The bancassurance comeback: how small and medium-sized banks can stand up to the big ones

Some big Swiss banks recently proclaimed their cooperation with large insurers in the media. This puts small and medium-sized banks under pressure. However, their conditions are not comparable. In order to be able to offer their own clients attractive bancassurance solutions, different approaches are necessary.

Comeback of bancassurance in Switzerland

In Switzerland, there is a clear trend “back” to bancassurance, but in a new form: Bancassurance 2.0. Unmistakably and with media attention, the big financial institutes recently announced their cooperations: UBS with Zurich, Raiffeisen with Mobiliar and most recently Credit Suisse with AXA. Their goal: to build ecosystems and increase customer loyalty. Regardless of which ecosystem you look at – housing, mobility or health, bancassurance is expected to play an important role in strengthening customer loyalty in each of them.

How will the cooperations of the big players develop?

It will be interesting to see how well these cooperations will flourish. The insurance partners are promised access to a large number of interesting clients. They will probably put a lot on the line and use bigger rather than smaller levers: The development of exclusive insurance solutions as well as digital advisory processes, individually adapted to the needs of bank customers at the point-of-need and to the relevant advisory situation in the bank. This is necessary because the most attractive conditions are easy to find on common online platforms. Customers do not expect off-the-peg offers from their bank, but attractive, customised best-in-class solutions.

Limited options for small and medium-sized banks

For small and medium-sized banks, the customer requirements are identical. But one important constraint is quite different: A large exclusive cooperation with a single insurance partner is hardly possible for them: the economies of scale for insurers are not large enough to develop special offers and individual advisory experiences and thus actually help a bancassurance initiative to succeed. So how can current developments be used to stand up to the big financial players?

Best-in-class insurance products from different lines of business

Small and medium-sized banks need sustainable solutions quickly to build up their bancassurance projects. In order to be able to cover all required insurance lines, cooperations with different insurance partners are necessary. They also want to focus on their core business. Building up their own insurance expertise and providing technology for digital customer journeys is time-consuming and cost-intensive in many respects. This contradicts the aforementioned requirement to roll out bancassurance solutions on the market as quickly as possible.

Bancassurance software solution needed for integration of multiple insurance partners

Digitalisation and innovation managers taking a closer look at the topic quickly realise that products from different insurers have to be mapped and integrated into the bank’s process landscape in terms of software. Consultation appointments must be coordinated and carried out, offers must be calculated and presented descriptively, as well as policies and portfolios administered. All this is not possible and sustainable without bancassurance software and well designed processes.

Proven bancassurance solution from Anivo360 in cooperation with Servicehub

In cooperation with Servicehub AG, Anivo 360 AG offers Swiss banks digital bancassurance solutions that allow these challenges to be mastered quickly and easily. As a result, banks are able to offer their customers attractive insurance solutions and impressive advisory experiences within a very short period of time. Integration into the bank’s sales processes is carried out seamlessly. Bank advisors are not confronted with complex advisory and product questions. Experience shows that they see the solution as a valuable asset to their clients, enabling them to position themselves as competent providers in all financial matters.

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