In the post-covid world, bancassurance remains one of the most significant channels of insurance distribution in Asia, offering a proven go-to-market approach. With even the most frontier markets opening up, emergence of wealth and middle class in Asia, pertinent protection gaps, and high savings, a few structural shifts are foreseen for bancassurance partnerships.
Regionally: Economic and demographic shifts changing growth trajectories and products. Asia is a place where the most penetrated, aged markets and the most nascent, emerging markets co-exist, and therefore careful segmentation and crafting of Intra-Asia differences should be appreciated at a strategic planning level.
Intra-market: Economic development gap between the key hubs and rest of market. Bancassurance partners should also be fully aware of the intra-market economic prowess and income may vary significantly within markets, and as the partnerships further expand from the hub, the products may need to be adjusted to fit for a lower income, more SME mix of clienteles.
On individuals: Trust-based digital adoption: The COVID-19 pandemic has left us a more digital customer base – yet trust is still, and always will be, the ground for any insurance.
In the post-COVID-19 world, bancassurance remains one of the most significant channels of insurance distribution in Asia, offering a proven go-to-market approach. In the future, Roland Berger believes future bancassurance would be anchored on "5+1" aspects deep-diving relationship between banks and insurers.
