China Bancassurance in China English Dec 2009

8/2/2019 China Bancassurance in China English Dec 2009

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December 2009

Reaching the Next Level

Bancassurance in China

Chris Kaye (BCG), Frankie Leung (BCG), Holger Michaelis (BCG),

Chee Kok Poh (Swiss Re), Eric Schuh (Swiss Re), and Robert Wiest (Swiss Re)


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Contents

Preace 1

ExecutiveSummary 2

ABrieIntroductiontoChinasInsuranceMarket 3

Overview 3

Bancassurance in ChinaA Story o Explosive Growth 4

TheNextWaveoGrowth 5The Many-to-Many Model: An Imbalance o Power 5

The Need or Product and Service Innovation 6

The Way Forward: Integration and Exclusivity 7

Regulatory Reorm: A Transition Already Underway 8

SuccessulPathwaystoaWinningBancassuranceModel 9

The Opportunity 9

A Win-Win Approach 9

Diferent Models Work or Diferent Players 10

The 10 Building Blocks o a Successul Bancassurance Model 12

ACalltoAction 15

DECEMBER 2009THE BOSTON CONSULTING GROUP Swiss Re


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Preface

Chinasbancassurancemarketisgrowingatbreathtakingspeed.Atthesametime,itappearstobelockedin

aparadox.BanksarealreadythedominantsaleschannelorlieinsuranceinChina,andarepropellingthe

countrysrapidgrowthinpremiumvolume.However,thebreadthandsophisticationocurrentlyavailable

productsaswelltheoverallqualityocustomerservicelagarbehindbancassuranceactivitiesinmany

othercountries.Theresultisarapidlydeveloping,yetunusually underdevelopedmarket.

Severalactorshavecontributedtothepresentsituation.First,banksobviouslyhaveconsiderablemarketing

powerintheinancialservicesarena.Theyalsoarepermittedtosellmultiplebrandsoinsurancealthoughtheyarenotyetallowedtoowninsurersoutright.Theresultingmodelisoneinwhichbanksoen

sellrelativelyunsophisticatedsavings-typeproductsoeringsthatcarryavarietyobrandnamesinan

untargetedway.Wecallthisstructuremany-to-many.

Why,then,dontinsurersdevelopbetter-tailoredproductsandserviceorthebankchannel?First,thereis

littleincentiveorinsurerstotrainbankingstasinproductdetailandadvancedsalestechniqueswhen

thisexpertisewillbeused,atleastinpart,toselltheircompetitorsproducts.Inaddition,insurersalready

paygenerouscommissionstobanksorshelspace,hurtingtheirownprotabilityandabilitytoinvestin

innovation.

Thereis,however,agrowingrecognitionthatthepresentmarketstructureisnotsustainable.Indeed,

Chineseregulatorsarealreadyworkingonbancassurancereorminordertopromotebetterintegrationo

banksandinsurers.WebelievethatthisinitiativewillpushChinasmarketinthedirectionomoremature

bancassurancemarkets.Morespeciically,wearelikelytoseea periodoheavyinvestmentin product

development,marketing,customerservice,andplatormsynergy.Theinsurersandbanksthatareleading

thispushwillbeinapositiontobuildsignicantcompetitiveadvantageinthemarket.Theprerequisiteor

success,however,will betheormingoexclusivepartnershipsovariousnaturessothatinvestments

ocapitalandknow-howcanbeprotectedandgeneratepositiveresults.

Banksandinsurersalikewillneedtothinkthroughthedierentoptionsavailabletothemtakingtheir

speciccapitalresourcesanddistributionnetworksintoaccountandadoptastrategythatisalignedwith

theirlong-termaspirations.Bettingontherightstrategicoptionnowandensuringbest-in-classexecution

canresultinextraordinarybenets.

Reaching the Next Level

Bancassurance in China

DECEMBER 2009 THE BOSTON CONSULTING GROUP Swiss Re


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Bancassurance in China2

Executive Summary

BancassurancehasalreadyemergedasChinasbiggestplatormorlieinsurancesales,yetitcurrently

operatesonamany-to-manydistributionmodel.Thismodelhasbeenacilitatedbyregulationsthat

allowbankstoselltheproductsomultipleinsurerssidebyside.

Inthelongrun,themany-to-manymodelisnotsustainable.Simpleanalysisooperatingprotssuggests

thatbancassurancedoesnotcreatesignicantvalueorinsurersinChinatoday.Ingivingbanksmore

leverageovertheinsurerswhoseproductstheysell,themany-to-manymodelailstoincentivizeproduct,

marketing,orserviceinnovationamonginsurers.Bankshavelittlemotivationtochangethis system

becauseitprovidesthemwithhandsomecommissions.

Thelackoproductdiversityandsalesknow-howresultingromthecurrentsystemisstartingtoimpact

demandorinsuranceproductssoldthroughbanks.Withoverallpenetrationstilllow,however,bothlie

andnon-lieinsurancepremiumsinChinashouldcontinuetogrowannuallybydoubledigits,supported

bybroadermacrotrends.Still,althoughthesizeandwealthotherelevantbuyergroupwillcontinuetomushroom,thegrowthobancassurerswillbeweakeneditheyareunabletotakealargershareo

walletromincreasinglysophisticatedanddemandingcustomers.Otherinsurancedistributors,suchas

agentsandbrokers,mightwinbackmarketsharesoncelosttobanks.

Inorderto remaincompetitive,bancassurerswillhavetowidenandupgradetheirproductlinesand

improvetheircustomerservicemodelsinessence,givingcustomersmoreandbetterproductsinamore

targeted,service-orientedwayinordertocreatebrandloyalty.Thiswillrequiresubstantialinvestment.

Banksandinsurerswillalsohavetoorgemoreexclusiveandbetterintegratedpartnershipsinorder

tojustiytheseinvestments.Thereareourbancassurancepartnershipmodelsthat,dependingoneach

partysneeds,haveproventobesuccessul:exclusivedistributionpartnership;jointventure;nancialholdingcompany;andintegratedlineobusiness(whichtakesanorganizationalratherthanlegal-entity

pointoview).

Sharpexecutionothesepartnershipswhosescopecanvaryromregionaltonationalandromsingle-

tomulti-productiscritical.Inparticular,partnerswillneedtoocusoninitiativesthatormthe10

buildingblocksoasuccessulbancassurancemodel:developproductsjointly;streamlineproducts;

adoptageneralistsalesmodel;createmeaningulsalestargetsandincentives;bundleproductsorlie

events;trainrigorously;upgradeITsystems;deneorganizationalroles;bolstercustomerserviceand

post-salesupport;andensurecapitalandriskmanagement.

