Our unique bank-insurance model

An important feature of our position in Belgium is the unique cooperation between our bank branches and insurance agencies in micro markets. The branches focus on bank and standard insurance products, and refer clients to the insurance agency in the same micro market for other insurance products. The insurance agencies sell the full range of insurance products and handle all claims, including those relating to policies taken out at a bank branch. Working together like this enables us to deliver a comprehensive product offering to our clients that is aligned with their needs.

We intend to gradually strengthen our bank-insurance model in a cost-effective manner in all our core markets. The roll-out of this model will occur in several phases in our various core markets. 

The unique cooperation and interaction between our bank and insurance business, and our broad range of distribution channels (e.g. tied agents, bank branches, contact centers, websites, mobile apps, …) help us to better understand our clients and, as a result, to offer more complete and relevant solutions to our clients. Therefore, developing our bank insurance model is a powerful way to become the reference in client-centricity and to secure long term growth.


How we offer our clients an unique bank-insurance experience

Our unique bank-insurance model is a vehicle towards customer centricity

We put our client first. We want to provide them with financial security by offering them a full range of bank and insurance products and services (incl. advice) tailored to their needs. Bank-insurance enables us to realise this customer centricity since it enables an ‘integrated’ offer and advice based on ‘grouped’ needs of the client (e.g. payment comfort, housing and mobility or savings and investments)

Our seamless, full integration customer centric model is aimed at offering our clients convenience

Our customers expect a seamless service: we therefore work on integrating all our channels (branches and agencies, contact center and a wide range of digital tools such as ATMs, the website, the home banking application and mobile apps). Being both a bank and an insurer, we can go all the way through this integration and seamless service. The optimal channel mix – for both banking and insurance – is defined locally, is driven by client needs and depends on the maturity level of bank and insurer together. The pace of integration efforts is therefore defined locally.


Continued focus on Open Banking & Insurance results via Bank-insurance+

In recent years, more and more customers have become acquainted with KBC's mobile applications. Previously, KBC only offered the bank and insurance products and services in its mobile app to its own customers. Meanwhile, Open Banking & Insurance (OBI) has become a fact. KBC will continue along this route and also offer non-financial solutions that should benefit the financial well-being of retail/private customers or the future of corporate customers, not only in Belgium but also in its other core countries. 
Besides offering traditional bank-insurance solutions (loans, insurance, investments, payments) to its Retail, SME and Corporate customer segments, KBC will also provide less traditional but often-used solutions. The '+' in 'Bank-insurance +' refers precisely to the broader 'economic services' KBC is offering.
These may include solutions that help customers:

  • save money: advising them to switch to a cheaper energy supplier, for instance
  • make money, such as the KBC Deals discounts offered in Belgium
  • simplify everyday payments, like the ability to pay for parking automatically
  • support business activities, such as the BrightAnalytics reporting tool 

KBC will, of course, do this with full respect for the protection of customers' data and privacy.

We monitor our bank-insurance success

We monitor our bank-insurance success via a number of Key Performance Indicators (KPIs), the most important of which are listed in the table below.

KPI What? Guidance
% bank-insurance (BI) customers
  • BI customers: holding at least 1 bank + 1 insurance product from our group
  • stable BI customers:  holding at least 2 bank + 2 insurance products from our group (for: Belgium: 3 + 3)
  • ≥ 83% of active customers
    to be ‘BI customers’ by end 2026
  • ≥ 29% of active customers
     to be ‘stable BI customers’ by end 2026


Last update: 09-02-2024