Critical success factors in the sales and distribution of bancassurance in South Africa

Abstract

Abstract Bancassurance is widely viewed as being the future of business success, which spans both the banking and insurance industries. This research focuses on the critical success factors in the sales and distribution of bancassurance in South Africa. Interviews were conducted with senior executives in the fields of banking and insurance in order to establish whether this is the case. The results that emerged from these interviews indicated that a strong organisational structure with executive support, together with simple products designed for bancassurance distribution, was essential in any successful strategy. In addition to this, a level of integration between the bank and insurer was necessary, with the retail network of banks being viewed as a potential contributor to success if certain challenges could be overcome.