A partnership between a bank and an insurance company, bancassurance, is a simplified way of referring to life insurance products that are sold within a licensed bank. Although the concept seems fairly straightforward, purchasing life insurance is not as simple as walking into a bank and asking for one.
When you're looking into a significant investment, it is not unexpected to want someone to answer your questions and assist you with your concerns. After all, life insurance is a big deal. It is not just about the amount of money you commit to, but also because it deals with how secure your future is.
This is where a bancassurance sales executive comes in. A bancassurance sales executive, or a BSE, is someone who is tasked with offering financial planning services to clients.
There are two types of insurance professionals: the captive and independent. The difference is who they work for. Captive agents are associated with a single insurance company, while an independent is not beholden to any particular company. They can recommend policies from different organizations.
In the case of BPI AIA, the top bancassurance company in the Philippines, the bancassurance sales executives are exclusive to it. The advantage is that these representatives have an in-depth knowledge of the product array provided by BPI AIA and can thus, provide better assistance to clients.
You can get in touch with a BPI AIA Bancassurance sales executive through any BPI and BPI Family Savings Bank branch.
What can you expect from a bancassurance sales executive?
Bancassurance sales executives bridge the client with the bank partner. This broad definition has specific responsibilities and runs the gamut of the insurance process.
The position entails finding new clients as well as offering other products to an existing customer base. Once clients are found, the bancassurance sales executive ensures that the relationship between the existing clients as well as the partner bank is well-maintained.
Aside from customer service, the bancassurance sales executive is expected to handle the reporting, planning, and administration of the plans purchased by the client.
As a client, you can expect the bancassurance sales executive to present the service menu of the company to you. He or she can make recommendations based on your objectives. If you have a question about the product or the service, the sales executive is your point-person to find the right answers.
What should you look for in a bancassurance sales executive?
A quick search can easily yield many results for life insurance policies. However, bancassurance offers distinct advantages that let it rise above the competition.
The first is that the partnership with banks means that it is more accessible. In the case of BPI AIA, there are over 900 BPI branches you can go to and find out more about bancassurance products.
Another advantage is that clients gain access to the expertise of both the bank and the insurance company. Not only does this ensure competent service, but it also means that it should meet higher regulatory standards.
It should not come as a surprise that the bancassurance sales executives are expected to uphold these principles. There is a technical requirement for these professionals. They should be knowledgeable of industry regulations and should be informed of any updates. On top of that, they are also licensed to sell insurance products, the process of getting licensed involves taking an exam administered by the Insurance Commission.
Aside from their product and industry knowledge, the bancassurance sales executive should be an effective communicator to ensure that the client understands the details of the purchased policy. He or she should also be trustworthy, since the nature of the job often requires sensitive financial and personal data.
Speak to a BPI AIA bancassurance sales executive to help you improve your financial literacy while securing your financial future. Leave us a message or visit a BPI branch nearest you.