First off, getting a policy could be a long process that requires a lot of back and forth between agent and customer if the customer isn’t familiar with the ropes. Under bancassurance, the transaction is simplified and handled by the institution itself, allowing the customer to have the freedom to transact in any branch of the bank in the country.
Bancassurance also gives the customer a one-stop shop for financial services--whether it’s opening a savings account, applying for a loan, or getting oneself and family members insured, Filipinos won't have to go to separate offices or depend on the availability of the agent. This efficiency gives policyholders more time to do the things they love with their loved ones.
“Convenience of the one-stop-shop financial services supermarket is the fundamental and most significant benefit of partnering with a Bancassurance firm. Within one secure and stable bank relationship, the consumer has the distinct advantage of being able to access solutions that help manage payments, savings, credit, investments, plus protection. Bancassurance makes it easier for Filipinos to manage risk and protecting the financial wellbeing of their families.”
This model also comes in handy when changes need to be done to the policy, or it's time for premium payments. By doing business with a bank that has more than 900 branches across the Philippines, making quick changes won't be a hassle because there will always be a branch accessible to the client.
Trusted financial partner
Finally, the partnership with the banking institution assures clients that their hard-earned money is in experienced and trustworthy hands. By gauging the partner bank's credibility, any person looking for a dependable financial partner can easily spot one through a bancassurance firm.
With the combined expertise and resources of the two companies, policyholders are assured that their insurance is backed by financial strength and stability.
“The customer experience with Bancassurance has greater ease and stability since the relationship is not with one individual but with two highly regulated institutions, the Bank and the Insurance Partner. Consumer protection regulations are diligently observed, and should a customer wish to seek redress they have the option of going to either the Banko Sentral, the Insurance Commission, or both. This dual governance structure is only available in Bancassurance,” said Parungao