Bancassurance combines banking services with insurance services, enabling banks to recruit customers. Another way of putting it is that it means banks offering insurance products.

Bancassurance is widespread in Europe since this agreement helps both banks and insurance companies. Banks learn about their client’s insurance needs and offer them exactly what they need. On the other hand, the insurance corporations that work with banks are the ones that cover the banks themselves.

Apart from making simpler processes by selling both banking and insurance products at the same place, Bancassurance offers various benefits:

· Customization: Clients can purchase a policy that covers their specific risks. Talking about Commercial Lines, each company is different, so they request different coverage regarding to their needs.

· Risk-adapted policies: depending on the risk tolerance, clients may want to purchase a higher-risk policy. For example, companies that are more concerned about a financial institution going out of business might want to purchase “jumbo” insurance that covers more risk.

The implementation of deep techs such as AI and Open Data helps banks to identify the client’s needs better and offer them what they are looking for. In this way, banks can simply cross-sell insurance products to their bank customers.

For example, in the case of card payment, the bank receives basic information that can’t be used to cross-sell to the customer. In contrast, deep tech adds valuable information about the payment so the bank can cross-sell insurance products. The result is a 20% increase in insurance sales per quarter.

However, only a few InsurTech companies are offering this product because it is not easy to obtain. But at Wenalyze, we made. The algorithms we have developed are among the best in the industry for simplifying bancassurance processes.