GBA is a full third-party administration services provider specializing in the sale and administration of insurance products (Start to End/Pre and Post sales) through Bank Branches or similar Distribution networks. GBA will bring together Banks and contracted to SLIC to implement Bancassurance Sales Operations.
FAQs about GBA.
Provide the only channel through which a Bank can sell the most popular life insurance product in Pakistan and substantial income.
GBA Brings the market leaders on a single platform i.e., Insurer(s), Sidat Hyder Morshed Associates for technology solutions and GBA.
Last year Banks in Pakistan sold Life Insurance through Bancassurance and had risk-free earnings of over 12 Billion. Bancassurance has the potential to equal 45% of the total fee income of a Bank.
With the downturn in Equity Markets, Real Estate worldwide and in particular Pakistan investment into insurance products is expected to increase. This will create stickiness for existing clients and will become a source of attraction for new ones.
Existing clients will be serviced for all their financial needs under one roof, this will cement the relationship as Insurance typically, is a long-term relationship. Client relationship management has become a key strategy. To build and maintain client relationships, banks and insurers are forming partnerships to provide their clients with a wide range of Bank and insurance products from one source. It is believed that as the number of products that a customer purchases from an organization increases the chance of losing that specific customer to a competitor decrease.
There are none, it is a risk-free insurance product that the banks sell through its existing setup.
Nothing succeeds like success. Once the product is up and running and income starts accruing it tends to invigorate the staff within the Bank to achieve greater results. It has a positive effect on the sales efforts of a Bank and creates long-lasting relationships with the Customers.
Our Core Activities
Third-party management of Life Insurance Operations via advanced internet Point of Sale application, fully integrated underwriting and back-office system.
Appointed by Largest Insurer in Pakistan to setup and administer its Bancassurance Operations.
GBA primarily deals with Banks and life insurance Companies.
Establishing relationships and tripartite agreements between Banks and Life insurance Companies for provision of Bancassurance.
GBA Services and Overview
GBA Services was found with the vision of producing innovative and affordable solutions to enable banks and insurers to promote the distribution of Life Insurance/Takaful products through Bancassurance.
To be the leading provider of superior, secure, and swift services to the Bancassurance Segment of the Banking and Life Insurance/Takaful Industry in Pakistan and the region.
To realize our Vision we will continually communicate, with, and learn from our customers, in order to improve our products and services. We will keep abreast with technology, no matter how quickly it moves, to ensure our customers always have the best services.