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: -What is Bancassurance Model? Bancassurance is the insurance distribution model where insurance carriers and banks join forces to sell insurance products to consumers.

Detailed explanation-4: -Bancassurance refers to an agreement between a bank and an insurance company. In bancassurance, the insurance company can use the bank’s distribution channels to sell products. Banks, in return, receive a certain fee from the insurance company.

Detailed explanation-5: -Bancassurance Models They offer more than one company’s product. Insurance companies pay commissions to the bank like management fees, etc. Strategic Alliance Model – In this model, there is a linkup between the insurance company and the bank.