Emerging Europe is becoming a battlefield for banks and insurance companies. Both of these financial institutions are willing to cooperate with each other if it will increase their market share and profits. However the recent history has proved that if this cooperation is applied unwisely it can very easily end up in tears - with increased revenue but with significant losses.
All aspects of successful cooperation between banks and insurance companies had been discusses in detail at Jacob Flemings Bancassurance in Emerging Markets conference that was held in Budapest on January 15th & 16th.
Before even considering to apply bancassurance business model in Emerging Europe it has to be clearly determined how the company would like to enter particular market and what distribution channels will be used for this business model. The first day has provided a wide-scale of top speakers. These experts brought their insights and extensive experience with entering strategies and distribution models they have used when applying bancassurance business model. Following speakers contributed to this valuable session: Johan Hosselaer from Fortis about Russian and Asian markets; Alexander Sarrigeirgiou from EFG Eurolife Insurance about SEE markets, Michael Müller from Allianz about Poland market, Andrei Doubinine from Aviva about Russian market, Gökhan Özüm from Garanti Emeklilik about Turkish market, Matt Grace from AEGON about UK and US market, and finally Werner Moertel about CEE markets.
The second day started with the most important session discussing the development of successful bancassurance product. To create new bancassurance product or to cross sell already developed insurance and banking products? Attila Fabian from OTP Garancia Insurance, Bernard Delas from Credit Agricole and Marek Pietka from Commercial Union were trying to find answer for this dilemma and all of them have come up with different solutions supported with impressive results.
One of the most interesting presentations was delivered by John Hollows (Senior General Manager Banking, Central Europe Unit) from leading financial institution in the CEE region KBC. He has explained in detail the strategy of KBC in building a long-term relationship with their customers and how they handle their CRM with after-sales support.
The last presentation that has concluded the entire event was the cherry on the pie and it was delivered by Alois Pichler (Head of Alliances and Insurance) from Raiffeisen International. He has presented an excellent case study a proper analysis of Raiffeisen bancassurance model that belongs among the highlights in the CEE region.
The great attendance and sophisticated selection of topics and speakers has made this conference extraordinary valuable event for those who wish to extend their business beyond traditional lines of banking and insurance industry.
Rado Mokry
Senior Project Leader
Jacob Fleming Group
