Strategic Partnership Development: Crafting Winning Bid Strategies

Strategic Partnership Development: Crafting Winning Bid Strategies

Our client, a prominent life insurance company in South East Asia, sought to secure a long-term exclusive partnership through a competitive bid process against global insurers. The challenge was to formulate a compelling bid strategy and plan that would set them apart in this competitive landscape. Magi was engaged to collaboratively design a comprehensive business plan, financial projections, valuation, and bid documentation to support the client’s bid efforts.

Bancassurance due diligence, business plan, valuation

Navigating a fiercely contested open bid process against global industry giants demanded unique strategies. The project faced the challenge of standing out amidst tough competition and crafting a compelling proposal while meeting partner bank expectations.

A crucial hurdle was to accurately validate data assumptions and seize opportunities for our client’s advantage.

Another crucial hurdle was a lack of Bancassurance experience at our client.

Our approach commenced with a thorough validation of data and assumptions provided by the partner bank. We pinpointed areas of opportunity to enhance our client’s bid.

Working closely with the client team, we assisted in the formulation of a robust Bancassurance strategy, covering distribution models, customer segmentation, product portfolios, technology integration, and marketing support strategies.

Our financial planning spanned various scenarios to ascertain plan profitability. Collaborating with the client’s actuarial team, we developed a 10-year financial business plan, encompassing expense models, actuarial assumptions, new business profitability, net profits, solvency projections, capital requirements, embedded value calculations, and risk analysis.

To mitigate any potential bid evaluation risks due to a lack of Bancassurance experience, we developed a detailed capability gap assessment and roadmap for implementation in discussion with the prospective partner. This was done to ensure there was alignment and a deeper understanding of how a proposed partnership would be implemented, and the capabilities and investments available to support the implementation.

Magi’s integrated efforts yielded a comprehensive Bancassurance strategy, accompanied by business plans, financial projections, and a valuation model that informed the bid value. Our analysis of risks and capability gaps guided the identification of crucial needs for the partnership’s success. These findings were presented to the client’s senior management and Board, garnering approval to proceed.

Key Deliverables:

Due Diligence Report

Bancassurance Business Plan

Financial Projections

Business Valuation Model

Bid Value Estimation and Recommendation

Capability Gap Analysis

The project culminated in our client’s selection as the exclusive partner, securing a 15-year partnership agreement with the bank. Our collaboration showcased the power of a strategic approach and a meticulously crafted bid strategy in winning coveted partnerships in a competitive landscape.

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