Bank Solutions Group

Bank Insurance Sample Project

Bank Insurance Product Sales Improvement Plan

BSG consultants were brought in by a large Latin American bank to fix its underperforming bank assurance business.

The bank had entered into a joint venture with an international insurance company to create an insurance subsidiary.  Management was concerned that sales of insurance products to its customer base lagged expectations, impacting the bank’s fee income as well as the profitability of the insurance subsidiary.  Moreover, the subsidiary’s poor performance was beginning to put a strain on the relationship between the bank and its insurance company partner.

BSG consultants conducted a detailed assessment of the market opportunity and benchmarked the bank’s insurance products and pricing against its competitors.  In addition, BSG consultants reviewed the bank’s insurance product sales process against industry best practices.

BSG prepared a report for management with the results and conclusions from the assessment, which revolved around three fundamental issues;

• The bank’s products, which were all provided by the partner insurance company were not as attractive as the products offered by competitors some of whom offered “best in market” products from multiple providers.
• Branch sales incentives were not sufficient to motivate branch sales staff, and
• The bank’s marketing plan did not take advantage of the opportunity to cross-sell insurance products and did not target high-potential segments.
• BSG consultants developed a tactical improvement plan to address the issues that were identified to improve sales productivity.

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Establish Program to Offer Insurance Products

A mid-western community bank engaged BSG consultants to assist them in introducing a comprehensive insurance sales program.

BSG consultants helped define the product line, led the vendor selection process and contract negotiations, and developed the business plan, sales strategy, and fulfillment process.  BSG consultants also worked with the bank’s marketing staff and selected vendors to create appropriate product packages and marketing programs.