Show notes
Bancassurance is all about selling insurance products through banks. The banking channel has become extremely important to insurers throughout Asia. We are seeing the first steps toward digitizing bancassurance, which means end-to-end automation and personalization of the selling of insurance products to bank customers.George Kesselman, Singapore-based founder of Asia InsurTech Association, tells Jame DiBiasio why digitizing bancassurance is now on the table, and what that means for making products, targeting new business segments, and the balance of power between banks and insurance companies.Timecodes:0:00 – George Kesselman, Asia InsurTech Association1:56 – The beginning of digitized bancassurance3:27 – Simple versus complex products, offline to online5:17 – Is digital insurance bought or sold?7:58 – How banks acquire data and share it with insurers11:48 – Banks are realizing the full business potential of insurance14:28 – Widening the product suite to go digital16:29 – Whose tech stack dominates the relationship17:59 – Bundling insurance with lending products, targeting SMEs20:17 – Data governance and responsibilities21:23 – Balancing of power between banks and insurers24:05 – Opportunities for second-tier and new insurers25:39 – Is there a role for insurtechs in distribution?26:52 – Which Asia-Pacific markets are fastest, or slowest, to digitize bancassurance