Consumers
Market leader in corporate insurance
48 Rabobank Group Annual Report 2005
Core activities: insurance
The local Rabobanks distinguish two client types in the consumer market:
private banking clients (invested capital or income EUR 80,000) and
private individuals. The latter require standard products with operational
excellence - fast, easy and good service - as an important distinguishing
factor. Private banking clients have more specific needs, where quality
and special expertise play an important part. The local Rabobanks adjust
their distribution policy in order to be able to respond to clients' specific
individual requirements. For example, clients can buy standard insurance
products via the Internet or by telephone, whereas they can turn to the
insurance advisers at the local Rabobanks for more complex, personal
finance related products. An important target for the coming years is to
increase the percentage of clients with several insurance policies in their
package. Currently, over 25% of private banking clients have taken out
more than one insurance policy via the local Rabobanks. Among private
clients, this is 12%.
In 2005, Rabobank was the largest corporate insurance broker (excluding
pensions), with a market share of 11%. Compared with competing large
banks, its market share is as high as 59%. Nevertheless, Rabobank sees
ample scope for further substantial growth in the corporate market, e.g.
combining banking and insurance products further. For that reason, a
policy for the corporate insurance market was developed in 2005, resul
ting in measures in the areas of product range, sales support, back office
processes and IT. In addition, initiatives were developed with the aim of
achieving a better market position in the field of pensions as well.
