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1、Crossroads of bancassurance in Asia PacificSHAPING FORCES,AND HOW PARTNERSHIPS SHOULD RESPOND FOR THE NEW07.2023 HONG KONG/CHINA2|Crossroads of bancassurance in Asia PacificIn the post-covid world,bancassurance remains one of the most significant channels of insurance distribution in Asia,offering a
2、 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 traject
3、ories 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.Another facet of the regional shift is the flow of we
4、alth for high net-worth individuals(HNWIs)in seeking arrangements which are fit-for-purpose,such as forex-denominated policies and offshore arrangements.Existing insurance hubs should benefit,meanwhile offering additional pockets of value for new bancassurance partnerships serving the segment.Intra-
5、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
6、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.Executive SummaryLower sum,standardized P&C are mostly distributed online;l
7、arger-sum products are still trust-and interpersonal-driven,yet also wanting improved selection,sales and servicing enabled digitally.Therefore,partnerships ability to digitally“shade”their sales and services under a coherent omnichannel framework is critical to balance cost-to-serve and user experi
8、ence At the backdrop of competing channels like mobile wallets,comparison sites,virtual insurers,to even digitally-enabled agencies and brokers.The emergence of virtual banks may push for further product transformation:simpler to understand,easier to compare,shorter tenors and easier to bundle.As su
9、ch,Roland Berger believes future bancassurance would be anchored on 5+1 aspects deep-diving relationship between banks and insurers.The five aspects of such transformation are:1)Evolving linked sales and develop open market across personal and corporate lines,2)Positioning itself as a comprehensive
10、manager of financial well-being,3)Leveraging knowledge and relationship with customers analytically,4)Development of digital aligned with deployment of bank capabilities,and 5)Integrating the bank from a mere sales role into the service model oriented to the customer and banker experience.These five
11、 aspects,nevertheless,could only be properly planned,balanced and executed with well-thought-out change management in mind.Crossroads of bancassurance in Asia Pacific|3 0406070912141.How will bancassurance in Asia become and whats different?How Covid-19 pandemic has(not)shaken Asian bancassurance,an
12、d how bancassurance should move to optimize and develop in this divergent landscapeRegional paradigm shift:Economic and demographic shiftsIntra-market level:Tiered-market Requires Tiered-thinkingConsumer preference:Digital Done Right with Trust2.The 5+1 aspects of the next generation bancassurance m
13、odelBalancing for sustainable growth while maximizing value for both partners3.Closing remarks Table of Content4|Crossroads of bancassurance in Asia Pacific1/How will bancassurance in Asia become and whats different?Given high saving rates and protection gaps,Asia is one of the hotspots for insuranc
14、e and protection development.Characterized by protection gaps,high gross savings ratios,and growing economic hotspots significant life,annuity and health insurance potential are observed.AIt is,therefore,of no surprise that most of the Asia economies are already well covered in terms of bancassuranc
15、e partnerships.The collaborations are already so extensive that even the frontier Asia markets are increasingly covered,save for Bangladesh which the Bangladesh Bank(BB),the central bank,has finalized bancassurance guidelines in Jun 2022,setting out how the banks can participate in the distribution
16、channel.A:Out of pocket expenditure 2020 or 21,%of total healthcare expenditure and Gross savings as%of GDP 2021,%(Asian markets and some mature market counterparts)Source:World Bank,Health Bureau of Hong Kong SAR Government,National Library of Medicine(USA),Nasdaq Data,Roland Berger4050700402002530
17、353060451020Taiwan,ChinaFranceUnited StatesHong Kong SARGross savings(%of GDP)ThailandVietnamCanadaJapanIndonesiaMainland ChinaIndiaSingaporeMalaysiaPhilippinesOut-of-pocket expenses(%of health expenses)GermanyItalyUnited KingdomBangladeshCambodiaKoreaIn-scope countries for this studyCrossroads of b
18、ancassurance in Asia Pacific|5Deeper levels of integration also emerged,especially for more populated markets like Mainland China where largest banks have their own insurance arms or JVs with foreign partners,India,and Indonesia.In these cases,the local partners extra market,branding,language and le
19、gacy rationales can be similarly considered for new markets with comparable magnitude,for example Bangladesh and Vietnam.BB:Bancassurance landscape for top 5 banks across 14 APAC markets(2023)1)For banks under research in Malaysia and Vietnam,non-life insurance is internal while exclusive commercial
