Distribution Partnership ImplementationNavigating Agreements to Achieve Excellence
The successful implementation of a long-term distribution partnership requires meticulous planning and strategic alignment. Our client, a prominent insurance entity, embarked on a journey to establish a robust distribution partnership with a Bank.
The multifaceted project encompassed the finalisation of the Distribution Agreement (DA), Bancassurance strategy design, talent assessment, joint operating planning, and extensive capability development. To facilitate this, Magi delivered multiple workshops for business planning and capability development across the organisation and some jointly with the Partner management team.
The project exemplified Magi’s commitment to orchestrating intricate partnership implementations, ensuring legal compliance, strategic alignment, and optimal operational performance.
Navigating the complexities of legal negotiations and regulatory approvals posed significant challenges. Crafting an optimal partnership strategy demanded addressing multifarious aspects such as capability identification, governance structure formulation, and defining the framework for joint working committees.
The project also faced the task of aligning various functional teams with the business plan and required capabilities.
Finalisation of Proposed Agreement with Partner:
Our team collaborated closely with the client’s legal team, facilitating negotiations and multiple document reviews. We ensured seamless communication with the Partners legal and transaction advisors, ultimately leading to the finalisation of the Distribution Agreement (DA). Regulatory approvals were diligently pursued, with our support extending to drafting applications and managing the approval process.
Strategy and Design for Bancassurance
We undertook a comprehensive assessment of organisational capabilities, providing actionable recommendations for management and distribution teams. To ensure effective partnership governance, we crafted a robust governance structure and established joint working committees. The focus encompassed critical areas including distribution, performance management, marketing, IT, customer services, legal, compliance, and product development.
Joint Operating Plan and Year 1 Blueprint
A meticulous joint operating plan was formulated for a 3-year period. The detailed Year 1 plan covered product development, marketing and communications, IT and customer services, distribution and sales, including vital aspects like training, compensation design, and KPIs.
Capability Development Workshops
Additional workshops were conducted, enabling the alignment of client management and functional teams with the business plan. These sessions focused on honing capabilities such as bancassurance distribution, sales performance management, customized training programs, compensation and incentive design, risk management, data analysis, and KPI design.
The project achieved a harmonious partnership foundation.
A finalized Distribution Agreement was fortified by regulatory endorsements.
The establishment of joint working committees paved the way for seamless collaboration.
The meticulously structured joint operating plan set the trajectory for the partnership’s growth.
Moreover, capability development workshops empowered teams for effective execution and value realisation.
Key Deliverables:
Finalized Distribution Agreement
Regulatory Approvals
Organizational Capabilities Assessment and Recommendations
Governance Structure and Joint Working Committees
Joint Operating Plan for 3-Year Period
Year 1 Detailed Implementation Blueprint
Capability Development Workshops and Alignment