Bancassurance: Emerging prospects and issues in India
Dr. Rakesh Kumar
Globally the business of banking is changing due to Development of new technologies. Global financial markets, banking operations worldwide and diversification of activities. Bancassurance plays a major role in worldwide insurance and dominates several major European markets The business model tends to impact all aspects of the bancassurance activity including the company structure, sales and marketing, product design, and sales remuneration by selling of insurance products by banks, Bancassurance has tended to see a gradual evolution in the products offered from protection business closely related to the banks lending activity to general savings business and finally to a wider range of protection products. This paper aims to review the Bancassurance potential in India, its model, benefits to Customers, Banks and Insurer and Challenges and emerging trends in India and some other related issues.