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Bancassurance Models Around the World by Tobias schneider
1. Prepared by Aon Inpoint
Bancassurance Models Around the World
Presentation at the 1st Annual Bancassurance Conference in Kenya
Nairobi - 24th March 2015
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Operating Principles
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Agenda
0. A few words about Aon Inpoint
1. Introduction
2. Key factors that shape bancassurance marketsโฆ
3. โฆand what their impacts on operating models are
4. Top 10 of the most successful bancassurance captives
5. Bancassurance in sub-Saharan Africa: Opportunity and challenges
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1. A few words about Aon Inpointโฆ
Aon Inpoint is part of the Aon familyโฆ
๏ 120+ offices around the globe
๏ 66,000+ colleagues worldwide
๏ $12 billion in revenues in 2014
โฆwith unique access to data
๏ $150 billion in premium flow to date
๏ 1,350 Global Carriers
๏ 68,774 Global Clients in 180 territories
Aon Inpoint believes the key to driving successful industry innovation and
change is through taking advantage of data and analytics
Market leading
insurance data and
analytics
World class
insurance
consulting
Specialist Aon Risk
Solutions expertise
Integrated global
execution
Aon Inpointโs three core value propositions
๏ Business excellence: Optimising insurerโs value proposition, distribution, and connectivity
๏ Portfolio opportunities: Identifying and executing growth opportunities around existing business
๏ Strategic initiatives: Identifying, developing and executing game changing business opportunities
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1. Introduction
โIt is important that every country, developing or otherwise, gives
careful consideration to the great value of Bancassurance as a means
to grow the presence and use of insurance within a community.
For all its youth, Bancassurance is emerging as a natural pathway for
the effective development of insurance.
There can be no doubt of the importance of the potential for
Bancassurance to open the path toward cost-efficient access to
insurance products, both Life and non-Life.โ
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2. Key Factors that Shape Bancassurance Marketsโฆ
Meta level: Regulation Financial crisis
Country level: Regulation Market characteristics
C
o
n
s
u
m
e
r
Country-specific bancassurance
markets characteristics
New capital requirements Divestments
Mediation laws,
shareholding rules,
product regulations
Banking & insurance
sector, cultural factors
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3. Bancassurance Operating Models
0%
20%
40%
60%
80%
100%
Turkey Brazil Spain France S. Korea Russia Germany UK Chile Japan
% of life insurance premiums distributed via banks
Bancassurance as a market maker Strong competition from agents
Regulation
RegulationPPI
Similar operating models
Source: Finaccord Global Bancassurance Reports
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42%
58%
Yes No
3. Bancassurance Operating Models
Source: Finaccord Global Bancassurance Reports
38%
14%9%
39%
Captive JV Captive + JV None
Operating models of the 125 largest banking groups Strategic partnerships of the 125 largest banking groups
Recent trends Recent trends
Captive /
JV Crisis / regulations
JV / None
Capital / opportunities
None / JV
Captives /
JV
Europe Emer.
Mar.
15 yrs. / 11 countries
15 yrs. / 11 countries
10 yrs. / multiple countries
5 yrs. / 6 countries
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3. Bancassurance Operating Models
0% 20% 40% 60% 80% 100%
Japan
S. Korea
India
Spain
Brazil
France
External underwriter Multiple external underwriters
Captive underwriter JV underwriter
Other
๏ฑ Captives / JVs dominate
๏ฑ Common vision
๏ฑ Tailor-made products
๏ฑ Multiple external partners
๏ฑ Strict regulations
๏ฑ Nevertheless successful
๏ฑ Referral model
๏ฑ Banks as multi-tied agents
๏ฑ JV model dominates
๏ฑ Strict rules regarding FDI
Operating models by country Comment
Source: Finaccord Global Bancassurance Reports
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4. Top 10 of the most successful bancassurance captives
Rank Group Premiums 2012
1 Crรฉdit Agricole $29.0 bn
2 ING Group $26.1 bn
3 BNP Paribas $25.5 bn
4 Bradesco $21.1 bn
5 Crรฉdit Mutuel $15.2 bn
6 Lloyds Banking Group $13.3 bn
7 Sociรฉtรฉ Gรฉnรฉrale $13.1 bn
8 HSBC $13.0 bn
9 NongHyup Group $9.1 bn
10 Intesea Sanpaolo $7.3 bn
Origin Comment
๏ฑ Fully integrated model
๏ฑ Long tradition
๏ฑ Investment life policies
Divesting groups
๏ฑ Ca. 45m insurance clients
๏ฑ Ca. 30% of total profit
๏ฑ โRole model of successโ
Source: Finaccord Global Bancassurance Reports
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Challenges
Key success factors Status Comment
1. Beneficial regulatory
environment
2. Commitment of banks to
insurance
3. Large life insurance
market
4. Large consumer lending
markets
5. Tight bancassurance
partnerships
6. Staff training
7. Tailor-made insurance
products for the bank
Angola
Cรดte d'Ivoire
Ghana
Kenya
Mozambique
Nigeria
Tanzania
Uganda
Zambia
0
20
40
60
9 largest sub-Sahran
Africa countries (ex ZA)
Czech Republic
Total consumer lending ($bn)
0
1
2
3
4
5
9 largest sub-Sahran
Africa countries (ex ZA)
Czech Republic
Life insurance GWP ($bn)
1. Does it feel like joint โownershipโ?
2. Do you treat each other as equals?
3. Do you regularly evaluate performance?
4. Do you set future plans?
4. Bancassurance in Sub-Saharan Africa: Challenges
Emerging
Emerging
Under-
developed
Emerging
Under-
developed
Source: Finaccord: Bancassurance in Africa
๏
๏
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Opportunities
4. Bancassurance in Sub-Saharan Africa: Opportunities
-4%
-2%
0%
2%
4%
6%
8%
10%
2006 2008 2010 2012 2014 2016 2018 2020
European Union Sub-Saharan Africa
Robust GDP growth
Technological development
๏ฑ Fastest-growing middle class in the world
๏ฑ Fastest-growing working age population
๏ฑ Consumer spending of $1.4 tr. In 2020
Consumer spending
Pan-African / international groups
Source: IMF
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