2010 Australia Bancassurance Study<\/em>, bancassurance in Australia is well-entrenched, but is subject to what the study refers to as\u00a0\u00a0‘significant growth challenges.’<\/p>\nThe study also identifies a gap in the availability and effectiveness of client data mining technology which, when combined with the lack of sales training, have an impact on prospecting\u00a0of sales leads and the actual selling of life insurance business.<\/p>\n
“Bank customers are still less aware than expected that they can buy life insurance through their banks.”<\/h6>\n
According to the study’s authors, specialist bancassurance consulting firm, CF Effron,\u00a0the impact on bank customers of this gap in\u00a0training and technology translates into a\u00a0lack of awareness:\u00a0\u00a0“Bank customers are still less aware than expected that they can buy life insurance through their banks.”<\/p>\n
The study found several ‘problematic’ issues it says exist between Australian banks and life companies across a broad range of elements, including: sales and marketing, product and process design, administration and operations,\u00a0risk and profitability.\u00a0 Carmen Effron<\/strong>, President of C F Effron commented that the major points of concern exist in relation to:<\/p>\n\n- Effective marketing and sales strategies<\/li>\n
- Optimising existing technology solutions<\/li>\n
- Building existing bank customer awareness to increase life insurance sales<\/li>\n<\/ul>\n
RGA Australia’s Vice President for Business Development, Andr\u00e9 Dreyer<\/strong>, said “We hope this study, and others like it, will contribute to a better understanding of how best to bridge current cultural and perceptual gaps that still divide banks and life insurers, so that bancassurance can continue to grow.”<\/p>\n","protected":false},"excerpt":{"rendered":"Gaps in the availability and effectiveness of bank salesperson training is contributing to reduced levels of life insurance business being written\u00a0through Australia’s major banks, says a recent study.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-7329","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-general"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=7329"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7329\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=7329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=7329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=7329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}