Bancassurance

MANAGEMENT OF INSURANCE BUSINESS BANCASSURANCE TERM PAPER 12/16/2009 Submitted to: Submitted by: Prof. ABHIJIT ROY DEVRAJ ROY (015) ? What is Bancassurance? The fix Insurance Model (BIM), also sometimes cognise as Bancassurance, is the term social functiond to describe the partnership or relationship between a bank and an policy party whereby the insurance policy society uses the bank sales agreements channel in order to sell insurance carrefours. BIM allows the insurance company to exercise smaller direct sales teams as their products are exchange through the bank to bank customers by bank staff. Bank staff and tellers, rather than an insurance salesperson, become the point of sale/point of contact for the customer. Bank staff are rede and supported by the insurance company through product information, marketing campaigns and sales training. Both the bank and insurance company share the commission. Insurance policies are processed and administered by the insurance company.

BIM differs from Classic or Traditional Insurance Model (TIM) in that TIM insurance companies tend to have larger insurance sales teams and generally work with brokers and third party agents. An additional approach, the hybrid Insurance Model (HIM), is a mix between BIM and TIM. HIM insurance companies may have a sales force, may use brokers and agents and may have a partnership with a bank. BIM is highly popular in European countries such as Spain, France and Austria. The physical exertion of the term picked up as banks and insurance companies merged and banks desire to provide insurance, especially in markets that have been liberalised recently. It is a contentious idea, and many feel it gives banks too great a obtain over the financial industry or creates too such(prenominal) competition with existing insurers. Why Bancassurance in India? The management of the new... If you compulsion to get a full essay, order it on our website: Orderessay

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