Insurance: Bridging Different Worlds

Financial services industry expands its sales horizons

As growth through traditional sales channels loses steam, insurance companies and banks are tapping into new distribution channels outside their industry. For example, banks in the United Kingdom have been partnering with retailers such as Tesco and Marks & Spencer to offer financial services.

Now banks and financial services firms in other countries are beginning to build similar partnerships—with some hesitation, however, given the number of failed partnerships in recent years. Still, our research and experience suggests that successful partnerships between retailers and financial services firms are neither myth nor chance.