Digital. Dynamic. Dependable.
Protect Revenues and Speed up Processes with Streamlined Bancassurance
Empowering bankers with a unified platform—enabling single login access to manage leads, quotes, accounts, and policy renewals, with dynamic product recommendations and commission reconciliation to prevent financial losses.
“By leveraging Newgen’s platform, we achieved a 30-40% increase in non-interest income through insurance products and reduced commission disputes by 60% with real-time visibility on commissions.”
Executive VP, Retail Insurance, Leading Bank
Learn what Newgen’s Bancassurance Solution can do for you
Unified Platform
Eliminate the need for switching between various applications and systems of different insurance partners. Automate insurance sales, service, and self-service activities. Generate multiple quotes and submit applications and service requests through the single, integrated system.
Personalized Recommendation
Effortlessly assimilate all customer data, understand the requirements (term, motor, property, child’s future, travel, medical, personal, and accident). Using AI capabilities, Relationship Managers (RM) can recommend the most desirable policies to their customers.
Comprehensive Servicing
Seamlessly integrate with the back-end of insurance companies to provide a single-point servicing experience. RMs can analyze patterns and cross-sell/upsell products from the interaction. Banks can access all communication and customer insurance portfolio on a single platform.
Reconciliation Module
Ensure seamless financial alignment with insurance companies by automating the tracking of premiums, commissions, and payments. The solution guarantees transparency and accuracy by identifying discrepancies, reducing manual errors, and ensuring compliance with regulatory standards along with audit-ready reports.
Unified Platform
Eliminate the need for switching between various applications and systems of different insurance partners. Automate insurance sales, service, and self-service activities. Generate multiple quotes and submit applications and service requests through the single, integrated system.
Personalized Recommendation
Effortlessly assimilate all customer data, understand the requirements (term, motor, property, child’s future, travel, medical, personal, and accident). Using AI capabilities, Relationship Managers (RM) can recommend the most desirable policies to their customers.
Comprehensive Servicing
Seamlessly integrate with the back-end of insurance companies to provide a single-point servicing experience. RMs can analyze patterns and cross-sell/upsell products from the interaction. Banks can access all communication and customer insurance portfolio on a single platform.
Reconciliation Module
Ensure seamless financial alignment with insurance companies by automating the tracking of premiums, commissions, and payments. The solution guarantees transparency and accuracy by identifying discrepancies, reducing manual errors, and ensuring compliance with regulatory standards along with audit-ready reports.
Key Benefits
- 35% Increase in Policy Sales with enhanced collaboration, accelerated processing, and reduced errors in data exchange.
- 50% Reduction in Manual Processes with automated policy issuance, customer onboarding, and claim management.
- 40% Faster Processing and improved customer experience through seamless integration with core banking systems.
- 30% Increase in Customer Retention with a central hub for evaluating the effectiveness of contests, promotional campaigns, etc.
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
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Frequently Asked Questions
Bancassurance is a strategic partnership between banks and insurance providers that enables banks to offer insurance products to their customers. In India, it has emerged as a vital channel due to the government’s Insurance for All by 2047 mission, rapid economic growth, and rising insurance awareness.
As of 2023, the Indian bancassurance market size surpassed $99 billion and is expected to reach $172 billion by 2032, growing at a CAGR of 6.2%.
The key drivers of Bancassurance growth in India are as follows:
- Rising disposable income
- Growing awareness of insurance benefits
- Technological advancements enabling seamless integration between banks and insurers
Some major challenges include:
- Lack of personalization despite rich customer data
- Processing inefficiencies due to manual paperwork
- Digital integration gaps across systems
- Data security concerns
- Adapting to evolving regulatory compliance
Digital transformation and AI-powered platforms improve bancassurance by automating processes, integrating front-to-back office operations, enabling real-time policy servicing, and streamlining claims processing.
Artificial Intelligence empowers banks by:
- Recommending the most suitable policies based on customer profiles
- Enhancing customer servicing through seamless backend integration
- Simplifying claims processing with faster settlement and transparency
Newgen offers a unified and scalable digital bancassurance platform that automates the end-to-end insurance lifecycle, including policy issuance, servicing, claims processing, and renewals.
The core capabilities of Newgen’s Bancassurance platform are as follows:
- Unified platform for sales, service, and self-service
- Seamless integration with insurers’ systems
- Centralized hub for campaign and performance tracking
- Document management and e-application support
- Advanced claims handling with transparency
Newgen’s solution delivers:
- A single-window digital interface for multiple insurers
- Faster turnaround time for policy issuance and claims
- Personalized policy recommendations
- Transparent communication across the entire customer journey
The platform leverages:
- AI & ML for decisioning and analytics
- RPA for process automation
- Low-code frameworks for rapid deployment
- Cloud-native and API-driven integration for scalability
The platform comes with built-in auditability, governance, and compliance mechanisms to meet regulatory standards and ensures robust data security while handling sensitive customer information.
Newgen is preparing bancassurance for the future with:
- Artificial Intelligence & Machine Learning
- Internet of Things (IoT) integration
- Blockchain technology
The following are the business benefits can banks achieve with Newgen’s Bancassurance solution:
- Enhanced customer acquisition and satisfaction
- Growth in topline and bottom-line
- Streamlined operations and better performance tracking
- Improved operational efficiency and innovation
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