Nexum Bank Assurance Solution
9
Nexum Bank Assurance Solution Mihails Galuška Nexum Insurance Technologies [email protected] +371 29137360
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Integration of bank and insurance products is a proven win-win area of cooperation between banks and insurance company. Insurer likes to be connected to the huge customer base of the bank and deliver the insurance products through the established solid sales channel . On the other hand Bancassurance for the bank is more than just a mean to mitigate the risk – it is a new profitable business line. Nexum Consulting ensures profitability of the bundled product for both the bank and insurance company by eliminating the efforts required to support policy sales and renewals. Nexum Banks Assurance Solution brings cooperation between banks and insurance companies up to a new level. By connecting insurers with the substantial customer bases that are owned by the banking community, a substantial and unique sales channel is leveraged to mutual benefit, offering both parties measurable increases in income, improved cash flow, lower credit risk and enhanced customer service. Nexum BAS empowers banks and insurers to integrate their services and fully enable the sales channel for core bank assurance products such as CASCO, MTPL, property and travel plans. All aspects of this channel are controlled by Nexum BAS, from targeting customers to identifying the correct point of sale, processing sales administration, gathering premiums, apportioning commissions and processing reminders and notifications for the customer. Nexum Banks Assurance Solution covers all aspects of Bank Assurance sales channel like: Bringing new and existing customers to the channel Core Bank Assurance products like CASCO, MTPL, Property, Travel Process of managing bank commissions and cash flow coming-in for premium payments Sales through both internet banking and credit managers Reminders and notifications
Transcript of Nexum Bank Assurance Solution
Nexum Bank Assurance Solution
Mihails GaluškaNexum Insurance Technologies
[email protected]+371 29137360
Bancassurance
Insurance Bank
Customers
%
Business case
% % % % % %
Commission revenue
Cost of sale
CASCO Property
Sales & Product administration channels
Bank
Customers
Loan administration
Insurance administration
Nexum Bank Assurance Solution
Internet bank
Combined product > single payment
Internet bank > Self service
Nexum BASCompetitive advantages
x Customer focusedBundled products: loan + insurancereminders and notificationseasy payment procedureexisting communication channel – Internet
Bank
x Automatedcash flow administrationrenewal reminderspolicy quotationspolicy issue
x Multiple optionsconnection to multiple insurers
Nexum BASbenefits for bank
x Increased commission revenuex Combined loan and insurance paymentx Upsell other bank and insurance products
x Earn more from existing customer basex Monthly interest rates from all insurance paymentsx Loans have insurance coveragex No fraud from “internal brokers”x Improved customer service – single payment
Nexum BAS Architecture
Existing banking modulesNexum Bank Assurance Solution External insurance partsCustomer involvement
Existing banking modulesNexum Bank Assurance Solution External insurance partsCustomer involvement
Nexum BAS connectors
x Internet bank integrationsx Authorizationx Web interface to Nexum BAS
x Web sales x List of policiesx Reminder settings
x Reminder delivery
x Transaction systemsx Start payment
processing
x Policy operations x Policy quotationx Policy issuex Payment information
x Loan system integrationx Policy info
Reporting Services
Nexum BAS
Bank CRM
Internet Bank
Notification Services
Customer manager
CustomerInsurance System
BankTransaction
& LoanSystem
