Banking Term: Bancassurance
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.