Bancassurance Surges Ahead, Puts Policyholders First: Incredible Growth with Industry Know-how!

In the first quarter report from Groupe Crédit Agricole ,? the insurance activity reached a record level with a total premium income of €11.7 billion at the end of March, up +4.3% compared to March 2022 (+7% at constant scope, excluding La Médicale).?

“This quarter is worth noting the incredible momentum of crop insurance revenues (+75% Q1/Q1) and success in new home insurance offers for young renters (+30% Q1/Q1 in new businesses on targeted clients). The combined ratio stood at 97.0%, improving -0.7 percentage points year-on-year due to the lower claims in the first quarter.”

In the annual report in 2022, Bharat Masrani - Group President and Chief Executive Officer of TD Bank Group- announced: " TD Insurance introduced new products, increased the number of TD Auto Centres, and solidified its leadership as Canada's largest direct-to-consumer home and auto insurer." TD Bank offers protection, financial relief, and consumer support on many different levels. When Hurricane Fiona wreaked havoc on communities throughout Atlantic Canada, TD Insurance sprang into action. They swiftly deployed their TD Insurance Mobile Response unit to the hardest hit areas, providing immediate assistance and support. In addition, they went above and beyond by transforming their branches into first-response centers, ensuring that affected individuals and communities had access to the necessary aid and resources during this challenging time.

The amount of work to offer the right coverage to the right potential policyholder at the right time is much easier said than done. Bancassurance has successfully expanded its offerings beyond financial products to include a diverse range of personal line insurance products. "However, meeting the demands of this shift and effectively supporting bank advisors in becoming insurance experts requires efficient use of insurance-specialized technologies" -said Louis Lairie , Zelros' bancassurance expert. These tech solutions enhance customer experience and enable accurate ROI measurement for tech stacks and new business ventures. So, which technologies can help drive this growth, and what ROI metrics to use to ensure the right direction and sustainable development?

In 2020, the global insurance industry spent approximately $194 billion on IT. And Gartner forecasts that globally, long-term IT spending in insurance will grow at a CAGR of 6.4% to $271 billion in 2025, driven by IT services and software growing at a CAGR of 7.9% and 11.2%, respectively. That's promising for the industry, at the same time that it demands ongoing rigorous assessments of the value of every IT solution. Cloud, AI, Low-code/ No-code, Data Visualization, IoT, Embedded, you name it; Data and IT leaders are overwhelmed with new technologies and capabilities. But these leaders don't want to add yet another technology to their already complex data and IT landscape. This is precisely where the value of insurance-specialized, off-the-shelf solutions comes into play: platform capabilities that already do the heavy lifting and can accelerate the ROI of insurers' existing assets.

As outlined in the latest 英伟达 report on the state of AI in financial services, #ai applications are creating significant value in improving customer experiences and operational efficiency. In the face of current macroeconomic challenges, it has become crucial for insurance companies to measure the return on investment (ROI) of these innovative technologies.?Read more about how Zelros delivers an ROI of over 10 times.?

There are many exciting developments on the horizon. It's remarkable how #bancassurance is leveraging data to enhance its services and take proactive actions that align with the needs and preferences of policyholders. What are your thoughts?