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Among the most talked topics within Bancassurance Forum this year are the untapped opportunities in some market segments, specifically the SMEs, as well as companies struggles with proper utilization of data analytics and warehousing.  We talked to two of our speakers, Stefan P. Andersson from Nordea and Reinoud Boersma from the NN-Group about their respective experiences and lessons learnt.

Seizing opportunities in underserved markets by Nordea’s Stefan P. Andersson

Why are the SME’s considered a neglected segment?

Reinoud Boersma

Reinoud Boersma

SA: In most banks and other large players its not a clear serviced and targeted segment. Normally also the life & pension area is approached from a private perspective, but in many mature markets a larger part, now and in the future, will be covered from a employer perspective. So we need to adjust our business- and service model to meet this trend and customer need.

Where do you think lies the potential of SME’s as a potential segment for bancassurance penetration?

SA: As a natural integrated part in the SME banking offer, connected to the most important needs during SME lifecycle (necessary protection when I start my business, secure pension savings when established, as a tool to attract and secure key employees, in planning owner changes and transition).

What are the main challenges / struggles of meeting the needs of these customers?

SA: They are so focused in running and developing their business so they forget or neglect to secure his/her private security and economy. We need to remind them and ask tough questions to open their eyes.

Data Analytics as a cornerstone of NN Group’s Bancassurance strategy (Reinoud Boersma)

What the NN Group has done in terms of implementing innovative data analytics tools in the recent past?
RB:  After having a scattered landscape in terms of data warehousing and analytic tools NN Group is now moving to a cloud based data warehouse and analytics environment based on Microsoft Azure and Cortana Analytics/Machine learning.

Stefan Andersson

Stefan Andersson

What were the outcomes and did it prove to be a successful implementation?
RB: This journey is still under way and it has proven to be an extremely challenging one. Cloud based and SaaS/IaaS/PaaS as default is new on every aspect for a traditional insurance company and therefore extremely challenging by definition.

Where are we headed in the future? What technological advancements do you foresee

RB: We are moving full force ahead with this new technology. Machine learning, AI and robo-advice – to name a few – are developments which will rapidly change our business model in an ever increasing pace and allow us to enter into the full digital insurance space. “

Hear Stefan’s and Reinoud’s presentations at the upcoming 10th Annual Bancassurance Forum, set to take place on the 7th – 8th February at the Radison Blu Hotel Amsterdam, with 20+ speakers from HSBC, ABN AMRO, AXA, NN Group, Garanti Bank, BeeOne – Erste Group, with lots of practical insights on consumer-driven innovation and changing consumer behaviour.

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