The financial services landscape has witnessed significant transformations over the years, particularly in the realms of insurance and banking. Traditionally, bancassurance has been the primary model adopted by insurance companies to collaborate with banks and offer insurance products to bank customers or the other way around. Banks offering insurance products as a bancassurance company is the most common retail banking business model in Belgium for example.
However, a recent trend has emerged wherein insurance companies are venturing into the realm of banking by establishing their own banks. This shift has sparked a debate on whether this evolution represents a continuation of the bancassurance model or signifies a fundamentally different approach.
This discussion titled "From Bancassurance to Insurance Companies Building Banks: Same-Same or Different?" aims to delve into the nuances of this transformation, explore the motivations behind insurance companies entering the banking sector, and analyse the implications for both industries.
For a deep understanding on this matter, we invite Pauline Molloyi, Head of Product, Payments and Pricing at Project Olympus of Old Mutual, South Africa’s first mutual life assurance society.
Key Discussion Points:
- Understanding Bancassurance
- The Emergence of Insurance Companies Building Banks
- Evaluating the Similarities and Differences
- Impacts on the Insurance and Banking Industries
- Future Outlook and Opportunities
These sessions are under Chatham House Rules, so recordings will NOT be published. However, we do share the key take-aways in our weekly blog.
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