Bancassurance
HLR has been actively supporting bancassurers for more than 15 years, in most cases acting as leading, or even exclusive life reassurer. Bancassurance attractiveness to HLR is naturally based on its favourable risk-reward profile: well-diversified with low volatility of technical results.
We can provide value in 4 key areas:
- Product Design: By sharing our expertise in product development, our in depth knowledge of products suited to bancassurance distribution and our ability to identify new target groups such as senior citizens.
- Application Process: HLR provides valuable input and consultation on streamlining and adapting the application processes to the bancassurance environment. As such HLR has developed a unique life expert system at Point of Sale (POS), which is able to replace medical underwriting by socio-economic risk selection and can reduce the total application process, including the underwriting decision itself, to less than 10 minutes.
- Benchmarking: We are in the unique position within the Talanx group of being “related” to successful bancassurers. Together with our successful relationships with other bancassurers world-wide we are thus able to connect bancassurers with best companies in other markets and enable them to learn from the leaders.
- Risk Management: Our role as reassurer is to stabilise the profit & loss account of the bancassurer as well as reduce solvency requirements by transferring the insurance risks to Hannover Life Re, mostly in a combination of quota-share and surplus treaty arrangements.
Success Factors
- Understandable products
- Clear specifications of benefits allow for transparent claims handling
- Underwriting at point-of-sale
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