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The future of distribution strategies

The future of distribution strategies. Bart De Smet, CEO Ageas Insurance Strategy Europe Brussels, 22 March 2012. Agenda. 1. Insurance distribution in Europe 2. Distribution at Ageas group 3. Ageas Belgium 4. Ageas UK 5. Ageas Malaysia 6. Conclusions.

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The future of distribution strategies

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  1. The future ofdistribution strategies Bart De Smet, CEO Ageas Insurance Strategy Europe Brussels, 22 March 2012

  2. Agenda 1. Insurance distribution in Europe 2. Distribution at Ageas group 3. Ageas Belgium 4. Ageas UK 5. Ageas Malaysia 6. Conclusions Insurance Strategy Europe 2012 | 22 March 2012

  3. European insurers use a wide range of methods to sell insurance products. • The importance of each distribution channel varies per country, caused by different factors • There is also a clear difference between Life and Non-life insurance Insurance Strategy Europe 2012 | 22 March 2012

  4. indicates Ageas presence In Europe, the bancassurance channel is dominant in life … Source: CEA statistics Insurance Strategy Europe 2012 | 22 March 2012

  5. indicates Ageas presence … while brokers and agents are dominating non-life Source: CEA statistics Insurance Strategy Europe 2012 | 22 March 2012

  6. Each channel has specific strengths High Low Broker Bank Internet Agents Affinity • Service / advice driven • Product complexity • Price sensitivity • Speed • Brand importance • Insurer controls branding / message Agents Affinity Bank Internet Broker Internet Bank Agents Affinity Broker Internet Bank Agents Affinity Broker Internet Affinity Agents Bank Broker Internet Agents Bank Affinity Broker Insurance Strategy Europe 2012 | 22 March 2012

  7. Control is shifting to the customer Traditionally, the insurer has been in control of the value chain…. Customer Intermediary Insurer Reinsurer … where insurers dictated everything and the customer is not in the driving seat …and now the value chain is reversing to leave the customer in control Customer Intermediary Insurer Reinsurer Customers are now more informed and demanding so that insurers and intermediaries have to be more responsive to the needs and norms demanded by the customer Insurance Strategy Europe 2012 | 22 March 2012

  8. Drivers of change in the distribution mix • Decreasing fiscal stimuli and increased transparency • Banks’ focus on liquidity • Internet and social media low-cost alternatives for standard products • Success of aggregators in UK could spread to other markets • Regulation and technology cause a consolidation among brokers • Opportunities for affinities with strong brands Insurance Strategy Europe 2012 | 22 March 2012

  9. A multi-channel strategy is needed to service today’s customer • Customer loyalty is low • Customers are better informed • Customers are more demanding • Customers use a greater variety of channels for different purposes • Technology supports changing attitude • ‘Hybrid’ customers Insurers must deploy a multichannel strategy to serve their customers at the time, at the place and through the channel that the customers prefers Source: Accenture Multi-channel Survey 2010 Insurance Strategy Europe 2012 | 22 March 2012

  10. Agenda 1. Insurance distribution in Europe 2. Distribution at Ageas group 3. Ageas Belgium 4. Ageas UK 5. Ageas Malaysia 6. Conclusions Insurance Strategy Europe 2012 | 22 March 2012

  11. Ageas is active in Europe and Asia, where it co-operates with many different distribution partners China Belgium Belgium United Kingdom UK Luxembourg France Malaysia Turkey Portugal Italy Malaysia India Italy Thailand Insurance Strategy Europe 2012 | 22 March 2012

  12. A broad based distribution capacity at group level … Other 13% Affinity 1% Agents 12% Brokers 19% Bancassurance 55% As % of GWP 2010, Including non-consolidated joint ventures at 100% Insurance Strategy Europe 2012 | 22 March 2012

  13. … but also within the different segments Belgium Continental Europe (20%) Employee Benefits (8%) Partners (8%) Agents (34%) Brokers (32%) Broker (48%) Bank (50%) Direct Asia • Portugal: bank (Millenium BCP) • Italy: bank (Ubibanca) • Luxembourg: bank (BGL), brokers, employee benefits • France: brokers • Turkey: bank (Akbank), agents, brokers • Malaysia: bank (Maybank), agents, brokers, affinities • Thailand: bank (Kasikornbank), agents, brokers, affinities, direct marketing • China: bank (several Chinese banks), agents, brokers • Hong Kong: agents, IFA’s • India: bank (IDBI and Federal Bank), agents UK Insurance Strategy Europe 2012 | 22 March 2012

  14. Agenda 1. Insurance distribution in Europe 2. Distribution at Ageas group 3. Ageas Belgium 4. Ageas UK 5. Ageas Malaysia 6. Conclusions Insurance Strategy Europe 2012 | 22 March 2012

