Reinventing Bancassurance Through Personalization

Bancassurance — the distribution of insurance products through a bank’s channels — is evolving. In Asia, the industry is undergoing a significant transformation as personalized strategies become essential to meet modern client needs. At Standard Chartered, innovative solutions that integrate longevity, lifestyle, and legacy are being developed to foster deeper customer engagement. 

In a recent conversation, Oliver Wyman Partner Ajit Rochlani spoke with Gautam Duggal, the global head of Bancassurance at Standard Chartered, to examine how personalization is reshaping the industry. Together, they explored a future where tailored bancassurance offerings strengthen customer trust and drive significant value in the insurance sector.

INFocus Series

INFocus provides exclusive insights and trends from experts and leaders across the Asia Pacific region, exploring the forces, opportunities, and challenges shaping its future.

Go to series

Ajit Rochlani 

Hello and welcome to this special INFocus episode of Oliver Wyman and Standard Chartered on reinventing bancassurance. I’m Ajit Rochlani, a partner in the Insurance Practice at Oliver Wyman. Today, there is a very special guest with us, Gautam Duggal from Standard Chartered.  

Gautam Duggal

Thanks, Ajit. Thanks for inviting me to this great platform. I’m Gautam Duggal. I head bancassurance globally at Standard Chartered. 

Ajit 

Gautam, I’d love to understand how you look at bancassurance, and how Standard Chartered looks at bancassurance.  

Gautam 

For us, bancassurance is not just about having a product — it goes far deeper into understanding what our clients really need, understanding how we can play a very different role in the clients’ evolution of their lifestyles and their needs, and how we see ourselves as their trusted partner. The result has been that we have become — and I dare say — a very successful bancassurance partner in the region, and we continue to challenge ourselves to think differently so that we are not jaded in our thought process. 

Hence, for me, I don’t just look at bancassurance the way it’s been coined. The way we look at it is more on talking about longevity, talking about legacy, talking about lifestyle, and that forms the heart of how we think about our proposition to the clients. 

Longevity is not just about having a long lifespan. It is also about whether we have the right kind of lifespan today. Today, we obviously know that people are living longer, but people also want to live healthier when they are living longer. So, longevity becomes quite critical for us. For lifestyle – while we are living, how do we ensure that we have proper protection of our assets, so we can continue enjoying a proper lifestyle? While we’re enjoying a proper lifestyle, how are we planning to pass on the legacy that we have built up over so many years to the next generation? Hence, as we talk about longevity, lifestyle, and legacy, that embodies the DNA of how we look at bancassurance. However, I look at it a little differently — it’s about what the client needs, and how we can fit in seamlessly with that story.  

Ajit 

That’s very fascinating. The way to think about this is you have three pillars of bancassurance. Pillar one is life insurance and legacy planning. Pillar two is lifestyle protection, and the third pillar is health and wellness. There are a lot of these trends that are bringing bancassurance to this stage of evolution. How are you seeing these trends? What are some of the most critical observations that you’ve had? 

Gautam 

If you ask me personally, I see it’s all about personalization. I would say in the next couple of years, not even decades, I would say the next trend is going to be the Netflix of bancassurance, where I can actually pick and personalize certain products. Insurance is a long-term investment, and let’s not forget that this [investment] involves discipline. There’s a reason why it involves discipline, because you’re saving and investing for the future. Even in certain of these products, I do believe that there’s going to be a time when, like Netflix, the products will be tailored to what I need. What kind of add-on benefits do I need on that, or do I just need a very simple stripped-down version? I should be able to pick and choose.  

The insurance company should know [my preferences], depending on the client or the customer that I am, because they know my spending habits and intentions. Data — all of this is data. And all of this can be quantified. AI can augment all this data and say, based on what you do, how you live, and what you want, these are the possible four, five solutions that would fit just for you. That makes it personal. That makes it something that is only for me, and it feels nice.  

For me, the next stage is the Netflix of bancassurance. I hope we’ll see that within the next five years. 

Ajit 

“Netflix of bancassurance” is a very interesting takeaway. The way to think about this is that it will be so personalized. It will be based on your behavior, based on your transactions, that it’s almost like a no-brainer that this product has been tailor-made for you.  

