TURKEY NN: New bancassurance product for the insurance market

23 May 2016 —
Our strategy is to deliver an excellent customer experience, based on strong products and services, multi-access distribution and efficient processes. A recent initiatives in Turkey exemplifies this.

One of NN Turkey's strategic priorities is to grow its life protection business by adding new products to the portfolio. Recently, a new bancassurance product was launched called 'Account Protection'. It is an attractive product package as it combines an ING Bank savings account with NN term life insurance needs.

In Turkey, personal savings are often not enough for a meaningful buffer capital for families. That's where insurance can help. 'Account Protection' simply doubles the client's financial buffers in case of death. The product helps customers protect their loved ones; it helps to secure them from financial risks.

The NN Turkey bancassurance team was effectively entering the world of micro-insurance, as people can also save small amount of money in this offering. Full automation was essential, both from ING Bank and NN's perspective,  and processes needed to be fast-flow and efficient.  The end product needed to be simple to explain to customers, the underwriting rules needed to be straightforward and simple to issue - less than two minutes. NN Turkey welcomed input and advice from other NN markets which had found success with such products, such as NN Romania, and  all of the efforts paid off - as of April the product has been up and running. Read the full story TURKEY NN: New bancassurance product for the insurance market
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