Ensuring unparalleled Bancassurance productivity via efficient relationship management

The Asia-Pacific Market is bifurcated, in terms of penetration. Bancassurance channel accounts for 30% of the totally new life insurance products sold, whereas the share of Bancassurance channel’s customer base is only 1-4%, according to Mckinsey.

To summarize the industry impact:

1. The coronavirus outbreaks heavily affected the insurance sector, and the insurance index decreased by 22.6% between December 2019 and April 2020, according to sources.
2. Carriers saw lower personal insurance claims, but this short-term upside is likely to be offset by an adverse impact on revenues, caused by delayed renewals and limited new business.

And for the next 5 years, the priority remains:

1. Doubling down on partnerships: Partnering with more bank branches to train their employees in cross-selling and upselling
2. Increase in ticket size value: Increasing the ticket sizes for select insurance products to increase GWPs
3. Increase the percentage of promising leads: Better lead qualification and lead conversion is needed, in collaboration with banks.

An outlook on AIA Thailand’s market presence

AIA has been doing business in Thailand since 1938. Over the past 8 decades, AIA has helped millions of Thai people in their financial planning and provides coverage that caters to the needs of customers in each stage of their life.

AIA Thailand is a market leader and #1 in the Thai life insurance market in terms of market share. 21% of the market share is owned by AIA (based on Q3 2019 TLAA report) with a narrowing gap with other competitors in the market.

AIA Thailand Partners with Vymo to Strengthen its Partner Distribution Channel - YouTube

Unlocking the next phase of AIA’s growth in Thailand

AIA currently offers its customers long-term savings and life protection products through a variety of products and services like life and health insurance and long term financial planning.

Currently, more than 1 in 3 life insurance policies in Thailand belong to AIA. AIA has more than 60,000 life insurance agents spread all over the country and serve more than 5.5 million customers with more than 8,400,000 insurance policies.

But, there’s always more room to make the lives of our customers better, and some of the opportunities we immediately see are:

1. Improving Hierarchical coordination: The more efficient day to day coordination is, along with a predefined escalation matrix- relationships between the bank and AIA is bound to reach its full potential.
2. Better process for activity verification. AIA can improve service and provide better support to the bank branch employees, therefore acting as one team to achieve any and all branch targets.
3. Ensuring deeper visibility. Currently, there is no visibility from the Bank on whether the activities done by the sales reps are good or bad. This lack of a feedback loop prevents the catalyzation of process and people improvement.

Leveraging AIA’s core strengths to drive better banca relationships

AIA’s aim is to get a better understanding and visibility for the activities as well as understand the successful activities being done by some team members and replicate their success to other bank branches.

First, it was paramount to improve the quality of engagement and activities as well as share feedback for improvement to drive better relationships.

AIA Thailand partnered with Vymo to strengthen its Partner Distribution Channel. With Vymo's Partner Relation Management platform, the AIA Bancassurance team can closely support their National Sales Heads and Business Development Managers to optimise engagement activities with their bank partner.

There were a couple of items implemented that helped improve the productivity picture:

1. Increasing productive time spent by reps: Vymo’s intelligent business workflow automation was put in place to help reduce the time otherwise being spent in reporting, collating information from various sources, and other administrative tasks, so the same person can be re-deployed toward client-facing/ revenue-generating efforts.

By implementing this, the adoption of new-age mobile CRM was at 88%, as compared to the adoption rate of <30% of global CRM leaders.

2. Improving the effectiveness of rep activities: This was placed to help reps get multiplier outcomes from their activities over time through targeted suggestions and notifications; learning from the best performing reps and sharing the best practices organization-wide in the form of suggestions on the app. Vymo analyzes terabytes of sales activity data which are captured automatically to learn how the top quartile salespeople carry out customer engagements. These best practices are then nudged across the team to improve their sales effectiveness.

By enabling further process effectiveness, the average rep performed close to 7 activities (6.94 exact), with an activity completion rate of 82%.

3. Enabling better sales management by managers: With real-time information being fed to managers on various rep activities, managers could easily correlate and get visibility on the progress of ongoing goals vs. activities performed. The managers could hence drive bespoke activities across their teams. These dashboards were automatically surfaced to managers and sales reps in Vymo.

With such a system in place, the overall engagement peaked at 77%, driving inclusive productivity across the organization

4. Analysis and actionable insights: Vymo app assessed the various activity and business trends over time and surfaced actionable insights to the leadership team. This helped them drive strategic interventions to drive desired changes, track effectiveness, and help refine the tactical approach.

With data-rich, actionable insights from call and meetings, all the way up to activities- together the teams were able to ensure an account coverage of 73%

About Vymo

Vymo (getvymo.com) is the distribution excellence cloud for financial services, trusted by over 100,000 salespeople across 60+ financial enterprises across the world. Global leaders such as AIA, AXA, Sunlife, Generali, Allianz, and more trust Vymo to improve sales and distribution efficiencies. Vymo is recognized by Gartner as a Cool Vendor and is funded by Emergence Capital and Sequoia Capital.