We are excited to announce our partnership with Infosys
to offer an integrated Bancassurance solution with Finacle
& Vymo. The combined solution helps banks expand their insurance offerings with customer insights, empower relationship managers with metrics that drive business growth and facilitate better collaboration between relationship managers & field agents.
It is a fact that consumers trust their banks far more than they trust any other financial institution – brokerages, investment advisors, asset mgmt. companies and insurance companies. Unsurprisingly, Customer trust follows their Money. In Asia, Bancassurance is the fastest growing channel and in the last 12 months, 56% of all new policies sold were through the Bancassurance channel.
The Bancassurance head of one of the large insurance companies in Asia acknowledged that their Bancassurance business now generates more business than the entire Agency channel and last year their Banca channel sold more policies than the Agency channel has done in the last 7 years! While this is staggering performance, this is not isolated and we are seeing this theme consistently across Asia & the Middle East.
How does the partnership benefit customers?
For the last 20 years, Infosys Finacle has helped banks automate processes, expand customer service to new channels & enable universal banking.
In a mobile-first world, it is imperative to expand business processes & enable field agents to do more. In Bancassurance field agents are increasingly on-the-move, making it imperative to not just manage their product awareness but their day plan.
As part of this partnership Vymo will assist Finacle users by managing their leads, activities & individual performance. As a personal assistant to the Sales team, Vymo enables all this on a mobile device, which providing location intelligence & coaching insights to Sales managers. Vymo, combined with Finacle, enables collaborative selling between bank relationship managers & field agents, via seamless in-app workflows. This results in reduced turnaround times for customer requests with the right wealth management & insurance planning advice.