The Bank Assurance Solution (BAS) from Nexum IT enables win-win collaboration between banks and insurance companies. By connecting insurers with the substantial customer bases that are owned by the banking community, a substantial and unique sales channel is leveraged to mutual benefit, offering both parties measurable increases in income, improved cash flow, lower credit risk and enhanced customer service. Nexum BAS empowers banks and insurers to integrate their services and fully enable the sales channel for core bank assurance products such as KASKO, MTPL (OCTA), property and travel plans. All aspects of this channel are controlled by Nexum BAS, from targeting customers to identifying the correct point of sale, processing sales administration, gathering premiums, apportioning commissions and processing reminders and notifications for the customer.
Nexum Banks Assurance Solution covers all aspects of Bank Assurance sales channel like:
- Bringing new and existing customers to the channel
- Core Bank Assurance products like KASKO, MTPL (OCTA), Property, Travel
- Process of managing bank commissions and cash flow coming-in for premium payments
- Sales through both internet banking and credit managers
- Reminders and notifications
Bank Assurance value for the bank:
- Integration of banking and insurance products.
Overall administration costs are decreasing because there are no insurance sales administration costs if selling insurance together with loans and because of elimination of the need for additional checking if loan security object is insured.
- Get all insurance broker commissions.
The bank is just rejecting to get additional profit if redirects customers to external insurance brokers/agents. The bank may also have an internal fraud of credit managers acting as private sales brokers for insurance companies.
- Get additional monthly interest from all premium payments before you pass the money to the insurance company.
- Automated insurance coverage control for loan security objects.
Be sure customers have uninterrupted insurance coverage for the property, cars, etc. they buy for banks money. Otherwise the bank has to control this manually. Imagine the customer has split his premium payments into 12 parts. Costs to control each payment manually are dramatic. Risk of losing insurance coverage is high as well.
- Additional income from the automated sales of insurance renewals.
When policy is close to the end customer receives automatic notification. The easiest way for him to renew is to make few clicks in internet bank. No sales costs for the bank but sales commission. Commission for all 25 years until the loan is completely paid off.
- Improved customer service, co-branded products.
Bank Assurance products are sold directly through Internet Bank. Deliver new financial services which are smart, pro-active and easy-to-apply for.
Do not hesitate to contact us for further information or to arrange a system demonstration.