20、 agreement with life insurers is respectively signed 2)Some banks set up own(often non-life)insurance subsidiary but still partner with other life insurers 3)The Bangladesh Bank(BB),the central bank,has finalized bancassurance guidelines in Jun 2022,setting out how the banks can participate in the d
21、istribution channel.Source:The Asian Banker,Annual Reports,Capital IQ,Roland BergerHong Kong SARTaiwan,ChinaKoreaSingaporeJapanMalaysia 1)Mainland ChinaVietnam1)PhilippinesIndonesiaCambodiaSame parent/Controlling interest/JVMinorityInvestment/Keiretsu companiesExclusive agreementNon-exclusive agreem
22、entNo bancassurance agreements93%of banks sampled are engaged in some form of bancassurance partnership56%have their JVs or subsidiaries operating as a insurer2),and another 13%of banks are engaged in exclusive partnership with insurersIndiaBangladeshThailand6|Crossroads of bancassurance in Asia Pac
23、ificGiven the different stages of growth and unique context of individual Asian markets,it is expected that the penetration of insurance will vary.In fact,Asia is the region where some of the most established and nascent insurance markets co-exist:CWithin the huge intra-regional variations,Roland Be
24、rger believes the Asian markets should be considered across four segments developing markets,mature markets are commonly spoken terms,the emergence of stars and sub-continental giants will command separate approach of tackling the market.DDeveloping markets in Asia typically exhibit promising growth
25、 in economy but contrary to its“developing”status,they will have significantly penetrated in bancassurance already.These markets may present good testbeds for innovative tech strategies given their lower cost,balance between market maturity and significance.Regional paradigm shift:Economic and demog
26、raphic shiftsMature markets,on the other hand,are often key battlefields for careful optimization given larger cost bases,and defense against disruptive play for its significant market size.Mature markets also warrant higher levels of attention for HNW products,and even offshore arrangements.Typical
27、ly,mature markets also face issues re aging,and rising costs of insurance.Stars are emerging markets with stellar economic prospects and in the process of rapid bancassurance open-up.While selecting partnerships requires careful thought,this process will take place quickly as partnerships evolve int
28、o a differentiation in product relevance,network,and customer interactions.Last but definitely not least,Giants should be considered individually with differentiated challenges.Separate considerations for regulatory regime,fierce homegrown competition for international players,and complexly-tiered m
29、arket landscape will require meticulous strategic planning and careful partnerships execution.C:Life and Non-life insurance penetration 2021,%of GDP of selected markets(Asian markets and some mature market counterparts)Source:Swiss Re Institute,Atlas Magazine,Roland Berger0.6%0.4%0.7%0.5%0.5%0.5%0.1
30、%3.4%Taiwan,China4.0%ItalyVietnamFrance11.0%5.3%5.3%Hong Kong SAR0.5%2.6%Cambodia1.6%6.1%11.6%8.1%ThailandBangladeshUnited StatesUnited KingdomCanada9.1%Germany2.0%1.6%1.1%Malaysia11.7%3.9%11.1%Korea17.3%6.5%19.6%1.0%9.3%7.5%3.2%Japan9.5%8.3%14.8%2.3%Mainland China4.2%IndiaSingapore5.2%5.8%1.8%2.2%1
31、.9%3.4%Non-life3.2%1.9%2.1%1.5%1.1%9.1%2.2%8.9%6.1%3.9%2.2%6.9%4.8%3.3%1.4%2.3%LifePhilippines Indonesia2.6%Crossroads of bancassurance in Asia Pacific|7Intra-market level:Tiered-market Requires Tiered-thinkingD:GDP per capita USD,bancassurance%of total life insurance,and total life GWP per country
32、B USD(2015-2021)Source:International Monetary Fund;Falia Bancassurance Survey;FitchSolutions Insurance Report 2022,Desktop Research,Roland BergerBancassurance would continue to be important in the emerging economies of Asia as the economy grows continuously,yet both sides of the table shall be prepa
33、red Bancassurance ShareGDP per Capita(USD)10B100BSize of bubble indicate Life GWPEmerging marketsStarsMature marketsGiants0554045505560651,00010,000100,000JapanThailandIndonesiaMainland ChinaHong Kong SARIndiaMalaysiaCambodiaKoreaPhilippinesSingaporeTaiwan,ChinaVietnamBangladeshEconomic a
34、nd demographic variations do not only apply across different markets,but also within each of them.Bancassurance partnerships should therefore understand such intra-market variations,as the stories of developmental success are often portrayal of export-oriented region(s),usually being the capital-met
35、ropolitan region at the same time.Such gaps may be very significant especially for emerging markets.The following is a presentation using GDP per capita per administrative region-level breakdown as proxy,but similar logic can be applied easily to intra-administrative region variations:E,Fthat higher