Insum,webelievethatthemarket-sharelandgrabchapteroChinasbancassurancesagaisnearing

anend.Winningintheemergingcompetitivephasewillrequirequantumimprovementsinproduct

innovationandintheintegrationomarketinganddistribution.Allothesegoalscanbeachievedonly

throughtheintroductionomore,deeper,more-exclusive,longer-termpartnershipsbetweenbanksand

insurers.



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Bancassurance in China 3

A Brief Introduction to Chinas Insurance Market

Overview

Chinasinsuranceindustryisstillyounganditisbooming.Thecountrys$108.7billioninli einsurancepremiumsin2008representednearlyatwelve-oldincreaseoverthe1998level. 1In2010,lieinsurance

premiumsinChinacouldwellexceed$150billion,leavingGermany,currentlyrankedi thworldwide

intermsoliepremiums,arbehind.Chinasnon-liesectorisalsopoisedorstronggrowth.Non-lie

premiums,orthersttime,exceeded$30billionin2008.

Inpercentageterms,Chinasinsuranceindustryhasexpandedrapidlyoverthepastdecade,withlie

premiumsgrowingatabout28percentannuallyandnon-liepremiumsincreasingatroughly20percent

annually.Comparedwithotherglobalmarkets,however,penetrationasa percentageoGDPremains

relativelylow.Forinstance,inAsia,theinsurancemarketsinMalaysia,Thailand,HongKongandTaiwan

allhavehigherpenetrationrates.(SeeExhibit1.)Thisunderscoresthegrowthpotentialthatthehighly

populousChinesemarketholds.

Thispotentialissupportedbyextremelyattractiveundamentals.Onthedemandside,overallwealthin

Chinaisincreasing.Household-savingsrates,ataround35percentoincome,areimpressivelyhigh.Retail

deposits,around$3.3trillionattheendo2008,representroughlyseventimesthetotalassetsoChinese

insurersand20timesthoseinsurersbankdeposits.Inaddition,theChinesepopulationisageingand

investmentoptionsinthecountryarestilllimited.

Exhibit 1. Chinas Insurance Market Still Offers Tremendous Growth Potential

Vietnam

PhilippinesIndonesia

Japan

China

Taiwan

S.KoreaHK

Singapore Australia

New ZealandIndiaMalaysia

Thailand

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Totalpenetratio

n(inpercentageofGDP)

Developingmarkets

Markets withrelatively lowpenetration

Mature markets

1,0000 4,000 5,0001,500500 4500

GDP 2008 (in USD billion)

1.AllcurrencyreerenceshavebeenconvertedtoUSData$1=RMB6.85exchangerate.



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Meanwhile,supplyisexpandingast,causingrapidprolierationonewsaleschannelsandaratcheting

upomarketingeorts.Atthesametime,regulatorshavestartedtoconsidernancialintegrationmore

seriously;orexample,bankshaverecentlybeenallowedtobuystakesininsurancecompanies.

Bancassurance in ChinaA Story o Explosive Growth

Thepracticeosellinginsurancethroughbanksknownasbancassurancehasgrownataparticularly

briskpaceinChinainrecentyears.In2002,bancassurancepremiumsamountedtojust$730million.But

atera2003insuranceregulationstipulatedthatbankswerenolongerlimitedtorepresentingjustone

insurancerm,premiumsstartedtoexplode,reaching$11billionin2004.In2008,Chinesebancassurers

sold$52billioninliepremiums,about48percentototalliepremiumsinthecountry.Today,banksand

insurersarestartingtodevelopar-reachingstrategicmovesinthissector.

InacountryasvastanddiverseasChina,itishardlysurprisingthatbancassurancehastakenholdso

quickly.Banks,withtensothousandsobranches,provideconvenientsalesplatormsthatreachintoevery

corneroeveryprovince.Throughthesebranches,insurerscanleveragethebrandreputationsobanksto

gainootholdsinnewmarkets.Also,bycooperatingwithbanks,insurersgainaccesstoavastcustomerbase

withstrongpotentialinterestininsuranceproductsespeciallythosedesignedtoreplacebankdeposits.In

addition,settingupbancassuranceasadistributionchannelisinitiallyrelativelyinexpensiveorinsurers,

especiallywhencomparedtothecostsobuildingupandmaintainingtheirownagencies.

Thecurrentsystemalsoallowsbankstobroadentheiroverallproductoering,strengthencustomer

loyalty,andaddmoreeestotheirotherwiseinterest-rate-dominatedrevenuemix.Indeed,bancassurance

generatedaround$1.5billionincommissionincomeorChinesebanksin2008.

WhenitcomestothecurrentbancassurancelandscapeinChina,theinsurersidehasairlyhighmarket

concentration.ThetoptwolieplayersinthisarenaChinaLieandNewChinaLieheldabout50

percentothemarketin2008.Thesegiants,alongwithiveotherinstitutions,accountedornearly90percentothemarketin2008.(SeeExhibit2.)

Thisisnottoimplythatthebancassurancemodelisnotprevalentamongsmallerindustryplayersaswell.

Inact,mostsmallandmedium-sizedinsurancecompaniesrelyheavilyonbankchannelsandonsavings-

typeproducts.Consequently,in theirsthalo2009,bancassurancesalesstillaccountedornearly40

percentototalpremiumsinChinadespiteageneraltrendtowardewersavings-typeproducts(resulting

romtheglobaldownturnoinvestmentmarkets).

Inact,virtuallyeveryChinesebankhasbeensellinginsuranceproductsoncommissionoratleastseveral

years,somestartingasearlyas2000.Theregulatorychangein2003thatenabledbankstorepresent

multipleinsurersallowedthemany-to-manymodeltoarise,andtheresulthasbeenajumbleoproductsandbrandsbeingoeredinbankoutlets.Forinstance,theproductsothetoptwoinsurersaresoldby

nineothetoptenChinesebanks.Ontheipside,thetwolargestlendersbothselltheproductso12o

thetop15insurersinChina,includingthoseoallothetopsixproviders.

