1. By Watson Macharia, Partner – Lloyds Africa markets
Bancassurance Survey 2015 By
Watson Macharia, Partner – Lloyds Africa markets

2. Respondents
Bancassurance Consumers
Banks
Insures

3. Consumers By Age

4. Consumers Social Economic Class
The participants were drawn from the upper to lower middle socio- economic categories representing the largest percentage. The average income was the main indicator of the social economical classes. The middle to upper class had an average net monthly income of between Ksh 50, 000 and Ksh 150,000. This is mainly because the Ugandan middle class is growing fast and they are the major clients for the insurance products.

5. Insurance Companies (23)
Resolution Insurance
AIG Uganda Insurance
APA Insurance
APA Life Assurance
British American Insurance (BRITAM)
Cannon Assurance Limited
Cfc Life Assurance
CIC General Insurance
CIC Life
First Assurance
GA Insurance
ICEA Lion General Insurance
ICEA Lion Life Assurance
Jubilee Insurance
Uganda Orient Insurance
Madison Insurance
Occidental Insurance
Pan Africa Life Assurance
Takaful Insurance Of Africa
UAP Insurance
Fidelity Shield Insurance
UAP Life Assurance

6. Banks (25) ABC Bank Barclays Bank of Uganda CFC Stanbic Bank
Chase Bank
Commercial Bank of Africa
Co-operative Bank of Uganda
Diamond Trust
Ecobank Uganda
Equatorial Commercial Bank
Equity Bank
Family Bank
First Community Bank
GT Bank Uganda
Housing Finance
I&M Bank
National Bank of Uganda
NIC Bank
Prime Bank
FAULU Micro Finance Bank
KWFT Micro Finance Bank
RAFIKI Micro Finance Bank
CENTURY Micro Finance Bank
Gulf African Bank
Uganda Commercial Bank

7. FINDINGS
Banks and insurers

8. Number of distribution agreements -Insurers

9. Number of distribution agreements -Banks

10. Mode of Compensation to Banks

11. Motivation -Banks

12. Challenges to Entry -Banks

13. Challenges to entry -Insurers

14. Preferred Partnership -Banks

15. Preferred Partnership -Insurers

16. Advisory Techniques For Bancassurance Partnership- Banks

17. Advisory Techniques For Bancassurance Partnership- Insurers

18. Effectiveness of Marketing Methods Banks

19. Effectiveness of Marketing Methods Insurers

20. Bancassurance on Technology Banks

21. Bancassurance on Technology Insurers

24. Client Segmentation Strategy Banks

25. Client Segmentation Strategy Insurers

26. CONSUMERS

27. Dominant Banking Institutions

28. Dominant Insurers in Bancassurance

29. Product Awareness

30. Effectiveness of Marketing Methods

31. Perception; Banks vs Insurers on New Insurance

32. Perception; Banks vs Insurers on Renewing Insurance

33. Preferred Bancassurance Classes

34. Overall Perception on Banks Vs Insurers

35. Conclusions & Recommendations
Make insurance a commitment for both banks and insurers senior management by focusing on its profitability
Use the insurer’s sales staff and expertise to drive the banks sales culture and, where possible and profitable, employ dedicated insurance sales wholesalers within the financial institution.
Build insurance as part of and not separate from the banks sales structure to enable better, more targeted, and more successful sales activities.
Review customer loyalty after the insurance buying experience in the bank and use this as a bank product cross selling opportunity.
Utilize the banks customer information database more effectively to generate leads, uncover opportunities, and open up innovation in products

36. Conclusions & Recommendations
Integrate insurance sales into banks sales goals through incentives, referral fees, productivity credits, and/or other measures to help track and encourage productivity.
Connect bank sales staff via technology with insurance providers to enable answering of questions in real time and to overcome lack of knowledge at the point of sale.
Allow more training time for insurance products, either on the bank premises or via electronic methods delivered directly by insurers or third parties, to increase the bank-based insurance salesperson’s knowledge and comfort.
Develop marketing outreach and educational programs targeted to both financial institution clients and the general populace to increase financial institution customer and general consumer awareness of bank and credit union insurance.
Use a profiling process on the front end to recognize opportunities, suggest solutions, and complete sales at the point-of-sale and/or refer appropriately.

37. Bancassurance Survey Series Q&A