36、 level of sophistication will be required to optimize results.8|Crossroads of bancassurance in Asia PacificSource:World Bank,Open Development Mekong,National Statistic Offices of various countries,Roland BergerSource:World Bank,Open Development Mekong,National Statistic Offices of various countries,
37、OECD,Roland Berger1)Per capita income data adopted for VN,GDP per capita used for other countries 2)used as a proxy to indicated relative income across regions,income level differences within each province/region are generalized due to limited data,but variations are expected to exist3)GDP per capit
38、a from 2022,population from 2021 4)GDP per capita from 2018,population from 2020 5)No data is available for Dadra and Nagar Haveli and Daman and Diu,Ladakh,and Lakshadweep42306338202303SarawakKuala LumpurPenang19,523LabuanSelangor15,833KedahPerlisKelantan
39、11,38526,71014,32412,4635,658 5,1623,74040802203000250207020060270260RiauEast KalimantanMalukuCentral SulawesiWest PapuaEast Java5,7129,075West Nusa TenggaraEast Nusa Tenggara019,199Highland PapuaSouth Papua 4,349Central PapuaJakarta9,094Riau IslandsWest J
40、ava12,75710,838North Kalimantan5,1394,1963,1661,8221,8171,438005060400254555302,35834,995ChonburiRayongBangkokMae Hong Son 7,86419,74918,550354580705560758590955400502520515CordilleraAdministrativeRegion3,4558,947Metro ManilaCalabarzon3,604Central LuzonNorthernMindanao3,654Dava
41、oRegion3,796Bangsamoro 3,3313,3431,200256059085757065555045308040Hai PhongBac NinhDa NangDong NaiHa Noi6,054Binh DuongTP.Ho Chi MinhDien Bien 3,8536,8236,1775,5065,4455,2995,1161,477Thailand2019Vietnam1)2018Indonesia2021Philippines2021Malaysia202159%87%of est.populations GDP per capita be
42、low national average67%50%63%9501,0001,100 1,1501,2001,3007501501001,350502001,40030002508003504001,0504505001,250900550600650700850GoaDelhiMaharashtraSikkimBihar 2,2575,7895,5402,5924,6193,173Karnataka585828Uttar Pradesh6507007508008509501,000 1,050 1,1001,2001,1502001,350 1,400 1,4501,250100030025
43、0501,3009000500550600ShanghaiJiangsuGuangdong17,727FujianChongqingZhejiangShandong18,856Tianjin28,295BeijingGansu 12,74126,74821,46717,61715,15113,47912,7866,6863559505905857570605545405030802065TokyoAichiOsakaNara 40,56069,89549,22641,24125,911481214 15 1
44、6433617 18504719 20 21 22 233224 25 26 274930 313339 40 41 4244 45 465412635835Ulsan ChungnamJeonnamSeoulGyeonggiDaegu 40,12558,15048,14741,76041,64132,56821,442Japan2018/20 4)Korea 2021Mainland China2021/22 3)India5)202160%58%63%72%E:Population and GDP per capita USD 1)per each province/
45、region 2)of selected in-scope countries South-east AsiaF:North Asia and IndiaCrossroads of bancassurance in Asia Pacific|9Source:Swiss Re Institute,Roland Berger50%2021202246%28%26%22%23%25%18%Share of respondents likely to buy insurance from different channels post the onset of COVID-19Insurers web
46、site/appAgent/brokerBank/FINon-traditional channelsBut its human touch is irreplicable by digitalBanks may not be the most popular channel to acquire an insurance if considered in general83%Share of respondents who consulted with an agent/broker on the purchase of insuranceG:Insurance acquisition ch
47、annels and importance of human touchBancassurance partnerships and insurers should“demystify”the impression of under-penetration in the lower-tier regions within APAC markets,as for instance high lump-sum life/health insurance may sell better for few affluent regions but much lesser so across the wh
48、ole market.While COVID have changed the habits of consumers in both soliciting information and procure insurance digitally trust and human touch are still as important.While more people acquire insurance from non-traditional digital channels like e-wallets or platforms;most of these cases are still
49、featuring simpler,P&C products,in standalone or embedded forms.GThese human touches and trust are important especially in high-value,complex products:Bancassurances typical portfolio of life/annuity are subject to close personal touch for Products for mass market like microinsurance,SME commercial p
50、roducts may be viable alternatives if bancassurance partnerships would like to penetrate these regions.sales due to its long tenor,financial significance,and often-bundling nature,for example mortgage life.Even for smaller lump sum products,for example critical illness or health products,T&C complex
51、ities may mandate significant customer interaction in closing deals effectively.To upkeep customer stickiness against encroachment from competing channels,Bancassurance partnerships response to digital transformation,and their capability to integrate for O2O sales across products are critical factor
52、s.This will be further explored in the next callout.Consumer preference:Digital Done Right with TrustCallout 1How the pandemic has(not)changed the customerApart from the considerations pertaining to the market themselves,a few cascading effects from the COVID-19 pandemic towards digital are also obs
