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Is the selling of insurance by banks a threat for insurers?
Bankassurance is not at all a threat to Insurance Companies. Rather they are joining hands with them to tap their existing clientele base. Though direct contact by Agents is more , banks have of late showing inclination in selling insurance products for mutual benefits.
Why banks are selling insurance products?
To make money of course. Taking out insurance is a sensible precaution. If you are going to do it then the banks would much prefer that they make money out of it than some other organisation.
Why banks have tied up with various insurance companies?
Because they can make a profit by selling those insurance products to you. If they sell insurance products, the insurance company pays them a commission. Also, in most cases, the insurance company they are tied to is a subsidiary of the parent bank and hence it is easy advertisement and publicity for their own sister concern.
What describes the purpose of Federal Deposit Insurance Coporation?
to ensure that banks do not fail during an economic crisis
How can you motivate the Banks Sales Team to sell insurance more?
Give the sales team an incentive to sell more insurance products. If they get paid more to sell insurance, then they will sell more insurance.
What was the primary purpose of the federal deposit insurance corporation?
To insure the solvency of banks. The FDIC, like any insurance guarantor doesn't want to pay large claims.
What are the Advatages for banks and insurance company by bancassurance?
Bankassurance works both way. It can be an additional service/product of the bank which can be offered to their clients. Through this, banks will have the opportunity to make an additional profit and at the same time it can help their client to manage their money in the right way, of course with the help of the insurance provider. On the otherhand, insurance company will also have the opportunity to increase their distribution channel to sell insurance product directly to their target market. Advantages: 1. Exposure for both insurance company and banks 2. Direct Selling for the insurance company through banks 3. Additional distribution channel for the insuraance company 4. additional income for the banks
Which statement best explains the purpose of the Federal Deposit Insurance Commission (FDIC)?
to ensure that banks do not fail during an economic crisis
Do most banks offer the same products and services to their customers?
In general banks lend money and pay interest on savings. The large banks often are in insurance and fiancial planning as well, thus some banks do more than normal banking activities.
What five services that a bank supply?
banks accept deposits,grant loans,sell insurance products,sell investment products like mutual funds and provide safe deposit lockers and vaults.
What is a bancassurer?
A bancassurer is an organization operating a bancassurance scheme.
What is an under writer?
Underwriting refers to a process that is offered by banks and investment houses. Underwriting is the process that assesses if a customer is eligible for products, including a mortgage or insurance.
