News Regional14 May 2018

Asia:Attitude is key to success of bancassurance

| 14 May 2018

The insurance industry continues to constantly guide change as it aims to provide better products, services and solutions to cope with the needs of the public and the economy, said Mr Dennis B Funa, commissioner of the Philippines' Insurance Commission.

Speaking at the 19th Asia Conference on Bancassurance and Alternative Distribution Channels in Manila last week, he noted that the rise and success of bancassurance throughout Southeast Asia were a result of this attitude from the industry. “There have been many expansions, partnerships and arrangements that the industry has deemed necessary, not just for our business activities, but also to promote and increase customer care and satisfaction.”

This focus on customer care and satisfaction – also known as the customer journey – is the most important aspect of selling insurance, said Mr Vincent Shi, managing director of SCOR Global Distributions Asia, from the moment the customers decide to purchase insurance, to the point they file a claim.

The bulk of the customer journey in traditional insurance channels boils down to an individual agent’s charm, personality and how they approach their clients. “And while those customers had a good journey and were taken care of by their agents, those little tricks those agents used are hard to replicate,” he said. “But we are in a different age and technology comes into play and makes things easier for us.”

With proper use of technology, Mr Shi insisted, the industry could create a customer journey that fits into the ecosystem and is intuitive, friendly and seamless for tens of thousands of customers at the same time.

The two-day conference was organised by Asia Insurance Review and sponsored by ReMark.

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