Bancassurance Touch Point Analysis
Driving Improved Performance from your Bancassurance Channels
What is the Bancassurance Touch Point Analysis ?
Touch Point Analysis is, as the name suggests, a ‘deep dive’ into and across your Bank’s customer facing channels (Retail Bank, ‘Premier’ Bank, Website etc.) that, collectively, constitute your insurance distribution channels.
The goal of the analysis is to identify those touch points, and in particular those key ‘moments of truth’ touch points, where it is relevant to include or introduce an insurance proposition, the preferred method of doing so and the people, systems and processes that need to be considered in order to effectively embed insurance into those touch points.
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Why is consistent service delivery a challenge in Bancassurance? Mostly, because of the functional silos in which most banks operate. The typical result produces a disjointed experience for your customers and one where insurance is often an afterthought or left out entirely.
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Touch Point Analysis helps uncover powerful customer insights as well as opportunities to improve how well you meet customer-segment needs and wants for insurance. Systematically evaluating performance across all customer touch points can lead to better organizational alignment; increased brand perception; and concrete improvements in acquisition, retention, and up-sell and cross-sell efforts.
Increase your Sales and
Customer Satisfaction
The core reason for the existence of Bancassurance is increased cross sell and upsell to customers e.g., improved share of wallet. A well executed touch point analysis is the starting point for a successfully implemented Bancassurance strategy.
Why Touch Point Analysis?
Managing your customer experience is an ongoing and evolutionary process that takes time and cross-functional alignment if it is to deliver significant results.
As customers’ needs and expectations change over time, the way you know them and meet them must evolve in accordance with those shifts.
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Customer touch-point management provides you with a critical baseline from which you can start to evaluate yourself through the eyes of your customers and make small improvements to enhance the customer experience
The approach is simple. See your business through the lens of your customers when they ‘touch ‘ you.
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Although the process is straightforward, executing it well is far more complex. It requires auditing those touch points, receiving feedback that might challenge internal beliefs, and then aligning the organization around changes that will improve the customer experience.
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Shoreline Asia has developed a first class process and tools for conducting a Touch Point Analysis. We would be delighted to discuss how a Touch Point Analysis could help to improve the performance of your Bancassurance channels.
Download the Brochure Here
Would you like to know more ?
If you would like to know how our Bancassurance Touch Point Analysis can help to take your Bancassurance to the next level, fill in the form and send it to us for a no-obligation discussion.