Growing Role of Bancassurance in Banking Sector

Abstract

The growing global insurance industry has brought new channels of distribution into existence, leading to a new concept called Bancassurance. Nowadays banks have started increasing their business to securities and insurance and other sectors by adding new range of products. Bancassurance, one such concept, has gained recognition in the recent years. The growth of bancassurance depends on how well banks and insurance companies are able to conquer the operational challenges that are frequently thrown at them. Banks aims at a comprehensive Bancassurance Management with Core Banking platform ie; ease of premium payments using Auto Debit Cards, Net Banking, collection agencies etc. The present empirical based study was conducted with an objective to examine the recent trends of bancussurance and to analyse the marketing and distribution channel of insurance, its impact on insurers, customers and banking sector and also to examine the issues and problems of bancussurance. The study was based on both primary and secondary data. The area of study is confined only to selected banks of Trissur district .The collected data is analyzed and interpreted by applying various statistical tools and techniques. It is presented in the form of tables, pie diagram and bar diagrams .The research findings will be useful for all the three segments including banks, insurers and customers. The paper concludes that there is a bright future for bancassurance in the Indian insurance market.