European bancassurance benchmark

Milliman Research ReportPrepared by:Corinne LegrandAugust 2008European bancassurance benchmark European bancassurance benchmarkCorinne LegrandAugust 2008European bancassurance benchmarkCorinne LegrandAugust 2008Milliman Research ReportContentsEx ECutivE Su MMaRy 2Report objective 2Methodology and structure of the report 2Key findings 2BaCKg Round data on Eu Rop Ean BanC aSS u RanCE 4Bancassurance: a major distribution channel in Europe 4Bancassurance: still seen as a key development opportunity in the European insurance industry 5BanC aSS u RERS Can B ui Ld on an E xCLuS ivE di StR iBution n EtwoRK B ut th E pRoduC tivity of th E BRanCh n EtwoRK vaR iES widELy 6average productivity per branch varies significantly across countries 6f actors driving these differences 6post office productivity 8BanC aSS u RERS havE a CCESS to a C aptivE CL iEnt BaSE B ut th E aB iLity to CRoSS-SELL in Su RanCE p RoduC tS to th E Ban K’S CLiEntS vaR iES widELy 9penetration rates 9how are these penetration rates achieved? 9how can penetration rates be improved? 10aCqui Sition E xp En SES 13Commissions 13analysis by type of commissions 13non-commission acquisition expenses 14adM ini StRation E xp En SES 15administration expenses ratio 15Staff ratio 16MEthodoL ogy 17LiSt of C oM pani ES anaL ySEd in th E Su RvEy 19Milliman Research Reporte xe Cutive summaryReport objectiveThe key success factors for European bancassurers are usually measured ...