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The Emergence of Next-gen Open Banking-led Bancassurance

Devjeet Sarkar

Solution Architect, Open Banking Strategic Initiative, Banking, Financial Services, and Insurance, TCS

Chiranjib Bhattacharjee

Domain Consultant, Open Banking Strategic Initiative, Banking, Financial Services, and Insurance, TCS

Using open banking to create innovative bancassurance offerings and experience 

Open banking and application programming interface (API) led data discovery has the potential to transform the digital bancassurance landscape. We believe that insights from insurance and banking data, enabled by open banking APIs, coupled with information on life events such as the addition of a new family member or the purchase of a home or a car, can help reimagine digital bancassurance. Armed with these insights, banks can position suitable insurance products such as child insurance or lenders mortgage insurance (LMI) or car insurance at a time when customers are more likely to make a favorable decision. This offers banks an opportunity to deepen customer engagement and holistically meet end-to-end needs. Consequently, banks must prepare to take advantage of this opportunity by:

  • Adopting new-age open banking led digital bancassurance models
  • Building capabilities to proactively identify customer needs
  • Positioning the right products to meet those needs

 

About the Author

Devjeet Sarkar
Devjeet Sarkar is a Solution Architect in the Open Banking strategic initiative group of TCS Banking, Financial services, and Insurance (BFSI).
Chiranjib Bhattacharjee
Chiranjib Bhattacharjee is a Domain Consultant in the Open Banking Strategic Initiatives group with TCS Banking, Financial Services, and Insurance business unit.