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With digital advances, bancassurance leaps forward
Journal of Digital Banking,
6
(2),
161-171
(2021)
Abstract
Bancassurance is enjoying a renaissance in the financial services industry largely because of the upheaval of consumer expectations and the growing trend of digital banking ecosystem integrations with other industries. Shifts in customer-centric design thinking and the blurring of boundaries between industry sectors are bringing bancassurance back into fashion but with new digital capabilities and experiences. This paper illustrates the context and environment in which industry players operate, where banks can capitalise on digital advances in bancassurance, how banks are facing and responding to the challenges of digital services and, finally, how these changes are creating a win-win-win opportunity for banks, insurers and their shared consumers.
Keywords: FinTech; API; Insurance; Bancassurance; Digital Banking; Partnership
The full article is available to subscribers to the journal.
Author's Biography
Sean Ringsted is Chief Digital Officer at Chubb, the world’s largest publicly traded property and casualty insurance company and the largest commercial insurer in the US. Sean leads Chubb’s digital efforts aimed at transforming the company into a digitally integrated organisation. The company is focused on providing digital product and service to deliver a superior customer experience. The initiatives involve all areas that produce and support Chubb's business in a digital environment, including distribution, product development, technology and service functions that touch Chubb’s customers. He has more than 25 years of experience in the insurance industry and regularly speaks at leading US and international conferences on topics related to Chubb’s digital evolution. In addition to his role as Chief Digital Officer, Sean has served as the company’s Chief Risk Officer since 2008, prior to ACE’s acquisition of Chubb in 2016. Prior to ACE, Sean was a consultant at Tillinghast-Towers Perrin. He holds a bachelor of science degree in biochemistry from Bristol University and a doctorate in biochemistry from Oxford University and is a Fellow of the Institute of Actuaries (FIA). Sean is currently the Chair of The Institutes RiskStream Advisory Board. He was previously the Chair of the North America CRO Council and a founding member.