Tourthercomplicatethepicture,themixoinsurancebrandsoeredatanyonebanktendstodierrom

provincetoprovince.Negotiationsoverwhichbrandstocarryoenoccuratthebranchlevel,leadingto

potentiallyinefcientandinsomecasesdiceybusinesspracticeswhensecuringdistributiondeals.

Ultimately,althoughthemany-to-manyarrangementhaspavedthewayormomentousgrowthinthepast

ewyears,ithasalsobroughttheChinesebancassurancemarkettoitscurrentimpasse.Simplyput,the




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Exhibit 2. Chinas Life Bancassurance Market Is Highly Concentrated

1415

3334

3839

140

0

50

100

150

Bn RMB

China Life New China

Life

Taikang Life CPIC Life PICC1 Ping An Life Taiping Life

Gross written premiums through banks 2008

Source: China Insurance Yearbook 2009.1PICC Life and PICC Health.

Marketshare(%)

39.5 10.9 10.6 9.6 9.3 4.2 3.8

necessaryinvestmentsbytruebancassurancepartnershipsintobetterproductsandservicethatwilllead

toprotable,sustainablegrowthintheuturearenotyetbeingmade.

The Next Wave of Growth

The Many-to-Many Model: An Imbalance o Power

Simpleanalysisooperatingprotssuggeststhatbancassurancedoesnotcreatesignicantvalueorinsurersin

Chinatoday,largelybecauseothemostlysimple,low-marginproductssoldthroughbanks.Also,insurerslack

bargainingpowervis--visbankswhich,inturn,benetdisproportionatelyromthesystem.

Indeed,withinsurerscompetingagainsteachotherondistributioncommissions,banksareabletoenjoy

arelativelylargesliceothepie.Notsurprisingly,whilebancassurancepremiumsrepresentanever-larger

shareototalpremiums,operating-protmarginsorinsurersmayactuallybealling.Insurershavehad

ewchoices,however,giventhesystem.Moreover,thosethathavenotestablishedawidemarketpresence

throughrelationshipswithdierentbanksmayhavemissedoutonthecurrentland-grabphaseomarket

development,whichisalreadywindingdown.

Theseimbalancedconditionsbetweeninsurersandbanksmayhavespurredtherapidexpansiono

theChinesebancassurancedistributionmodel,buttheyhavealsohinderedthedevelopmentomore




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sophisticatedbancassurancemodels.Ithisinequalityisnotatleastpartlybalanced,insurers,customers,

andnallybanksaswellwillincreasinglysuerromaviciouscycleosluggishproductdevelopmentand

weakinnovation.Otherdistributionchannelsmightridehigheronthenextgrowthwaveibancassurers

continuetomisscrucialopportunitiestomeettheirclientstrue,andevolvinginsuranceneeds.

The Need or Product and Service Innovation

Againstthisbackdrop,majoryetuntappedsourcesogrowthwillbethebroadeningoproductoerings,

theimprovementoinancialadvice,andthedevelopmentomore(andbetter)peripheralservices.

Moreover,thepotentialorgrowthandinnovationisobviouswhenviewingChinanexttomanyother

markets.Forexample,thebreadthobancassuranceproductsavailableinChinaisarnarrowerthanthat

inSpainwhichdespitebeingarlesspopulousisoneotheworldsmostrobustbancassurancemarkets.

(SeeExhibit3.)

MostproductssoldthroughChinasbancassuranceplatormsarebynaturesavingsproducts.Aew

standaloneprotectionproductsaresold,butvirtuallynohealthorpensioninsuranceisavailableviabanks.

Similarly,Chinesebancassurersdistributeveryewtypesonon-lieproducts.Thosethatareavailable

motor,property,andcreditorprotection,orexamplearesoldinminisculevolumes.Whatsmore,the

ocusisentirelyonindividuallines.Truthis,theproductrangeoeredintheChinesebancassurance

marketisstilldwaredbythewhitespace.

Thestoryontheservicessideissimilar.Sincethesamebankstasellmultipleinsurancebrands,insurers

havelittleincentivetotrainthemeitherinsalesmanshiporinpost-salecustomerservice.Bothelements,

Exhibit 3. The Chinese Bancassurance Market Is Far Less Evolved Than the

Spanish Market

Life (savings-oriented)

Agricultural

Loans unemployment

Fleet insurance

Individual pensions

Group life

Disability & long-term care

Critical illness

Mortgages (death & disability)

Credit

protection

insurance (CPI)

Non-Life

Life & Health

Product line

Household

Motor own damageMotor third party liability

Mortgage endowment

Private health

Personal accident

Life (protection-oriented)

Loans death

Simple covers (Term, PD)

ChinaSpainProduct

= Virtually unknown = Pioneer providers = More widely available = Standard oering




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however,areessentialorpromotingmore-sophisticatedproducts.Moreover,orbankstomeaningully

engageinpost-saleservice,theywouldhavetoreducethevarietyandchoiceobrandnamestheyoer,

potentiallyunderminingtheperceivedcompetitivenessotheirproductportolio.

Anecdotally,therateomis-sellingoproductsisairlyhighinChina.Forinstance,lieinsuranceplansare

oensoldasadd-onstolargerwealth-managementproductsthataredesignedbybanks.Customersoen

receiveminimalinstructionontheinsuranceproduct,andinmanycasesdonotevenunderstandwhatit

is.Thistrendhasgivenrisetocomplaintsaboutmis-soldproductsandpoorcustomerservice,leavingsome

customerssuspiciousobothbanksandinsurers.

Fortwoindustriesbasedontrust,thisisworryingto saytheleast.Yetthestatusquothatweseein

Chinasbancassurancemarketis,toalargedegree,sel-perpetuating.Justastheprolierationomore-

complex,targetedproductsisheldbackbybankingstaslackoproductunderstandinganduneven

customerservice,demandiscurbedbylimitedconsumerawarenessandlukewarmcondenceinthe

products.

Yethereliestheopportunity.Bancassurersthatpossessbothtargetedproductoeringsandaclear

wayoexplainingandmarketingthemwillbeable,inessence,toteachcustomerswhattheydonotyet

realizetheyneed.Orinmoreormalterms,rstmoversinproductinnovationandinthedevelopmento

comprehensivecustomer-supportserviceswillhaveanopportunitypossiblyagoldenopportunityto

inuencelong-termpurchasingbehaviorandcatalyzebrandloyaltyinarelativelynascentmarket.

