Bancassurance Strategy – RFP, Partnerships & Channel Performance

Bancassurance Strategy – RFP, Partnerships & Channel Performance

Bancassurance has fast become a key strategic distribution model for insurers across Asia and Africa. At Magi, we provide comprehensive support to banks and insurers aiming to create or refine high-performing bancassurance partnerships. Our work ranges from partner identification and RFP design to post-deal integration and performance optimisation.

Our bancassurance services are geared to support bank executives considering a new insurance partner, insurers looking to expand via bancassurance, or organisations aiming to strengthen existing partnerships or renegotiate commercial terms.

Key Offerings

RFP & Partner Selection Strategy

End-to-end support for structuring and managing the partner selection process

Commercial Model Structuring

Designing balanced and transparent commercial arrangements aligned to business goals

Go-To-Market Planning

Detailed rollout plans including branch activation, RM enablement, lead flow, and KPIs

Channel Optimisation & KPI Reviews

Deep diagnostics and redesigns for improving channel productivity and conversion

Our Methodology

For Bank led projects

Discovery

We assess the bank or insurer’s objectives, current state, and strategic aspirations to frame the partnership requirements. This includes internal diagnostics and alignment on goals, distribution models, and key success factors

Fit Assessment

We benchmark potential partners using qualitative and quantitative criteria across strategic, operational, and cultural dimensions. This ensures only well-aligned partners are shortlisted for the next stage

RFP Design

We craft a comprehensive and objective RFP document tailored to the bank’s strategic goals, covering business model, product mix, service levels, and integration requirements. The design ensures clarity for bidders and enables evaluation across critical parameters

Partner Evaluation

We apply a structured, criteria-based scoring model to assess insurer responses across strategic alignment, capabilities, financial terms, and service commitments. The process ensures data-driven, transparent, and defensible selection of the most suitable partner

Commercial Negotiation

We support banks in structuring equitable, performance-linked commercial models that align incentives and drive long-term value. Our role includes preparing negotiation briefs, evaluating trade-offs, and securing win–win outcomes with shortlisted insurers

Launch Support

We assist with onboarding, go-to-market planning, and branch/channel rollout frameworks to ensure seamless execution and early-stage momentum post-partnership signing

For Insurer led projects

Market Scan & Bank Targeting

We assess market potential and identify banks with high strategic fit based on distribution footprint, customer base, and past partnership models. This helps prioritise banks where the insurer can offer differentiated value

Strategic Positioning

We craft the insurer’s differentiated partnership pitch to position as a strategic partner, highlighting product strengths, service capabilities, integration readiness, and commercial competitiveness

Bid Strategy

We help insurers prepare tailored, data-backed responses aligned to bank expectations. This includes designing response narratives, scorecard simulation, and preparation of partner-specific proposals and annexures

Commercial Proposal

We guide insurers in developing commercial offers—including upfront, recurring, and milestone-linked payments—aligned with profitability thresholds and competitive benchmarks, and model trade-off scenarios to support negotiations

Negotiation Support

We provide advisory during the engagement phase, assisting in deal presentation, internal stakeholder alignment, and negotiation strategy with banks. Our focus is to maximise value while staying within governance limits

Implementation Planning

We assist with post-deal planning, including joint governance setup, sales enablement models, integration timelines, and channel rollout. This ensures readiness to deliver early wins and a seamless partnership transition

Case Study Snapshots

Sri Lanka

Assisted a leading Sri Lankan Bank appointed us to structure its insurer partnership through a competitive RFP

Philippines

Assisted a leading Philippines Life Insurance company to structure its business model and bid process to secure a bank partnership in a competitive bid RFP