How Banking and Insurance Go Together

For many years the banking industry has been looking to diversify their current banking business by moving into what they see as the booming general insurance business. A synergy between banking and general insurance organisations is a given these days because retail banks are offering insurance services & products to increase their non-interest incomes while insurance companies are offering banking services & products. Financial institutions are therefore competing against each other and only the best solution providers will achieve the edge that banks and general insurance systems are striving for.



So, for a bank that is considering moving into the general insurance market, there are two main choices:

• they can partner with an existing insurance company



• or go it alone.

If they decide to go it alone they need a system that will cater for this two-way synergy. They need a system that is comprehensive and based on a highly flexible technology suited for any financial organisation’s insurance solution. They should look for a system that has a feature rich underlying architecture and that is component-based system so that they can customise the solution to fit their front office and back office requirements.



Banking organisations that want to sell insurance under this business model will need a tried and trusted technology that will empower them to write general insurance in a profitable way. They will need a system that allows them to:

• sell banking insurance products via the traditional, direct, broking or online insurance models



• supports complex banking insurance products using sophisticated, localised CRM, policy administration, automated product definition, rules engine, workflow, claims processing and technical accounting modules



• utilises an advanced two way communication module for optimal communication with clients



• provides scalable online banking insurance services and transactions immediately & easily



• exploits existing customer networks & loyalty to leverage new insurance products and cross sell



• has the flexibility to respond to changing  regulatory and market conditions

Many leading financial service companies now offer retail banking services and general insurance products and services. In order to service their customers they need to ensure they have the right general insurance systems in place to enable them to manage this business profitably.



JMR Consulting UK Ltd and IDIT IDI Technologies are working together to bring the IDIT general insurance software solution to the UK Market.  To find out more about the IDIT solution, please get in touch by using the contact form,  sending an email to info@jmruk.com or calling us on 0845 052 0900.

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