Ultimately,bancassurersandbancassurancepartnershipsthatcanrepositionthemselvesinawaythat

allowsthembothtodierentiateandsignicantlyupgradetheirproductsandserviceswillcapturealarger

shareocustomerwalletandgetaheadstartonestablishingtruecompetitiveadvantageortheuture.

The Way Forward: Integration and ExclusivityImore-complex,sophisticatedproductsaretobesuccessul,theymustbereliabledeliveringto

customersexactlywhatispromised.Makingthemthiswaywillrequiremorerigorousproduct-development

processesaswellas higherdegreesointegrationandexclusivityinrelationshipsbetweeninsurersand

banks.Indeed,thecurrentlackoexclusivitygoesalongwaytowardexplainingtodaysstatusquo.

JustlookatEuropeanbancassurancemarketscomparedtotheChinesemarket.Europeishometoa

diversecastocooperativemodels,noneowhichresembleChinasmany-to-manymodel.Inact,many

Europeanmarketssawtheirpenetrationpeakaround2000,atwhichpointtheengineourthergrowth

hadtobecomemoretailored.Productoeringswerewidened,andexclusivepartnershipsbetweenbanks

andinsurerswereorged.Obviously,thishasnotyetbeenthecaseinChina.

Ocourse,exclusivepartnershipsaresustainableonlyitheybenetbothsides.Whilemanyinsurersin

Chinahavelearnedthatthebankplatormoersthemquickaccesstoalargecustomerbaseatreasonable

initialcost,Chinesebanksmustrealizearmorethantheyalreadyhavethatincreasingtheirshareo

walletandbuildingcustomerloyaltyalsodependsonthegrowthotheirtotalnancial-servicesoering.

Insurancewillremainaast-growingsectorinChinaseconomyoryearstocome.Butbancassurance

premiumswillgrowatacorrespondingpaceonlyipenetrationisnotheldbackbyaee-driven,sub-

parproductandserviceoering.IbancassuranceistothriveandreachitspromiseinChina,banksand

insurerswillhavetoachieveurtherintegration,orgingexclusivepartnershipsthataremutuallybenecial

andthatsteertheindustryawayromthecurrentmany-to-manymodel.




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Regulatory Reorm: A Transition Already Underway

AlthoughwhollyexclusivebancassurancepartnershipshavenotyetappearedinChina,theemergenceo

someintegratednancialgroupsrepresentsastepintherightdirection.Mostothisincipientcooperation

hascomeaboutthroughregulatoryreormcreatedbythetworelevantgovernmentbodiestheChinaInsuranceRegulatoryCommission(CIRC)andChinaBankingRegulatoryCommission(CBRC).

Ingeneral,bothagenciesa imtoosterhealthy,stablegrowthotheinsuranceandbanking sectors,as

wellasprotectconsumersromunairandunsavorybusinesspractices.Bydevelopingaregulatoryregime

thatpromotesgreaterintegrationandexclusivitybetweenbanks andinsurers,CIRCandCBRCwill

enablegreaterinvestmentinproductdevelopmentandservicequalitywhilesimultaneouslyallowingor

reasonableprotmargins.BancassuranceisalreadythebiggestchannelorinsurancesalesinChina,and

muchisridingonitsuturesuccessbothorindustryparticipantsandorconsumers.

Thusar,thepaceoreormhasbeengradual.SincetheChinesegovernmentrstofciallypermittedbanks

tooperateasmultipleinsuranceagentsin2003galvanizingthemany-to-manydistributionmodelithas

quicklyyetcautiouslyintroducednewpoliciesthatenabledeeperintegrationbetweenbanksandinsurers.

Oneothestandardapproachestointegrationis cross-shareholdings.In September2006,CIRCirst

permittedinsurancecompaniestoinvestinlocalcommercialbanks,settinginmotionawaveoactivity.

Then,inJanuary2008,adraregulationwascirculatedbyCBRCthatwouldgrantbankspermissionto

startinsurancebusinessesbyacquiringstakesininsurancecompanies.Thepracticaldetailsoexactly

howthiswouldworkremainedunclearatirst,butlaterinormationprovideddetailsaboutapilot

programinwhichourChinesebankswouldacquirestakesinexistinginsurancecompanies.Thepress

subsequentlyreportedonurtherdecisionsinvolvingCIRC,CBRC,andtheStateCouncil,aswellas

onseveralanticipateddealsinvolvingtheaorementionedpilotbanksaswellasotherplayers.Inlate

November2009,CBRCnallyissuedthelong-awaitedrulesgoverningcommercialbanksinvestmentsinto

insurers.Nonetheless,bankshavenotyetbeenallowedtoopentheirowninsurancebusinesses,althoughgovernmentsourcessaythatrelevantpoliciesareintheworks.

Incrementalregulatoryreormodistributionchannelsandproducttypesisunderwayaswellin2009.For

example,CIRChasaskedinsurerstocontrolvolumesandadjustthetypesoproductsoldthroughbanks.

Thisstipulationispartlytheresultosomeinstancesomisrepresentationounit-linkedproductsas

wellasothecomparativelylowembeddedvalueoproductscurrentlysoldthroughthebancassurance

channel.Inaddition,CIRCnowrequiresbankstosetupanaptnessassessmentsystemorcustomers

buyingunit-linkedinsuranceproducts.Suchproductsmustbesoldindesignatedareasinsideabanking

outlet,andhandledonlybyspecializedsalespeople.In aneorttoavoidmisinormationinproduct

promotions,anycross-sellingounit-linkedinsuranceproductsinbankswealthmanagementdivisionsis

nolongerallowed.

CIRCandindustrybodiessuchastheChinaInsuranceIndustryAssociationhavealsoputmoreemphasis

onriskmanagementrecently,andseemtobecommittedtoosteringhealthierbancassuranceeconomics

overall,partlyas areactionto iercepricecompetition.Backin 2006,theChinaInsuranceIndustry

Associationrstpioneeredthedevelopmentoasel-disciplineagreementorbancassurance,whichset

ceilingsoncommissionratespaidbyinsurerstobanks,bytypeoproduct.




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Successful Pathways to a Winning Bancassurance Model

The Opportunity

Amovetowardgreaterintegrationandexclusivityamongbanksandinsurersisinlinewithgoodbusinesspracticeaswellaswithregulatoryagendas.WebelievethatChinawillsoonundergoatransitionperiodin

whichmajorplayersmovestronglyinthisdirection,leavingbehindthecurrentlydominantmany-to-many

model.

