This Study explores the cultural, perceptual and pragmatic issues that divide financial institutions and insurers. This year for the first time we are exploring the role that Managing General Agent and Broker General Agent (here after MGAs) play in the distribution of insurance through Financial Institutions (FIs). This begins in Section II. As technology continues to play such an important role in the nexus of financial institutions and insurance we have added additional sections on technology innovations, integration and budgets. We also spend time in this Study reviewing customer satisfaction, program profitability and suggest ways that net interest margin can be enhanced by the sale of insurance, as well as the more traditional non- interest fee income (NII) in a financial institution. Bridging the Cultural Divide Between Banks and Life Insurers: 2010 Australia Bancassurance Study10/1/2010
This Study is the first exploration of the cultural and perceptual issues that come between the Australian banks and life insurers engaged in the business of bancassurance. It investigates concerns confronting the banks and their life insurance partners, and provides a cross-sectional analysis and snapshot of a sample of the population at a single point in time. Bridging the Cultural Divide Between Banks and Life Insurers: 2010 India Bancassurance Study4/1/2010
This Study is the first exploration of the cultural and perceptual issues that divide the banks and life insurers in India that are engaged in the business of bancassurance. It investigates the concerns confronting banks and their life insurance partners, and provides a cross-sectional analysis – that is, a snapshot of a sample of a surveyed population at a single point in time.
Bridging the Cultural Divide Between Banks and Life Insurers: 2010 South Africa Bancassurance Study1/1/2010
This Study explores the cultural and perceptual issues that divide banks and life insurers. The 2010 Study is the second investigation of the concerns confronting banks and their life insurance partners in South Africa. This survey is now both a cross-sectional analysis (that is, it provides a snapshot of a sample of a population at a single point in time) and a longitudinal analysis (the study of change over time). Bridging the Cultural Divide Between Banks and Life Insurers: 2009 Middle East Bancassurance Study11/1/2009
This Study explores the cultural and perceptual issues that divide banks and life insurers. The 2009 Study is the first investigation of the concerns confronting banks and their insurance partners in the Middle East. This survey is a cross-sectional analysis. It provides a snapshot of a sample of a population at a single point in time. The C F Effron Company, LLC, conducted a ground-breaking study to quantify the issues that create barriers to success and to understand the nonstatutory disincentives to affiliation. These disincentives are rooted in the cultural differences between banks and life insurers — their distinctive business models, as well as how these institutions are regulated, attract customers, distribute their products and make a profit — in essence their business culture. The Study uses a statistical “gap analysis” technique to quantify the cultural issues, therefore using hard evidence to uncover and explore the qualitative issues banks and life insurers must tackle to achieve success. This Study explores the cultural and perceptual issues that divide banks and insurers. The 2008 study is the third of a continuing investigation of the concerns confronting banks and their insurance partners. Most sample surveys involve cross-sectional analysis. That is, they provide a snapshot of a sample of a population at a single point in time. Time however, is itself one of the most important variables in solving bank insurance issues. The study of change over time is called longitudinal analysis. Longitudinal analysis of survey data can be subdivided into three types: trend analysis, cohort analysis, and panel studies. Trend analysis examines overall change over time and cohort analysis means that the same group within that time-frame is peers or members with similar characteristics. As we now have three Bridging the Cultural Divide Studies completed in the USA, (2003, 2005 and 2008) we are using both trend and cohort analysis.
Bridging the Cultural Divide Between Banks and Insurers: 2007 Bancassurance Study - South Africa2/1/2007
This Study explores the cultural and perceptual issues that divide banks and insurers. It uses hard evidence to uncover and explore the issues that banks and insurers must tackle to achieve success in what is becoming a highly competitive bancassurance market space. The following represent some of the more significant findings of the Survey. A total of 2 questionnaires were completed, believed to represent more than 70% of the bancassurance market in South Africa. This Study explores the cultural and perceptual issues that divide banks and insurers. The 2005 Study is the second of a continuing investigation of the concerns confronting banks and their insurance partners. In 2003, the C F Effron Company, LLC under the auspices of the Financial Institutions Insurance Distribution Committee of the American Council of Life Insurers (ACLI) conducted a ground breaking study to quantify the issues that were creating barriers to success and to understand the non statutory disincentives to affiliation. These disincentives are rooted in the cultural differences between banks and life insurers—their distinctive business models, as well as how these institutions are regulated, attract customers, distribute their products, and make a profit; in essence their culture. The Study uses a statistical “gap analysis” technique to quantify the cultural issues; therefore using hard evidence to uncover and explore the qualitative issues banks and insurers must tackle to achieve success. Banks want programs, products, and processes tailored to their unique relationship with their customers. A customer entrusts a bank with his or her assets and expects certain basic bank benefits and services in exchange for the payment of fees. At the branch-based retail level, the relationship is uncomplicated: The bank holds your money until you want it back. To sell insurance along with bank products, banks need the person at the point of sale to be knowledgeable about both bank products and life insurance, regardless of distribution method: telephone, mail, face-to-face, or over the Internet. Insurers agree. |
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