BANKING AFFAIRS

Detailed explanation-1: -Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank’s client base. This partnership arrangement can be profitable for both companies.

Detailed explanation-2: -Definition: Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company’s insurance products to its clients.

Detailed explanation-3: -Bancassurance is a term which means selling of insurance products through banks. Various banks and insurance companies enter into a partnership and the banks then sells the company’s insurance products to its clients.

Detailed explanation-4: -Bancassurance is known to involve lower costs for the insurers than traditional distribution channels. One of the main advantages offered by the bank distribution of insurance products relative to other channels is customer relationships.

Detailed explanation-5: -Bancassurance is the insurance distribution model where insurance carriers and banks join forces to sell insurance products to consumers.