53、erved.10|Crossroads of bancassurance in Asia PacificIn response to digitalization,there are two scenarios for bancassurance partnerships:when banks go digital and emergence of virtual banks with slightly different implications.1.When banks go digitalFacilitation of effective exchange is the key in t
54、his type of transformation in which partnerships primary motives of digital are to improve cost-efficiency and sale-effectiveness.For example,leads and opportunities are increased by targeted advertising and preserved through more accessible,visually driven,and interactive product proposals.Automate
55、d administrative process minimizes repetitive work.Sales tools and analytics enables relationship managers to improve conversion by selling the right products.Online customer service carries out claims and servicing,while optimizes front-office resources.2.Native-virtual banks,e-walletsAdaptation is
56、 the key to this alternative context as insurers consider designing products tailored for pure-virtual interactions,with modular characteristics,simpler T&Cs,embedment into virtual events,and clean sales messages.On the other hand,usage data collection at each step of the banking process can be expa
57、nded and used for marketing and pricing.Virtual banks tech edge may also support insurers in saving servicing cost and avoiding fraud.While implications of bancassurance partnerships to these two types of institutions are subtly different,both would require treating banks as a collaborative partner,
58、instead of a mere sales channel.Callout 2Traditional banks going digital,and emergence of virtual banksCrossroads of bancassurance in Asia Pacific|11Source:RGA,Roland BergerHigher premiumLower premiumlower incomemass marketretireesaffluent/HNWIP&C(auto,travel,property,business)Micro-insuranceFuneral
59、 coverTerm-lifeBank products linked to insuranceDisability,accident,hospital cash,CIAdditional health productsTraditional and variable annuitiesHeavy savings products(e.g.endowments,annuities)Single premium whole lifeHNW medical reimbursement/CIUniversal life HNW ULH:Product diversification of banca
60、ssurance offeringsIncreasing partner-enablement for better customer targeting is a pre-requisite for product adaption.While varieties of high-premium products such as high-net-worth(HNW)life and health,even forex-denominated or offshore arrangements,are critical for priority/private banking segments
61、;microinsurance(P&C,health)are critical for emerging mass market in the developing world.Some lower-sum P&C lines may warrant automation for balancing cost-benefit and pace of delivery,or simply integrating over third-party platforms.HThese three interrelated shaping forces will drive the transforma
62、tion of bancassurance towards deeper integration,which will be illustrated in the next section.Callout 3Product adaptation and diversification12|Crossroads of bancassurance in Asia Pacific2/The 5+1 aspects of the next generation bancassurance for actionAs a result of these forces,Roland Berger expec
63、ts bancassurance partnerships to transform in the following 5 aspects,given proper change management as the enabler.The five factors include:I1.Evolve linked sales and develop open market:The linked sales is anchored on the customer-centric philosophy,involving both clear product value proposition a
64、nd coherent sale process.These eases open market activities and reduces attrition.HNWIs,for example,may be coherently covered from P&C,HNW products to EBs and commercial lines for these individuals businesses nevertheless,this will involve collaborating multiple BUs of banks and insurers,requiring c
65、oherent integration.2.Comprehensive manager of financial well-being:As banks are increasingly positioned as a manager of financial well-being,its extensive product portfolio should be viewed complimentarily to such positioning.As Asian banca partners are likely already geared with good product mix p
66、er risk appetite,tax advantages,life-stage,and accumulation/deaccumulation(for instance,reverse mortgage);it is just a matter of rationalizing these products under a personas-based lens to avoid cannibalization.Competitive benchmarking may also facilitate differentiation with competitors.3.Leveragin
67、g knowledge and relationship with customers with data-driven,personas-based marketing and underwriting per propensity and risk.Some partnerships are already I:Transformation of the bancassurance modelSource:Roland BergerEvolve linked sales and develop open market in a broad sense(individual+commerci
68、al)Growth based on commercial push(massive customer and network campaigns)Incentivized placement of linked protection products focused on individualsLeveraging knowledge and relationship with customers(analytics)Sales model 100%articulated in person through the managerDevelopment of digital aligned
