancassurance models has a unique set of process and technology requirements to automate the entire value chain.
• Life insurers and pension providers face a number of business and IT challenges, such as regulations and master data replication, when they try to implement a bancassurance architecture.
• Insurers need to consider different technologies such as Web portals to establish a consistent user experience and to benefit from the business opportunities of bancassurance.

Recommendations

• Analyze carefully the affected business processes such as sales and quotations and IT systems (for example, the policy administration system) for your desired bancassurance model.
• Review existing technology capabilities to share common master data or transactional processes in order to avoid data and application silos for your core insurance processes.
• Make sure that your IT landscape is flexible enough to support an insurance value chain that leverages resources from both the bank and the insurance company, engages customers in unique ways, and demands specialization. This will give you some flexibility to modify, enhance and develop bancassurance models. 

For more details please contact Gartner (http://www.gartner.com/) ^[1].

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