Gautam, bancassurance as a distribution channel for the insurance industry has been one of the most critical value creation enablers in the last 20, 25 years. So much so that the industry is still trying to figure out where the next bancassurance is going to come from. For me, while there are a lot of enablers that have made this possible, it is also important that this value creation is taken forward in a way that you are generating, or you’re continuing to generate meaningful value for banks, insurance companies, as well as the clients. How do you think about the value creation aspect of bancassurance? 

Gautam 

This industry has created billions of dollars for both insurance companies and banks in revenue. The way I look at it is that the value creation is through the differentiated solutions we bring, which is not just personalization, but it’s a constant evolution of how we see the client needs being taken care of and how the client needs have changed over the past five years. It’s a transformative change. 

When I look at my kids and everything, I never thought that I would be compelled to buy cyber insurance for them. But today, for me, that’s a big concern. It’s a small, simple solution, right? But it kind of gives me 100% peace of mind — maybe not — but it still gives me some peace of mind. If you look at all of these, I would say evolution and innovation, and the pace with which they are coming, clearly say that bancassurance is like a sleeping giant — waiting to be awakened. 

This is an opportunity for insurance companies, banks, and fintech or digital banks to come together and work closely, not just in the innovation space but really think through how they can bring in solutions that are seamlessly integrated with the client’s needs.  

Regulators are playing an absolutely fabulous role in this transformation. They are coming to the forefront, asking us, challenging us about what more can be done for the customers. There are so many elements of today’s life that we all think about and plan on. That is where I say value creation can happen, or value can be protected.  

Ajit 

Thank you, Gautam. In a way, bancassurance has created so much value for the industry, but it’s very encouraging to hear that leaders like you still think that bancassurance is a sleeping giant waiting to be awakened. There should be more significant opportunities for the industry that we should see getting unlocked over the next few years. 

Gautam, you spoke about innovation. I would be very keen to hear from you what some of the innovations are that you are embracing in each of your pillars.  

Gautam 

Can innovation be done when we talk about life insurance products and so on? Yes. Innovation does not always mean digital innovation. Innovation for me also means how I can understand my clients better. How can I give the necessary tools to my RMs (relationship managers) so that they can have open conversations with clients, and for the clients to understand themselves as to what they need, and why they need us for a particular proposition or solution.

It is not about what RMs or the insurance company want them to buy. It is about: would this retirement product, would this savings product, would this child education product, would this cancer product, take care of my dreams or my concerns or my risk if anything were to happen. Can that be managed? For me, innovation in that space is helping RMs to understand clients better and personalize solutions for them. That’s one.  

Second, if you talk about this whole lifestyle protection, this is where I believe the digital space is so exciting. Ajit, it’s about whether a client, while just waiting to pick up a coffee from Starbucks, can buy cyber insurance? We will, in fact, very soon launch a cyber insurance [product] in some of our key markets. My challenge to the team was: it should just be four clicks — by the time I’ve placed the order at the Starbucks counter, and while I’m waiting to pick it up, the policy should be in my inbox. That should be the pace and power of your lifestyle protection.  

Then comes for me the most critical part for longevity as a whole, which is very closely linked with health and wellness. It is not about innovation in that space; it is about being human in that space today. What is, from a health and wellness perspective, that we can offer or provide for our clients, or maybe [provide] a platform for them to get those nudges when they feel responsible for their own well-being, responsible for their own health? They see us as the partners who helped them on that journey, by giving them the right nudges at the right time. If something were to happen to them, there is a health product that can take care of it, but it’s better to be more on the preventive side rather than looking into lodging a claim. In that space, I would say the whole ecosystem is the innovation in the health and wellness space. 

Ajit 

It is, in a way, about keeping up with the trends. It is about innovating with how customer behavior is changing, with how the industry is changing. At the same time, it is also about doing it in a responsible way, that you’re creating value for all stakeholders. That, for me, is a very important aspect of bancassurance — it creates value for so many different stakeholders, and it gives clients a way of getting what they want through a platform that they trust the most, which is their banks. The trust element of bancassurance is a key reason why this has been so successful in Asia. 

Gautam, thank you for spending time with us today and sharing your insights. It was a great conversation, and very much looking forward to seeing the evolution of bancassurance. 

Gautam 

Thanks to you and Oliver Wyman for creating this platform and inviting people like us from the industry to come and share views and thoughts. Thank you so much. 

