Bancassurance
Coordinate insurance distribution across bank and insurer.
Give bank teams one process for quoting, policies, premiums, commissions and servicing insurance alongside banking products — connected to insurers and to the bank's systems.
Business challenge
- Insurance sold alongside loans with policy details held outside the bank's systems
- Commission reconciliation with several insurers done manually
- Renewals and premium status invisible to relationship managers
Business impact: Lost renewals, unreconciled commission income and customers whose loan collateral may be uninsured.
Business objectives
- One view of each customer's cover
- Reconciled commissions
- No missed renewals
- Insurer connectivity
The WEFI solution
Distribution workflow
Branch and relationship teams quote and bind through one workflow.
Policy and premium record
Policies and premiums linked to the customer and, where relevant, the loan.
Commission management
Commissions, deductions and shares reconciled per insurer.
Functional capabilities
- Quotations
- Policy administration
- Premium tracking
- Commissions
- Renewals
- Claims coordination
- Insurer connectivity
Business workflow
Bancassurance sale
- Customer need
- Quotes from insurers
- Selection
- Bind and issue
- Premium collected
- Commission reconciled
- Renewal
Architecture and integrations
WEFI Broker manages the insurance lifecycle; WEFI Integration connects insurers and the bank's customer, account and payment systems; WEFI Runtime coordinates approvals and service levels.
- Insurers
- Core banking
- Payment systems
- Accounting
Expected outcomes
- Visible cover for every customer
- Reconciled commission income
- Higher renewal retention
Outcomes the solution is designed to support; actual results depend on each institution's scope and implementation.
Relevant WEFI products and capabilities
Frequently asked questions
Can WEFI Broker link policies to loans?
Policies are recorded against the customer; linkage to specific loans is configured per engagement through WEFI Integration with the bank's lending system.
Discuss bancassurance with WEFI
We will map the solution to your products, processes and existing systems.