To succeed in today’s world, financial institutions need to put innovation at the core of their entire organisation. However, embedding innovation into a company’s DNA is no easy task, and is definitely not a mission that should be undertaken alone. Innovation requires collaboration.
Strategic partnerships have proven to be one of the best ways to overcome the challenges of the current global economy and bring innovative solutions to the market. In fact, in the tech space, many firms around the world are joining forces and combining their expertise to develop truly disruptive products and services.
In the financial services industry, Open Banking has the potential to create an exciting and dynamic collaborative ecosystem. Moving forward, alliances will undoubtedly be one of the best ways to share best practices and bring high-value solutions to customers.
This e-book will focus on one of these alliances. An unprecedented one, where FinTech
meets InsurTech.
Partnerships between banks and insurance companies have the potential to unlock huge value, particularly in the small and medium-sized enterprise market segment. Financial institutions own rich data sets which —by leveraging AI technology— allow them to predict the needs of their customers and present them with the best solutions at the right time. Meanwhile, insurance products provide security and reduce uncertainty, definitely two of the top priorities among SME owners in today’s quickly changing world.
This is what makes ‘bancassurance’ a lucrative and added-value proposition. For the first time ever, banks will be able to empower their SME customers by providing them with a retail-like personalised platform to take control of their finances and get the best cover possible for their life and business.
Let’s see how we can make this happen.
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