Bancassurance — the distribution of insurance products through a bank’s channels — is evolving. In Asia, the industry is undergoing a significant transformation as personalized strategies become essential to meet modern client needs. At Standard Chartered, innovative solutions that integrate longevity, lifestyle, and legacy are being developed to foster deeper customer engagement. 

In a recent conversation, Oliver Wyman Partner Ajit Rochlani spoke with Gautam Duggal, the global head of Bancassurance at Standard Chartered, to examine how personalization is reshaping the industry. Together, they explored a future where tailored bancassurance offerings strengthen customer trust and drive significant value in the insurance sector.

INFocus Series

INFocus provides exclusive insights and trends from experts and leaders across the Asia Pacific region, exploring the forces, opportunities, and challenges shaping its future.

Go to series

Ajit Rochlani 

Hello and welcome to this special INFocus episode of Oliver Wyman and Standard Chartered on reinventing bancassurance. I’m Ajit Rochlani, a partner in the Insurance Practice at Oliver Wyman. Today, there is a very special guest with us, Gautam Duggal from Standard Chartered.  

Gautam Duggal

Thanks, Ajit. Thanks for inviting me to this great platform. I’m Gautam Duggal. I head bancassurance globally at Standard Chartered. 

Ajit 

Gautam, I’d love to understand how you look at bancassurance, and how Standard Chartered looks at bancassurance.  

Gautam 

For us, bancassurance is not just about having a product — it goes far deeper into understanding what our clients really need, understanding how we can play a very different role in the clients’ evolution of their lifestyles and their needs, and how we see ourselves as their trusted partner. The result has been that we have become — and I dare say — a very successful bancassurance partner in the region, and we continue to challenge ourselves to think differently so that we are not jaded in our thought process. 

Hence, for me, I don’t just look at bancassurance the way it’s been coined. The way we look at it is more on talking about longevity, talking about legacy, talking about lifestyle, and that forms the heart of how we think about our proposition to the clients. 

Longevity is not just about having a long lifespan. It is also about whether we have the right kind of lifespan today. Today, we obviously know that people are living longer, but people also want to live healthier when they are living longer. So, longevity becomes quite critical for us. For lifestyle – while we are living, how do we ensure that we have proper protection of our assets, so we can continue enjoying a proper lifestyle? While we’re enjoying a proper lifestyle, how are we planning to pass on the legacy that we have built up over so many years to the next generation? Hence, as we talk about longevity, lifestyle, and legacy, that embodies the DNA of how we look at bancassurance. However, I look at it a little differently — it’s about what the client needs, and how we can fit in seamlessly with that story.  

Ajit 

That’s very fascinating. The way to think about this is you have three pillars of bancassurance. Pillar one is life insurance and legacy planning. Pillar two is lifestyle protection, and the third pillar is health and wellness. There are a lot of these trends that are bringing bancassurance to this stage of evolution. How are you seeing these trends? What are some of the most critical observations that you’ve had? 

Gautam 

If you ask me personally, I see it’s all about personalization. I would say in the next couple of years, not even decades, I would say the next trend is going to be the Netflix of bancassurance, where I can actually pick and personalize certain products. Insurance is a long-term investment, and let’s not forget that this [investment] involves discipline. There’s a reason why it involves discipline, because you’re saving and investing for the future. Even in certain of these products, I do believe that there’s going to be a time when, like Netflix, the products will be tailored to what I need. What kind of add-on benefits do I need on that, or do I just need a very simple stripped-down version? I should be able to pick and choose.  

The insurance company should know [my preferences], depending on the client or the customer that I am, because they know my spending habits and intentions. Data — all of this is data. And all of this can be quantified. AI can augment all this data and say, based on what you do, how you live, and what you want, these are the possible four, five solutions that would fit just for you. That makes it personal. That makes it something that is only for me, and it feels nice.  

For me, the next stage is the Netflix of bancassurance. I hope we’ll see that within the next five years. 

Ajit 

“Netflix of bancassurance” is a very interesting takeaway. The way to think about this is that it will be so personalized. It will be based on your behavior, based on your transactions, that it’s almost like a no-brainer that this product has been tailor-made for you.  

