As life and health insurance evolves and the power of technology reaches new heights, alternative approaches to end customer marketing are constantly unfolding. Our decades of experience place us in a strong position to support channels such as bancassurance and direct marketing. Combined with our appetite for exploring new challenges as they arise, we are in an excellent position to advise and assist clients about existing and emerging avenues.
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Bancassurance products present an excellent opportunity for organisations with established sales forces, trusted brands, and strong client relationships to expand their offerings and revenues with tailored life and health insurance products.
Hannover Re’s clients benefit from our unique knowledge and capabilities as a reinsurer of bancassurance products. Our experience covers a huge range of insurance products distributed via financial institutions in many different countries around the world. This combination of detailed local market knowledge and experience with global insight and capabilities through the Hannover Re organisation gives us a truly exceptional perspective on this growing and evolving market.
Bancassurance is multi-faceted. Hannover Re is an exceptionally well-experienced reinsurer in the field of credit life insurance, where aspects of bancassurance play an important role. But our expertise extends far beyond traditional life and health insurance. We create tailored insurance covers to be packaged with financial products. Examples include: life insurance and disability protection for unit-linked products, coverage of bank deposit and savings accounts or waiver of regular investments upon death or critical illness.
Automated underwriting solutions play a key role in modern sales processes, improving overall process efficiency as well as the risk profile of new business. hr | ReFlex is our life risk assessment tool, an ecosystem combining state-of-the-art functionality with exceptional flexibility and ease of use. hr | ReFlex can be quickly and conveniently integrated into bancassurers’ own systems and fully configured to reflect local market conditions - resulting in better and faster risk selection and underwriting, and significant process efficiency gains. Subsequent cost savings will further increase sales.
As an established player in the bancassurance market, our clients appreciate not only our expert guidance and support, but also our speed, responsiveness, and flexibility. We are always looking for new ways of applying our market-leading expertise to develop innovative solutions that help our partners fully benefit from emerging opportunities in the bancassurance market.
We are the preferred choice for clients looking to strengthen their bank distribution channel by providing:
With bancassurance-focused operations in many different countries, we are ideally placed to support our clients in developing their business both nationally and internationally.
Products sold directly to individuals, without the involvement of an adviser, now constitute a significant and fast-growing component within the life and health market. In order for them to be priced and distributed competitively, such products typically combine highly streamlined or non-existent underwriting processes with simplified product design and affordable pricing.
The traditional channel for such products used to be direct mail. The advent of telemarketing enabled companies to personalise their interaction with the customer whilst email delivered both personalised, relevant content at reduced cost. Direct response television (DRTV) advertising and online sales have now become the standard practice around the world. In Australia and the UK for example, insurance companies partner with affinity groups such as supermarkets or motor clubs – to sell their products to its members, e.g. members of a loyalty card scheme. White-labelling of products is common to make use of consumers’ brand loyalty and to expand the value delivered to members by the organisation.
Hannover Re identified the growth potential of direct marketing products some time ago. We have since positioned ourselves to partner effectively with life insurers venturing into this market and with distribution companies lacking specific insurance experience.
In each case, our clients benefit from our extensive knowledge and experience with direct marketing insurance products. The knowledge we have gained from our years of market participation and our sizeable inforce portfolios enable us to provide powerful support in terms of product and benefit design, risk pricing, underwriting and reflexive question sets, and claims management.
Our dedicated team of direct marketing insurance specialists has a proven ability to partner effectively both with life and health insurance providers and with firms that have complementary expertise and capabilities in areas such as advertising, online sales and call centre operations.
This has led us to gain market-leading expertise in the design and management of robust and competitively priced underwriting-free or underwriting-light products that offer our clients a valuable additional revenue stream and a beneficial source of diversification while providing consumers with direct access to insurance products.
We believe direct marketing products, and those sold online in particular, will play an increasingly significant role in the future.