  15. Integrated multi-channel insurance company • Bancassurance: 1,000 branches of BNP Paribas Fortis Bank and Belgian Post bank branches • Assurfinance: 316 Fintro agents • Brokers: 3000 independent brokers • Pensions: Consultants, International Networks and B2B Insurance Strategy Europe 2012 | 22 March 2012

  16. Broad distribution reach Ageas in Belgium Rest of market Life Non-Life Total Insurance Strategy Europe 2012 | 22 March 2012

  17. Multi-Channel Strategy is reflected in the organisation model • Channel specific organisation with cross sharing of product development skills and support entities Broker Channel Employee Benefits & Health Care Channel Bank Channel Life Non-Life Life Non-Life Health Care Group Life Life product development Non-life product development Individual Health Care product development SUPPORT Business Operating Office (IT, Facility Management, Financial Relations, Central Purchase Office, BOO Support), CFO, Asset Management, HR, Risk & Compliance, Audit, Performance Management Insurance Strategy Europe 2012 | 22 March 2012

  18. Product Innovation – BelgiumThe award-winning* Modulis VIP Model synergy Banking clients Insurance relationships Other Insurers through Broker AG Insurance through Broker 130,000 BNP Paribas Fortis400,000 Other Banks Other Channels 800,000 800,000 Insurance Strategy Europe 2012 | 22 March 2012

  19. Agenda 1. Insurance distribution in Europe 2. Distribution at Ageas group 3. Ageas Belgium 4. Ageas UK 5. Ageas Malaysia 6. Conclusions Insurance Strategy Europe 2012 | 22 March 2012

  20. General Insurance distribution in the UKPersonal and Commercial lines have very different distribution mixes Source: ABI Insurance Strategy Europe 2012 | 22 March 2012

  21. Ageas UK distribution profile GWP £m Source: Ageas UK Insurance Strategy Europe 2012 | 22 March 2012

  22. Ageas has invested heavily in distribution and partnerships • Access to our products and services through whatever channel • Investment in distribution • Investment in partnerships Insurance Strategy Europe 2012 | 22 March 2012

  23. Agenda 1. Insurance distribution in Europe 2. Distribution at Ageas group 3. Ageas Belgium 4. Ageas UK 5. Ageas Malaysia 6. Conclusions Insurance Strategy Europe 2012 | 22 March 2012

  24. Etiqa • Etiqa launched in November 2007 • Owned by Maybank (69.05%) and Ageas (30.95%) • All types of Life and General insurance and Takaful plans • Multi-distribution: Bancassurance, Agents, Brokers and Direct Distribution • One of the pioneers for direct sales through internet: Online Motor Takaful Insurance Strategy Europe 2012 | 22 March 2012

  25. Etiqa – multi product, multi-distribution Channel Mix 2011 Product Mix 2011 Insurance Strategy Europe 2012 | 22 March 2012

  26. Complete Product Offerings at all Life Stages BANCASSURANCE CALL CENTRE AGENCY Married Young & Single Young & Single Product diversification Married with Young Children Retired Married with Grown-up Children BRANCHES ALTERNATIVE DISTRIBUTIONS ENTERPRISE – Employees' Benefits Insurance Strategy Europe 2012 | 22 March 2012

  27. Etiqa is a frontrunner in using new media MotorTakaful.com • Newly launched campaign, themed “Celebrating Malaysian Drivers”, is a fun and casual approach in engaging the customers • 10% off over and above normal No Claims Discount when purchasing online • Access to free, 24 hour Auto Assist program • Can check motor claim status online Etiqa Fan Page • The award winning, Etiqa Fan Page on Facebook is informative with the latest news and update on the events and promotions • Alternative channel for the customers to get in touch with Etiqa and brings Etiqa closer to people’s heart Etiqa Oneline • Fast, easy and simple with just one phone • Open weekdays and Saturdays • Access to information regarding Etiqa's products and services such as making changes to their policies or certificates Insurance Strategy Europe 2012 | 22 March 2012

  28. Agenda 1. Insurance distribution in Europe 2. Distribution at Ageas group 3. Ageas Belgium 4. Ageas UK 5. Ageas Malaysia 6. Conclusions Insurance Strategy Europe 2012 | 22 March 2012

  29. Conclusions • The distribution landscape is changing due to technologic, regulatory, demographic and economic changes • Customers become more demanding and less loyal • Insurers must deploy a multichannel strategy to service their customers at the time, at the place and through channel that the customers chooses • Over time, these channels will be increasingly integrated to service the volatile, informed customer of the future • At Ageas, we are actively working on a multi-distribution strategy, tailored to the markets we are active in • This requires time, resources and capital, but it is necessary to survive in these testing times Insurance Strategy Europe 2012 | 22 March 2012

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