Gautam, bancassurance as a distribution channel for the insurance industry has been one of the most critical value creation enablers in the last 20, 25 years. So much so that the industry is still trying to figure out where the next bancassurance is going to come from. For me, while there are a lot of enablers that have made this possible, it is also important that this value creation is taken forward in a way that you are generating, or you’re continuing to generate meaningful value for banks, insurance companies, as well as the clients. How do you think about the value creation aspect of bancassurance? 

Gautam 

This industry has created billions of dollars for both insurance companies and banks in revenue. The way I look at it is that the value creation is through the differentiated solutions we bring, which is not just personalization, but it’s a constant evolution of how we see the client needs being taken care of and how the client needs have changed over the past five years. It’s a transformative change. 

When I look at my kids and everything, I never thought that I would be compelled to buy cyber insurance for them. But today, for me, that’s a big concern. It’s a small, simple solution, right? But it kind of gives me 100% peace of mind — maybe not — but it still gives me some peace of mind. If you look at all of these, I would say evolution and innovation, and the pace with which they are coming, clearly say that bancassurance is like a sleeping giant — waiting to be awakened. 

This is an opportunity for insurance companies, banks, and fintech or digital banks to come together and work closely, not just in the innovation space but really think through how they can bring in solutions that are seamlessly integrated with the client’s needs.  

Regulators are playing an absolutely fabulous role in this transformation. They are coming to the forefront, asking us, challenging us about what more can be done for the customers. There are so many elements of today’s life that we all think about and plan on. That is where I say value creation can happen, or value can be protected.  

Ajit 

Thank you, Gautam. In a way, bancassurance has created so much value for the industry, but it’s very encouraging to hear that leaders like you still think that bancassurance is a sleeping giant waiting to be awakened. There should be more significant opportunities for the industry that we should see getting unlocked over the next few years. 

Gautam, you spoke about innovation. I would be very keen to hear from you what some of the innovations are that you are embracing in each of your pillars.  

Gautam 

Can innovation be done when we talk about life insurance products and so on? Yes. Innovation does not always mean digital innovation. Innovation for me also means how I can understand my clients better. How can I give the necessary tools to my RMs (relationship managers) so that they can have open conversations with clients, and for the clients to understand themselves as to what they need, and why they need us for a particular proposition or solution.

It is not about what RMs or the insurance company want them to buy. It is about: would this retirement product, would this savings product, would this child education product, would this cancer product, take care of my dreams or my concerns or my risk if anything were to happen. Can that be managed? For me, innovation in that space is helping RMs to understand clients better and personalize solutions for them. That’s one.  

Second, if you talk about this whole lifestyle protection, this is where I believe the digital space is so exciting. Ajit, it’s about whether a client, while just waiting to pick up a coffee from Starbucks, can buy cyber insurance? We will, in fact, very soon launch a cyber insurance [product] in some of our key markets. My challenge to the team was: it should just be four clicks — by the time I’ve placed the order at the Starbucks counter, and while I’m waiting to pick it up, the policy should be in my inbox. That should be the pace and power of your lifestyle protection.  

Then comes for me the most critical part for longevity as a whole, which is very closely linked with health and wellness. It is not about innovation in that space; it is about being human in that space today. What is, from a health and wellness perspective, that we can offer or provide for our clients, or maybe [provide] a platform for them to get those nudges when they feel responsible for their own well-being, responsible for their own health? They see us as the partners who helped them on that journey, by giving them the right nudges at the right time. If something were to happen to them, there is a health product that can take care of it, but it’s better to be more on the preventive side rather than looking into lodging a claim. In that space, I would say the whole ecosystem is the innovation in the health and wellness space. 

Ajit 

It is, in a way, about keeping up with the trends. It is about innovating with how customer behavior is changing, with how the industry is changing. At the same time, it is also about doing it in a responsible way, that you’re creating value for all stakeholders. That, for me, is a very important aspect of bancassurance — it creates value for so many different stakeholders, and it gives clients a way of getting what they want through a platform that they trust the most, which is their banks. The trust element of bancassurance is a key reason why this has been so successful in Asia. 

Gautam, thank you for spending time with us today and sharing your insights. It was a great conversation, and very much looking forward to seeing the evolution of bancassurance. 

Gautam 

Thanks to you and Oliver Wyman for creating this platform and inviting people like us from the industry to come and share views and thoughts. Thank you so much.