The Challenge
One of the smaller Greek banks had to improve its revenue base and bancassurance services were chosen as a high potential area for revenue growth.
To that end, the preferred way to grow quickly was the establishment of a strategic cooperation with a leading insurance company that was not yet committed with any Greek bank in offering jointly insurance products.
The Approach
PLANET supported the Bank first by assessing the economic potential of growth by developing a strategic business plan for bancassurance.
As a result of this strategic plan, it was determined that the best way forward for quick growth would come through a process where the Bank would invite and select the best partner among large and eligible insurance companies that had no existing links with other Greek banks and 5 such companies were identified.
In response to the selection process, one of the leading Greek insurance firms provided the best terms and conditions for the establishment of the strategic collaboration and was selected as such by the Bank.
PLANET supported the selection process and subsequently also supported the first phase of the strategic collaboration implementation, providing PMO services between the Insurance Company and the competent divisions of the Bank in order to kick off the collaboration process.
Results & Impact
Designed and supported the first phase of implementation for a bancassurance strategic partnership between a Bank and a leading Insurance company
The Bank joined forces with a strong partner from the insurance market that could provide a growth opportunity for mutual benefit in the bancassurance business.
