Banking Term: Bancassurance

Find important banking term that is useful in upcoming banking exam.

Updated: Feb 24, 2015 15:31 IST

Banks are now selling different financial products to enlarge their scope of activities and also to increase their earning capacity.
Selling of insurance products across bank counters describes the term bancassurance.
Banks are favourably placed because of their large customer base and the trust of their clients.
Insurance companies want to utilize this largely captive customer's poul of banks and, their close understanding of the each customer s financial needs.
Banks are paid fees by the insurance companies for selling their policies.