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Bank-assurance is a partnership between a bank and an insurance company that allows the bank to sell insurance products to its customers. This arrangement benefits both parties: banks can diversify their services and generate additional revenue, while insurance companies gain access to a broader customer base. Bank-assurance typically offers a range of insurance products, including life, health, and property insurance, often at competitive rates. This integrated approach enhances customer convenience by providing financial and insurance solutions in one place.
What else can I help you with?
What word means business that provides a service such as banking insurance or transport insted of making goods?
The service of banking insurance in brief is called bankassurance. There is no specific one word terminology for transport service as far as my knowledge stretches.
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.
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
