A bancassurance breakthrough: Nurturing SME relationships through customized insurance products
In this paper, we outline the opportunity bancassurance presents to banks, as well as the key considerations that should be made when pursuing a bancassurance strategy. We’ll also highlight case studies that illustrate exactly what can be achieved when a successful approach is taken.
In partnership with
VeriPark
VeriPark is a global solutions provider enabling financial institutions to become digital leaders by placing Customer Experience at the core of digital transformation. With offices located in the United Kingdom, Europe, Canada, Asia, Africa and the Middle East, VeriPark is helping financial institutions to enhance their customer acquisition, retention and...
Foreword
There is no doubt that a vibrant SME sector is the beating heart of any economy, but it is also a sector that faces several challenges. Insurance cover is often complicated, expensive and difficult for SMEs to obtain. However, it is critical given that SMEs face significant risks.
In the wake of the pandemic, many SMEs are reviewing their insurance coverage, and this presents banks with an opportunity to disrupt the market – and increase their income. By providing insurance products that are tailored to suit the specific business needs of SMEs, banks can support and empower the sector by helping them to mitigate risk.
While the needs of SMEs can be complicated, the solutions banks offer should be simple. By staying focused, banks can benefit from integrating insurance products into their offering, and this, in turn, will enable SMEs to thrive.
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