Bancassurance is an emerging trend as banks are now focusing on remodeling their strategies to integrate insurance policies into their traditional workflow. The younger population today have realized the ease of accessing one-stop solution for all their queries and problems. This new nature of the customers has in turn benefitted the banking organizations to foster their growth in this attractive area.
The rise in digitization has further propelled the development of online banking systems that have further enhanced the working of their conventional offline-ecosystem. Digitization has deployed enormous opportunities making them realize that the sky is the limit to innovation and creativity. Insurers are now keen on impelling customer-centric products that are well-suiting to them and create tailored products for specific groups of consumers. This concept is still in its nascent stage and no major development has been yet made to revolutionize the banking and financial sector. Some of the major players have realized the trends and benefits of incorporating Bancassurance, and are also striving to capitalize on the growing demand and expand their reach in the global market.
Bancassurance to be bought, and not SOLD!
Bancassurance has targeted mass segments as they have acquired greater opportunities especially for life-insurance products especially in emerging markets like India and China. The comprehensive advisory services that Bancassurance offers, has offered the amalgamation of banking and insurance services under one roof. This is majorly attracting the millennials who are more inclined towards gaining customized packages in a more cost-effective manner.