Launch of a new bancassurance
operation in Poland
The first French Bank owns in Poland, the leader in Consumer Credit. It is interested in launching an Insurance Operation to optimise its Banking presence in the country and to partake in the evolution of the Polish insurance market
In this context, the Bank asked INOV Finance to:
– evaluate the potential of such ambition
– built a business plan
– conduct local negotiations to launch a Polish Bancassurance business
To conduct this one year project, INOV Finance worked with a mixed team composed of INOV Consultants (leader of the project) and employees of the Bank.
– Defined the potential of the Polish Bank of the Group to distribute Life Insurance Products and the potential of other possible partners (Other Banks) to sell as well these products
– Wrote the complete Business Plan including the design of the company, its structure and organization, the legal options (FoS, S.A. or Freedom of Establishment), the description of the products and the Financial Projections
– Negotiated the conditions with the different partners to be included in the launch of the operation (legal and actuarial advisers to obtain the licence, TPA for the claims handling…)
– Coordinated the transition from project phase to operational by participating in the recruiting of the CEO of the Company.
Today this company is a relevant player of the Polish Insurance Market. INOV Finance participated in other projects (market research on innovative products, implementation of local back office to handle business insured in Ireland…)