Placement of AvivaSA Credit Life Insurance Product on Akbank Direct Banking Mobile App and Internet Branch Qorus Innovation in Insurance Awards 2019

AvivaSA works with Akbank under bancassurance business model, placing Akbank as an agency that promotes and sells AvivaSA products. As part of this partnership that generates about 70% of AvivaSA’s insurance sales, AvivaSA’s product portfolio includes products addressing the needs of bank customers, including credit life insurance (CLI) products. Before 2017, these products constituted more than 60% of all life sales from Akbank. On the other hand, individual customers were gradually moving to mobile and internet channels, and offering a CLI product was not common in the Turkish bancassurance market. Also, it was hard to promote CLI in branch sales, as there were no immediate benefits to the customer besides protection. With this objective, Akbank and AvivaSA designed a bundle product of credit and CLI for mobile and internet channels, and for the first time offered a significant drop in interest rates if the customer buys insurance policy with the credit. This discount corresponded to nearly the entire premium amount, which allowed customers to have insurance protection for a negligible price. We successfully completed the project with the collaboration and dedication of various departments, which are AvivaSA’s Bancassurance, IT, Operations, Finance, Actuary, Accounting, Regulatory Compliance, Document Management, along with Akbank’s Bancassurance, IT, Mobile and Internet Products, Regulatory Compliance and Legal departments. So far, with the help of increased interest in mobile and internet channels as well as our customer-oriented UI and UX designs, our GWP has boosted, while our customers and Akbank are more satisfied with insurance coverage of credits.