Bancassurance bid assessment

Crafting Strategic ExcellenceA Comprehensive Evaluation of Distribution Partnership Proposals

Client, a prominent bank, initiated an open Request for Proposal (RFP) inviting licensed Life Insurance companies for a long-term exclusive distribution partnership.

Magi was engaged to provide consulting services to thoroughly assess and evaluate the received proposals, aiding the bank’s informed decision-making process. Magi’s role encompassed a holistic benchmarking of each proposal, ensuring the bank’s selection of a fitting partner.

Bancassurance bis assessment

Comprehensive Benchmarking:

The challenge was to effectively evaluate and compare diverse proposals from multiple insurance companies, accounting for their financial, operational, and risk aspects.

Review and Assessment of RFP Responses

  • Thoroughly reviewed and assessed shortlisted proposals, considering financial, execution, risk, and experience factors.
  • Developed a comprehensive assessment methodology, incorporating a detailed evaluation process.
  • Organised and participated in business planning and capability review meetings with the Insurance companies. This included visiting Insurance company offices together with Bank team to evaluate capabilities including product development, customer services, underwriting, claims, digital platforms and data analytics.
  • Engaged in reviews of proposals, clarifying queries, and identifying potential areas of concern.

Magi’s diligent evaluation culminated in well-informed recommendations for the bank’s decision-making process. The bank was well-equipped to select suitable partners for the distribution partnership, taking into account financial viability, operational efficiency, risk assessment, and past experience.

Key Deliverables

Comprehensive assessment reports for each shortlisted proposal.

Evaluation matrix detailing the relative strengths and weaknesses of each proposal.

Inputs and suggestions for the distribution agreement negotiation process.

An informed recommendation for partner selection.

Magi’s systematic approach provided the bank with a clear understanding of each proposal’s merits, ensuring a robust decision-making process that aligned with the bank’s strategic goals.

Looking for expert advisory?

Unlock the Power of Strategic Evaluation and Partnership Selection with Magi.

Looking for expert advisory?

Unlock the Power of Strategic Evaluation and Partnership Selection with Magi.