Theexactshapethatpartnershipstakewilldependlargelyonthespecicplayersinvolved.Eachcompanys

expansionstrategy,organizationalstructure,riskappetite,andcapitalrequirementswilldeterminewhich

typeoarrangementisbest.TaketwoestablishedexamplesinHongKong.StandardCharteredhaselected

nottoownaninsurancecompanyoutright,insteadorgingastrategicpartnershipwithPrudential,theU.K.

insurer.TheaccordallowsStandardCharteredtoreceivepureeeandcommissionincomewithminimal

capitalinvestment.HSBC,ontheotherhand,createditsowninsuranceentityanda totallyintegrated

lineoinsuranceproducts,whichareexclusivetoHSBC.WhilethismodelprovidesHSBCwithadditional

revenuestreams,thebankhasalsohadtomakeasignicantlyhighercapitalcommitment.

Suchstructurescanalsoworkonaregionalscale,orocusonasingleproductorproductsubgroup.For

instance,anexclusivedistributionpartnershipcouldbeorgedsolelyorseveralbranchesorregionswithin

amuchlargernetworkororaspecicproducttypeonacountry-widebasis.Abankcouldalsointegrate

acustom-designedinsurancejointventureintoitssystems.Inessence,theintegrationoinsurance

businessesintoabankingsaleschanneloersupmyriadopportunitiesorpartnershipsthat canbe

tailoredtoeachplayersparticularstrategy.

A Win-Win Approach

Banks: What they stand to gainWhyshouldbanksalterasystemthatpaysthemsohandsomelyincommissions?Aswehavealluded

to,banksthatestablishexclusivepartnershipswithinsurerswillbebetterpositionedtokeepalarger

shareotheircustomerswalletsintheuture.Furthermore,webelievethatuturegrowthinChinas

bancassurancesectorwillnotcomeaseasilyasithasinthepast,andthatcontinuedsuccesswillrequire

moreinnovation.Banks,byprovidingbetterservicetotheircustomersandoeringmoretargeted

insuranceproducts,candramaticallyincreasecross-sellingpotentialandeerevenues,earningattractive

marginsromawholenewrangeoproducts.Inaddition,withoverallpenetrationoinsuranceproductsin

Chinastillatarelativelylowlevel,thereissignicantroomorbankstoparticipateinhighervalue-added

partsotheinsurancevaluechainwithoutdirectlycompetingwithincumbents.

Someinternationalinsurershavetheexperienceandcapabilitiesromseveralmarketstomakeanintegrated,exclusivebancassurancemodelwork,particularlywithrespecttosetup,productdesign,go-to-

marketapproach,operations,backofceandPOSsystems,and,ocourse,capitalandriskmanagement.

Thisisaso-arwidelyuntappedsourceovalueorChinasbanks.

Insurers: What they stand to gain

Forinsurers,buildingmore-exclusive,better-integratedrelationshipswithbanksrepresentsarmore

thanjustachancetocapitalizeurtheronChinasstronggrowthinbancassurancepremiums.Thereal

opportunityistosolidiybrandreputationandcustomerloyaltyatatimewhenmostconsumersarestill

uncommitted,overallinsurancepenetrationisstillshallow,andcompetitoroeringsarestill limited.But




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successwillrequiresubstantialinvestmentbothincapitalandhumanresources.Insurersmustthereore

gainalargersliceothepiethanthecurrentsystemaordsthem.

Aswehavementioned,bankbranchnetworkscanprovideveryattractivemarketaccesstoinsurers.This

isespeciallytrueinprovinceswhereinsurancepenetrationislowrelativetothebankinginrastructure.

Foreignplayers,especially,tendtolagbehindlocalplayersbothintermsosalesnetworksandlicense

coverage.Someoreignplayershavesueredmarketsharelossesduringtherecentrapidexpansionin

banassurancechannelsgrowththathasdisproportionatelybeneitedlocalplayersgiventheirlarger

geographiccoverage.Joiningorceswithalocalbankmayalsohelpinsurersspeedupthelicensingprocess

innewareas.

Diferent Models Work or Diferent Players

Ocourse,banksandinsurersmustchoosethemodelsthatmakethemostsensegiventheirspeciic

resourcesandstrategicobjectives.Wehaveobservedourdierentmodelswhich,dependingontheexact

context,haveproventobesuccessulacrossmarkets:

exclusivedistributionpartnership

jointventure

nancialholdingcompany

integratedlineobusiness

Exclusive distribution partnership. Inthismodel,thebankandinsurancecompanyagreetototal

exclusivity,eitherinonedirectionorboth.Thistypeoagreementallowsbothcompaniestobroadenthespectrumotheiroeringsandleverageeachothersbrandreputationsandexpertiseinproduct

developmentandsales.Itrequiresonlyasmuchinitialinvestmentinsetupcostsorsalesoutlets,IT,

training,etc.asthepartnersneedinordertolaunchtheireortsatthesametime.

Thistypeopartnershipcanbereinorcedbyacross-shareholdingstructure.However,sincethe

bankearnsonlyadistributionmargin,insurersmustoerbanksincentivesto sellaproductthat

willcomplementorpotentiallyevencompetewithotherbankingproducts.Thismodelisideal

orbanksthatoptoralowcapitalcommitmentintheirinsuranceoering,sincerelativelysmall

initialinvestmentsarerequired.Awidevarietyopilotprogramsarepossibleunderthistypeo

arrangement.

Ultimately,anexclusivedistributionpartnershipostersgreaterocusandcooperationbetweenthebank

andtheinsurer,andenablesamoreproessionalizedandeectivesalesorce.Theaccordallowsinsurers

toreachbanksexistingcustomerbasesaswellas ullyleveragebankingsaleschannelsgoingorward.

Inturn,thebankcanutilizetheinsurersexpertiseinproductdevelopmentandsalesstrategy.Also,the

arrangementcanbelaunchedwitharelativelyshortramp-upperiodsincelimitedoperationalintegration

isnecessary.Whatsmore,thepartnershipcanbeusedasaviablelong-termstrategyithecontractlength

issufcientandithemutualcommitmentdeepens.

Inpractice,exclusivedistributionpartnershipsworkbestwhenbanksandinsurerscoordinatetheirsales

approach.Thereerralprocesscanbetailoredtosuitcapacityandneeds,andcanincludesolutionssuchas




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specializedcallcenters.Ingeneral,nancial-servicesmanagersromtheinsurancesidecollaboratewith

bankbranchagentstoexplaininsuranceproductstocustomersalongsidebankproducts.

