Technical Feature: Bancassurance in Asia - Still Has Miles to Go
Source: Asia Insurance Review | May 2009
Prior to the Asian Financial Crisis of 1997, bancassurance was essentially immaterial in business terms across the Asian insurance markets as a whole. However, post-crisis, bancassurance started to emerge as banks became keener to receive the fee income they could earn from distributing insurance products. Mr Mark Saunders, Principal & Managing Director, Asia, Tillinghast Financial Services Business Leader, Asia-Pacific, shares his experience as a mystery shopper revealing that both the banks and the insurers still have a long way to go with regard to getting the sales process right. With the change in the current financial climate, he advocates that companies note the lessons to be learnt and work towards putting the customer firmly in focus.
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