69、with the deployment of bank capabilitiesSaving products distributorComprehensive manager of financial well-being(banking-insurance joint strategy)Traditional bancassurance model(distributor)Future bancassurance model(partner)This transformation entails an intrinsic change management challenge to ens
70、ure change in network and customer mindsets based on three key areas:training,communication and incentivesChange managementBank focus exclusively on the saleIntegration of the bank into the service model oriented to the customer and banker experience12345+1Crossroads of bancassurance in Asia Pacific
71、|13J:Application of digital solution to potential pain points along value chainSource:Roland BergerProduct&service designContracts&claims managementRisk management&fraud detectionProduct developmentMortality investigationValuation based on riskRegulatory reportingCustomer acquisition&promotionMarket
72、 research&analysisMarket developmentBranding&positioningCampaign managementPolicy endorsementSales&distributionDirect salesLead managementPre-sales supportSales budgetingPerformance reviewDistribution managementRemuneration managementPricing&underwriting(New Business)QuotePolicy issueDocument submis
73、sionUnderwritingCustomer cross-sell&promotionLapse&revival managementPolicy alternationAdjustment&refundLoans&withdrawalsPayment processingClaims registrationClaims validationLoss reserve creationClaims assessmentClaims adjudicationsClaims financialsSubrogation&litigationFraud managementProduct laun
74、chIllustrationPotential area that could be significantly optimized and integrated via digitizationleveraging the banks CRM for targeting optimal clients in terms of risk,and other entities are tapping into banks big data in actuarial tasks.4.Development of digital aligned with deployment of bank cap
75、abilities:While improving distribution is almost always the premier driver for digital initiatives,being omnichannel is a more permeating approach that provide benefits across the insurance value chain.Areas like pricing,underwriting,claims,and fraud management all warrant integration between the pa
76、rtners for tangible benefits for both.It also helps to rethink how digital can integrate with the critical human touch in providing service differentiation and closing high-impact sales.J5.Integration of the bank into the service model,with customer and banker experiences:Transforming from a pure sa
77、les unit,banks service model must be consistent with the experience it aspires to offer to per customer tiers.For examples,communication strategy and level of proactivity can be decided based on predictive models of the customers.Setting clear roles between the insurer and the bank is critical in mo
78、re and more cases,the bancassurance JV would demand more freedom to freely decide service level provided to clients,avoiding potential incoherence among partners.1.+The importance of change management:Due to the collaborative nature of the bancassurance partnerships,effective change management must
79、be planned to balance benefits of the partners.This often entails traditional change management planning,but compounded with aligned monitoring of progress,iterations to fit business environment changes,and clear indication and measurement of outcomes.14|Crossroads of bancassurance in Asia Pacific3/
80、Closing remarksNavigating the unique Asian bancassurance scene requires balancing among multiple dimensions:regional mandate vs.market-level adaptation;intra-economy variations;and technology vs.human touch.Insurers and banks alike should develop along the unique Asian fabric of differences.*Crossro
81、ads of bancassurance in Asia Pacific|15AUTHORSLAURENT DOUCETPartner,Asia I Office:Hong KongDENIS DEPOUXSenior Partner,Global Managing D Office:ShanghaiDAMIEN DUJACQUIERSenior Partner,Managing Partner Southeast A Office:SingaporeJOHN LOWSenior Partner,Managing Partner Southeast A Office:Kuala LumpurJ
82、IRI KRIVACEKPartner,SE Asia Investor Relations and I Office:SingaporeYUZURU(JOE)OHASHISenior Partner,Managing Partner J Office:TokyoSOOSUNG LEESenior Partner,Managing Partner K Office:SeoulSAUMITRA SEHGALSenior Partner,Managing Partner I Office:Mumbai/DohaWe welcome your questions,comments and This
83、publication has been prepared for general guidance only.The reader should not act according to any information provided in this publication without receiving specific professional advice.Roland Berger GmbH shall not be liable for any damages resulting from any use of the information contained in the
84、 publication.2023 ROLAND BERGER GMBH.ALL RIGHTS RESERVED07.2023Credits and copyrightSunny Yap Senior Consultant also contributed to the article.|Crossroads of bancassurance in Asia PacificPUBLISHER:ROLAND BERGER23/F Jing An Kerry Centre Tower 11515 West Nanjing Road,Shanghai+86 21 5298-6677 ROLAND B
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