PrudentialsexclusivepartnershipwithStandardCharteredinHongKongisagoodexample.Underthe

arrangement,whichhasbeeninplaceormorethanadecade,PrudentialassignsmanagerstoStandard

Charteredsbranches.Thesemanagersoerinsuranceandinancial-planningadvicetocustomers,as

wellasprovidetrainingto thebanksstaonhowtosellPrudentialsproducts.Themodelhasbeenso

successulthatthepartnershiphasbeenexpandedtomanyotherAsianmarkets.

Joint venture.Toormajointventure,abankandaninsurersetupaseparatelegalentitytoleverage

themanuacturingcapabilitiesotheinsurerandthedistributioncapabilitiesothebank.This typeo

accordtypicallyrequiresalongerinvestmenthorizonthanexclusivepartnerships,andallowsthetwo

partiestosharecapitalcommitmentsometimesallowingonepartytotakeullcontrolintheuture.The

establishmentoarevenuedistributionmechanismthroughsharepercentagecangivebanksadegreeo

exibilityinadjustingcommissionees.

Onesuccessulexampleothejoint-venturemodelinAsiaisCIMBAviva,orgedbyAvivaandCIMBBank,

thesecond-largestnancialservicesproviderinMalaysia.Akeyelementosuccessorthisventureisthat

Avivasharesitsinsuranceexpertisebytranserringhighly-experiencedseniorexecutivestothenewentity,

whileCIMBoersitslargebranchnetworkorexclusivebancassurancedistribution.

Financial holding company.Thenancialholdingcompany(FHC)modelinvolvesasinglelegalentity

withseparateinsuranceandbankingsubsidiaries,whichmayormaynotbewhollyowned.Thisstructure

allowsthebalancingodierentinancial-servicesbusinesslines,withsynergies,risksharing,and

capitalmanagementattheholdingcompanylevel.Themodeloersapowerulresponsetoheightened

marketcompetition,allowingrapidexpansionthroughaggressiveM&Aandtheexibilitytoinvestinor

divestbusinesses.Exclusiveandintegratedpartnershipsbetweengroupcompaniesarerelativelyeasytoestablishandcustomize.Whenexecutedwell,thenancialholdingcompanymodelcankeepproductivity

particularlyhigh.

InTaiwan,mostmajornancialinstitutionsareorganizedassubsidiariesunderanFHC.Aprimeexample

isFubonFHC,whichholdsTaipeiFubonBank,FubonInsurance,andFubonLie.Byseparatingits

companies,FubonFHCisabletoleveragesynergiesviathebancassurancemodelwhilestillmaintaining

independentoperationoeachunit.Thisisanorganizationaleaturethat,inChinascurrentregulatory

environment,wouldrepresentasignicantadvantage.

Integrated line o business. Inthismodelbasedoninternalorganizationratherthanlegalintegration

thebanksetsupanewlineobusinessorinsurance.Thiscanbedoneorganicallyorbyacquisition,much

inthesamewayabankmightsetupanynewlineobusiness.Thismodelprovidesmaximumstrategic

andoperationalcontroltothebank,allowingittolookatinsuranceromtheperspectiveotheullvalue

chainincludingbothproductionmarginanddistributionmargin.Internalcompetitionisminimizedand

eachbusinesslineocusesonitscorecompetenceinawaythatisdifculttoachievethroughanyother

model.Also,aligningdierentbusinessunitsunderthesamecorporatebusinessstrategy,governance

ramework,andmanagementsystemcanenhancesynergiesbothonthecostandrevenuesides.

Whatismore,thismodelmaximizescorporatebrandingopportunities.Theincentivestosellinsuranceare

greaterthaninadistributionagreement,andthebankcanbenetromtakingacomprehensivelietime

valueviewoitscustomers.




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OneothebestexamplesisHSBCssuccessin HongKong,whereithas developedan in-house

bancassurancebusinessandsetupHSBCLieandHSBCInsurance.HSBChasalmostullypenetrated

itsdepositbaseinsellinginsurance,allowingittogainmarketsharerapidly.Itisnowtheleadinginsurer

inHongKongintermsonewbusinessgenerated.TheintegratedlineobusinessmodelallowsHSBCto

maximizeitsshareothecustomerwalletthroughatargeted,highly-dierentiatedproductline.Onthe

operationsside,HSBCinHongKongdoesnothingbutbancassuranceandhasnosaleschannelswithtied

agentseliminatinganyconictsointerest.

Finally,itisworthnotingthatocoursenotallplayersaresuitedortheintegratedlineobusinessmodel,or

eventhenancialholdingcompanymodel.Whiletheaboveexamplesarewidelyrecognizedassuccessul,

manyotherattemptshavebeenlessso.Someotheseinitiativeshavealreadyledtodivestitures,andothers

arestillintheprocessosplittingup,mostnotablyinEurope.Whiletherootcausesoeachcasemaybe

dierent,thereisawideconsensusthatmanagementcapabilitiesorbanksandinsurancecompaniesdier

markedly,andthatcombiningbothinonecorporationcanleadtoconsiderablechallengesandcomplexities.

The 10 Building Blocks o a Successul Bancassurance Model

SucceedingatbancassuranceinChinainvolvesmorethanjustchoosingtheoptimalmodel.Italsoinvolves

excellingattheeverydaynutsandboltsothebusiness.Inourview,therearetencriticalbuildingblocksto

successthatrequireawlessexecution.Letsexplorethem.(SeeExhibit4.)

Develop products jointly. Ocourse,therearemanywaystocombineexpertiseandtalentrombothsideso

thepartnershiptocreatecompellingbancassuranceproducts.Inourexperience,agenuinelyjointeortbetween

thebankandtheinsurerworksbest.

Forexample,asoundjointeortmightstartwithmonthlymeetingsinwhichmarketingmanagersromthe

bankskeyproductlinestransactionbanking,credit,savingsandinvestment,andinsurance,orexample

gatherwithrepresentativesotheinsurancecompanytodiscussnewproductideas.Then,inquarterlystrategycommittees,insuranceproduct-linemanagerscouldpresenttheirideastobankmanagers,whocouldthendecide

whichideastodevelopurther.Fromthatpointon,jointproductdevelopmentteamscouldworkontheselected

ideas.Meetingstructuresandormatscanvary,ocourse.Butthegoalistosetuplastingorumsthatosterthe

cross-pollinationoideasamongrepresentativesobothsidesothepartnership.

