Bancassurance is all about selling insurance products through banks. The banking channel has become extremely important to insurers throughout Asia. We are seeing the first steps toward digitizing bancassurance, which means end-to-end automation and personalization of the selling of insurance products to bank customers.
George Kesselman, Singapore-based founder of Asia InsurTech Association, tells Jame DiBiasio why digitizing bancassurance is now on the table, and what that means for making products, targeting new business segments, and the balance of power between banks and insurance companies.
- 0:00 – George Kesselman, Asia InsurTech Association
- 1:56 – The beginning of digitized bancassurance
- 3:27 – Simple versus complex products, offline to online
- 5:17 – Is digital insurance bought or sold?
- 7:58 – How banks acquire data and share it with insurers
- 11:48 – Banks are realizing the full business potential of insurance
- 14:28 – Widening the product suite to go digital
- 16:29 – Whose tech stack dominates the relationship
- 17:59 – Bundling insurance with lending products, targeting SMEs
- 20:17 – Data governance and responsibilities
- 21:23 – Balancing of power between banks and insurers
- 24:05 – Opportunities for second-tier and new insurers
- 25:39 – Is there a role for insurtechs in distribution?
- 26:52 – Which Asia-Pacific markets are fastest, or slowest, to digitize bancassurance