Many insurers/reinsurers are looking offshore for growth opportunities as the domestic markets become "saturated". The usual means of growing offshore is by way of setting up offshore insurance operations. Whilst this is good and effective, it requires a major capital investment and confidence in achieving critical mass in terms of volume of business quickly. We believe an intermediate step for any Insurer is to grow offshore via reinsurance. This approach is being taken by several International Insurers and domestic Insurer across Asia.
Passion Global could provide our marketing services and distribution consultancy to insurers/reinsurers to promote their expertise and services offshore to affinity groups, overseas insurers, and offshore banks.
This could range from identifying specific opportunities for growth to finding the right long-term alternative distribution partners (e.g. bancassurance and affinity group partners) which would require the development of a business plan, distribution strategy, and a full suite of products for each channel of distribution.
For non-insurance organizations (namely affinity groups like banks, telco companies, cooperatives), Passion Global can customize innovative insurance products - even those only available in the more sophisticated offshore insurance markets - for these organizations to differentiate itself from the competition, and yet build a potential source of fee income in the distribution of packaged insurance solutions.