Streamline products.GiventhelimitedoeringsavailableinChinatoday,bancassurerswillhavemultiarious

waystodierentiatethemselves.Forthemassmarket,however,strategiesthatconcentrateondevelopingaline

osimple,highly-targetedproductswithinseveralproductsegmentswilllikelybemetwiththemostsuccess.

RoyalBankoScotlandsstrategyintheUnitedKingdomisagoodexample.RBSoersonly10productsviaits

bancassuranceplatormthreein lieinsurance,andseveninnon-lie(propertyandmotorinsurance).Thisocused,streamlinedapproachallowsRBStooptimizeproductdesignandenhanceservicequality.

Aluentcustomersegmentshavemorediverseandsophisticatedneedsthatrequiremore-complexproducts

andhencecallorsalesstawithhigherqualicationsandamoreindividualizedsalesprocess.Largercontract

valuescanjustiytheresultinghighercostbaseandgeneratesomeveryattractivereturns.

Adopt a generalist sales model. Besidesoeringtherightproducts,establishingtherightsalesapproachcan

makeatremendousdierence.Therearetypicallythreebasicsalesmodels,denedbyhowtheyallocatethe

threestepsoasalestransaction:needrecognition,clientadvice,andcontractclosure.




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Exhibit 4. There Are 10 Building Blocks to a Successful Bancassurance Model

What Who How

Bancassurancesuccess

Bancassurance foundation

Products Sales management Sales processes

Develop productsjointly

Streamlineproducts

1

2

Adopt a generalistsales model

Create meaningfulsales targets

and incentives

3

4

Bundle productsfor life events

Train rigorously

5

6

Upgrade ITsystems

7Define

organizationalroles

8Bolster customerservice and post-

sale support

9

Bancassurance success

Source: BCG experience.

Ensure capital andrisk management

10

Inthegeneralistmodel,allthreestepsareinthehandsobankstapeopleinthebranch.Inthereerral

model,bankstadirectscustomerstoin-branchinsuranceagentsaeridentiyingacustomerneed.Thethird,

specialistmodelrequiresjointneed-recognitionbybankstaandbyanin-branchinsurancespecialist,who

thenoverseescompletionothesale.

Allthreemodelsareworkable.Yetourresearchindicatesthatthegeneralistapproach,inwhichbankstais

trainedtosellavarietyoinsuranceproductsinadditiontobankproducts,tendstobethemosteective.

Create meaningul sales targets and incentives. Meaningultargetsandincentivesarecriticaltobuilding

aneectivesalesorce.Althoughvariousstrategiescanbeviable,ourexperienceworkingwithindustry

participantsdemonstratesthatthebestwaytoboostproductivityusuallyinvolvessomecombinationovariable

compensationoragentsandspecialrewardsorteamsuccess.Variablecompensationstructurescanbeusedto

createadditionalsalesincentives,buildingromabasecommission.Specialrewards,ontheotherhand,mightocusongroupeort,thusencouragingcooperation.Thecombinationotheseelementsiscrucialorcreating

incentivesthatwillmotivateeverybankstaerandinsuranceagenttoattainaggressivesalesgoals.

Bundle products or lie events. Oeringproductcombinationslinkedtospeciiclieeventscanlit

bancassurancesalessignicantly.ProjectworkcarriedoutbyTheBostonConsultingGroupinEuropehas

shownthatconversionratesorevent-drivenproductcombinationswhichcanrelatetothecustomersrst

job,marriage,relocation,andretirement,orexamplecanreachbetween15and25percent,compared

with2to3percentordirectmarketingand3to10percentorgeneralproductoeringswithollow-up

calls.




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Train rigorously. Regular,comprehensivetrainingis,naturally,av italpartobuildinga successul

bancassurancebusiness.Trainingisparticularlyimportantwhenthe integrationobanksandinsurers

beginstodeepen.Thelevelocoachingbothonthedetailsoinsuranceproductsandonsalesprocesses

shouldbetailoredtothedegreeoexperienceoeachtrainee.

Upgrade IT systems. Theintegrationoront-andback-ofceITsystemsisanotherimportantelement

oaneectivebancassurancestrategy.Theront-oicesystemshouldeatureguidelinesordialogue

withcustomersandorefcientdataentry.Theback-ofcesystemmusthavehighprocessingefciency

eaturingullyautomaticandpaperlessdataexchange,onlineunderwriting,andcommondatabase

managementbetweenthebankandtheinsurer.

Deine organizational roles. Theorganizationoanybancassurancepartnershipwilldependinpart

onexistingmanagerialstructures.Withinthisramework,ahierarchyorolesshouldbeclearlydened

oragendasetting,coordination,andexecution.Evenmoreimportant,thebankandinsurershouldeach

haveparallelhierarchiesinordertobalanceprioritiesandensurethebestpossibleintegrationateach

operationallevel.

Bolster customer service and post-sale support. Top-ightcustomerservicemustbedrivenjointlybythe

bankandtheinsurer.Thisrequiresthecoordinatedassignmentospecicdutiestobanksta,in-branch

insurancesta,out-o-branchinsuranceagentsassignedtoagivenbranch,andcallcentersdedicatedtopost-

salesupport.Selectiveuseothird-partyadministratorscanbeconsidered,particularlywhenitcomesto

linesobusinessthatgeneratecomparativelycomplexclaims.Obviously,claimsprocessesmustbecareully

managed,asailuretodosohasledtosomestrategicreadjustmentsorbancassurersinthepast.

Ensure capital and risk management. Abancassurancebusinesscanneversimplybeasel-inancing

add-onorthebank.Underwritingandassuminginsurancerisk,especiallyoverthelongterm,requires

additionalcapitaluprontandongoingriskmanagement.Thelatteroenincludesthetranserocertainriskstoareinsurer.

Regardingcapitalmanagement,whenbancassurancepartnershipsareexclusiveandstable,thebusiness

cangrowrapidly.In suchcases,insurance-drivensolvencycapitalrequirementswillincreasejust

asrapidlyorthebancassurer,andmaystrainaccountingproitabilityaswell.Breakingevenonan

insuranceinvestmentcanthereoreappeartotakelongerorabankthanoriginallyanticipatedbysenior

managementandinvestors.Also,insurancecapitalrequirementsprescribedbyregulatoryauthoritiescan

behigheroratleastdierentromthosecalculatedbythebanksin-housemodels,requiringthebankto

makenecessaryadjustments.

