The term Bancassurance has its roots in France emerging during the eighties of last century. At that time the French government actively encouraged the sales/distribution of insurance products using the branch networks of banks.

The idea of a one-stop finance expands that approach and describes the focus on a broad and –  whenever possible – complete choice of financial products. What previously had been offered independently by insurance companies, banks, wealth managers or pension funds is now available to the client out of one hand. The cooperation between bank and insurance companies is conducted in form of partnerships or via own subsidiaries. Following failed mergers between banks and insurance companies and pursuing business opportunities which were considered to be more attractive, i.e. Investment Banking, the topic Bancassurance was moved out of the focus. The cultural differences between banks and insurance companies were overwhelming; the efforts for integration were halfhearted and income in other business areas seemed being more attractive.

Mainly due to the continuously low-interest rate environment and the subsequent importance of fee-related income for banks the topic Bancassurance gains new popularity.

The underlying model of Bancassurance is still logical and intuitiv: customers get in touch with their bank in case of financing or investment needs; the bank staff enlarges its professional advice and offers in addition to financing also insurance products. Following the comprehensive advisory possible risks are mitigated, customers are bound closer to the bank and additional income is generated.

What comes next? Bancassurance goes digital.

Szynkowski Consultants accompanies banks and insurance companies in the strategic and operational set-up through all phases to cover the topic Bancassurance: starting with an analysis of the current situation, the strategy development, the implementation and an efficiency review. Together with the client we establish individual solutions which can be easily and economically implemented and will generate income within a short period. During the mutual project work with the client we emphasize on a holistic view and the tight involvement of both management and staff.

Setting-up of concepts to foster and to enhance the systematic use of Bancassurance in the framework of partnerships and/or own subsidiaries.

Build-up and guidance of internal advisory units to support the cooperation partners in their efforts to implement Bancassurance concepts at the spot.

Development of benchmarking concepts to define the current status and to identify potentials not yet explored.

The complete inclusion of the insurance business into the bank as a core business area is the driving force behind Bancassurance. Szynkowski Consultants puts emphasize on all dimensions and action fields when implementing Bancassurance.

Development and implementation of this concept might include the entire bank, just parts  or single organzational areas of the bank, i.e. 

• Development of insurance potentials with qualified corporate and small business customers. Our numerous analyses of the corporate and small business sector of  banks prove the low connection of this customer segment to the insurance business.
• Development of insurance potentials with the segment of wealthy private- and individual clients.
  
• Optimation of both organizational structure and work flows within the insurance departments of the bank.