Theobvioussolutionstocapitalduressinvolveissuingdebtorequityorusingreinsurancesincethe

transeropremiumsandrisktoareinsurertypicallyresultsinloweredsolvencycapitalrequirementsor

thebancassurer.Allotheseoptionssecureorreeupundsthatcanbereinvestedelsewhereinbanking

orusedtogrowthebancassurancebusinessevenaster.

Asideromitsusesinstandardriskandcapitalmanagement,reinsurancecanalsohelpbyoeringtailored

coreandauxiliaryserviceacrossthebancassurancevaluechainincluding,inmanycases,cooperationon

productdesign,underwritingmanuals,standardprotocols,training,provisionoITsystems,andthelike.




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A Call to Action

IthecurrentstatusquoinChinasbancassuranceindustryremainsunchangedormuchlonger,sales

willhitawallosorts.Theprevalentmany-to-manymodelwillhamperuturedevelopment.Already,the

demandorsophisticatedinsuranceproductsstokedbytheorceandspeedoChinasmacroeconomic

evolutionisbeingcloggedbytheimpassebetweenbanksandinsurers.Cutthroatandmono-directional

pricecompetitionwillnotosterinnovationorraisecustomerawareness.Partnersthatintegrate,become

moreexclusive,andinvestinthequalityotheirproductsandservices nowwillhaveagoldenopportunity

toestablishcompetitiveadvantage.

Indeed,banksthatdevelopexclusivepartnershipswithinsurerswillbeabletobettermeettheircustomers

currentandutureneeds,increasecross-sellingandeerevenues,andperhapsaddapotentiallyattractive

marginromthelieinsurancebusinessitsel.Forinsurers,buildingsuchrelationshipswillallowthemnot

onlytomaintainthepremiumgrowthwehaveseensoar,butalsotoshowcaseandsolidiytheirbrands

whilecustomerconsciousnessandloyaltyisstillunderdeveloped,whilethegeographicreachomost

bancassurersisstilllimited,andwhilemostcompetitorproductoeringsarestillrudimentary.

Playersmustchooseamongtheourbasicmodelsomore-exclusiveandintegratedcollaborationbetween

insurersandbanks.Thesizeandcapitalbaseotheplayers,thedegreeocontrolthateachcomesaway

with,andtheoveralleconomicsoeachdealwillstronglyinuencetheirchoiceopartners.Tobesure,

therewilllikelybemanyregionalandproduct-speciccustomizationsothesebasicmodels.Thedevil,as

always,willbeinthedetailsoexecution.Companiesthatbothmaketherightstrategicchoicesandthat

excelinswit implementationoamoreadvancedandcustomercentricbancassurancemodelwill ind

themselveswieldingconsiderablepowerinChinasopportunity-richnancialservicesmarket.




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About the Authors

TheBostonConsultingGroups(BCG)ofcesinChinaandSwissResofcesinChinahaveworkedtogether

overthelastewmonthstoproducethisWhitePaper.Iyouareinterestedinobtainingadditional

inormation,pleasecontactBCGsorSwissResBeijingofce.

BCG

15/F.,EastTower,TwinTowers,B-12

JianGuoMenWaiAvenue,ChaoyangDistrict

Beijing100022,China

+861085279000

[email protected]

www.bcg.com

www.bcg.com.cn

ChrisKaye isapartnerandmanagingdirectorintheHongKongofce.

Frankie LeungisapartnerandmanagingdirectorintheHongKongofce.

Dr. HolgerMichaelis isapartnerandmanagingdirectorintheBeijingofce.

SwissRe

23/F.,EastTower,TwinTowers,B-12

JianGuoMenWaiAvenue,ChaoyangDistrict

Beijing100022,China

+861065638888

[email protected]://www.swissre.com

Chee Kok PohisaDirectorandheadoLie&HealthChina.

Eric SchuhisaDirectorandheadoBusinessDevelopmentChina.

Robert WiestisaMemberoExecutiveTeamandManagingDirectororChina.




19/20

TheBostonConsultingGroup(BCG)isaglobalmanagementconsultingirmandtheworldsleading

advisoronbusinessstrategy.Wepartnerwithclientsinallsectorsandregionsto identiytheirhighest

valueopportunities,addresstheirmostcriticalchallenges,andtransormtheirbusinesses.Ourcustomized

approachcombinesdeepinsightintothedynamicsocompaniesandmarketswithclosecollaboration

atall levelsotheclientorganization.Thisensuresthatour clientsachievesustainablecompetitive

advantage,buildmorecapableorganizations,andsecurelastingresults.Foundedin1963,BCGisaprivate

companywith66ofcesin38countries.Formoreinormation,pleasevisitwww.bcg.com.

Foundedin1863inZurich,Switzerland,SwissReisrenownedoritscommitmenttoexcellencein

security,solutionsandserviceandhasaproud146-yearhistoryodeliveringorcustomers.SwissRe

oerstraditionalreinsuranceproductsand relatedservicesorpropertyandcasualty,aswellas the

lieandhealthbusiness.Thesearecomplementedbyinsurance-basedcorporateinancesolutionsand

supplementaryservicesorcomprehensiveriskmanagement.

Apubliccompany,SwissResharesarelistedonthemainboardotheSWXSwissExchangeandtradedon

virt-xunderthesymbolRUKN.SwissReisratedA+byStandard&Poors,A1byMoodysandAby

A.M.Best.

Havingestablisheditsrstphysicaloperationsintheregionin1956,thecompanyhasofcesinanumber

oAsiancountries,includingJapan,Korea,Singapore,China,IndiaandAustralia.ThecompanysAsia

DivisionheadquartersisinHongKong.

SwissRewasamongtheirstoreignreinsurerstoenterChinaaterthecountrygraduallyopenedits

insurancemarket.SwissResetuprepresentativeoicesinBeijingandShanghaiin1996and1997

respectively,andopeneditsBeijingbranchonDecember19,2003toconductlieandnon-liebusinessthroughoutthecountry.

TheBostonConsultingGroup,Inc./SwissReinsuranceCompanyLtd.2009.Allrightsreserved.

12/09




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