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INTRODUCTION TO BANCASSURANCE
Banc assurance is defined as Selling Insurance products through
Banks. The word is a combination of two words Banc and
assurance signifying that both Banking and Insurance products
and service are provided by one common corporate entity or by
Banking Company with collaboration with any particular
Insurance company. In concrete terms, banc assurance, which is
also known as Allianz - describes a package of financial services
that can fulfill both Banking and Insurance needs at the same
time.
Bancassurance symbolizes the convergence of Banking and
Insurance companies in to a new venture. While bancassurance
has developed into a tremendous success story in Europe, it is a
relatively new concept in Australia and Asia.
This stream of market has just been opened very recently for the
Indian market and there is lot of development left to be done by
the government and the regulatory authority. But this has
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BANCASSURANCE
BANK INSURANCE
FINANCIAL SERVICES
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proved to be a boom for the Insurance and Banking companies
together and both the sectors of the industries have shown better
results and improvement in their own field due coming of the
whole new concept of BANCASSURANCE.
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NEED FOR BANCASSURANCE
Banks are one of the key players in providing financial services.Traditionally, the main business of banks is acceptance of
deposits and lending. However, banks world over have realized
that offering value-added services helps to meet client
expectations.
The banks have now spread its wings far and wide into many
financial activities. Banks today render simple to sophisticated
financial services. Section 6 of the Banking Regulations Act 1949
provides wide scope for the banks to move from the traditional
business.
This has proved a major advantage for the banks because:
Competition in the Personal Financial Services area is
getting `hotin India.
Banks seek to retain customer loyalty by offering them avastly expanded and more sophisticated range of products.
Customers also want a one-stop shop for all their financial
needs. Therefore banks are trying to provide more services and
integrate them into their business model. Bancassurance is one
such initiative. Further the risks involved in doing this business is
very low.
Insurance companies also have a wide range of insurance
products catering to a wide range of needs. For more than a
century, insurance business had been sold through insurance
agents and their supervisors. The functioning of the system was
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not very satisfactory. The LIC inherited this system. Despite
incentives and training programmes, the efforts to make the
agents professional, had not yielded the desired results. Many of
them continued to treat the agency business casually as just a
source of additional income. The banks have skilled staff and the
procurement of insurance can be assigned as a duty to these
staff. This was an opportunity made available after the
regulations of the IRDA.
Bancassurance is beneficial for insurance companies as they
would be helpful in cutting costs and cross-selling apart from the
wider reach of their insurance products.
In a country like India, where the need of insurance is not felt by
customers, insurance companies should try to exploit every
opportunity of selling their insurance products, which
Bancassurance promises.
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EMERGENCE OF BANCASSURANCE - MERGING OF
BANKING AND INSURANCE SECTOR
For many years, in all parts of the world, insurance and banking
businesses were considered to be separate and so, were
regulated separately. The principles of managing the funds were
different in the two businesses. The risk profiles and the capital
needs were different. They had different time horizons while
making investment decisions. Even within the banking business,
development banking was different from merchant banking,
which was again different from commercial retail banking.
The 1970s and 80s saw the barrier (insurance and banking
businesses were seen as being separate) crumbling. The
financial sector was becoming one. There was need for a one-
stop delivery for all financial services. Financial institutions
transacting different businesses began to work together in
strategic alliances or merged into one entity. Banks could offer
insurance policies and insurers could offer banking services.
Thus, with the advent of bancassurance, the long-standing
barriers between the main financial service industries began to
fall and opportunities opened up for banks in cross-selling
insurance and investment products.
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WHY SHOULD BANKS ENTER INSURANCE?
There are several reasons why banks should seriously consider
Bancassurance, the most important of which is increased return
on assets (ROA). One of the best ways to increase ROA,
assuming a constant asset base, is through fee income. Banks
that build fee income can cover more of their operating
expenses, and one way to build fee income is through the sale of
insurance products. Those banks that effectively cross-sell
financial products can leverage their distribution and processing
capabilities for profitable operating expense ratios.
By leveraging their strengths and finding ways to overcome their
weaknesses, banks could change the face of insurance
distribution. Sale of personal line insurance products through
banks meets an important set of consumer needs. Most large
retail banks engender a great deal of trust in broad segments of
consumers, which they can leverage in selling them personal line
insurance products. In addition, a banks branch network allows
the face to face contact that is so important in the sale of
personal insurance.
Another advantage banks have over traditional insurance
distributors is the lower cost per sales lead made possible by
their sizeable, loyal customer base. Banks also enjoy significant
brand awareness within their geographic regions, again providing
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for a lower per-lead cost when advertising through print, radio
and/or television. Banks that make the most of these advantages
are able to penetrate their customer base and markets for above-
average market share.
Other bank strengths are their marketing and processing
capabilities. Banks have extensive experience in marketing to
both existing customers (for retention and cross selling) and non-
customers (for acquisition and awareness). They also have access
to multiple communications channels, such as statement inserts,
direct mail, ATMs, telemarketing, etc. Banks' proficiency in using
technology has resulted in improvements in transaction
processing and customer service.
There is no risk in the business. The only risk is when the chosen
insurer gets into trouble or is poor in service; the customer is
likely to blame the bank for the problem. However, this is a
remote risk.
The benefits of Bancassurance to banks include:
Better customer retention and stronger relationships.
Clear competitive advantage in the rural areas.
Possibility of the insurer's and the applicant's accounts
remaining with the bank is high.
Insurance products can improve the value of the banking
products and services.
Banks are in a better position to offer complete and
integrated financial solutions.
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WHY DO INSURERS TURN TO BANKS?
The insurers turn to banks because of the following main benefits
that the insurer would enjoy:
The market for insurance is very heterogeneous with
customers of different profiles and needs. Therefore, they
have to use multiple channels for distribution so as to
match the different segments. As an additional channel, the
banks have a good match with certain segments of the
market.
Insurance companies get the advantage of the existing
infrastructure of the bank. In India, the public banks have
sixty six thousand branches. Out of these more than thirty
three thousand are in the rural areas and fourteen
thousand are in the semi-urban areas. After nearly forty six
years of existence, the LIC, the biggest life insurer in the
country had, less than two thousand five hundred branchesall over the country including the metro cities. The four
general insurance companies also had a similar number of
branches.
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Access is easily available to a huge client base. The
customers of the banks are similar to the customers for life
or general insurance. Banks have eighteen crores of
accounts which are also a large pool of potential customersfor insurers.
There is a relationship of loyalty and trust between the
bank and its customers which can become a valuable base
for selling insurance. Banks have much more intimate
contacts with their customers than insurers because
o The frequency of contact is more and
o They meet under more pleasant circumstances.
Customers tend to have more trust in banks than in
insurers, with whom their contacts are comparatively
lesser.
There is a complimentary relation between insurance and
banking. Loans are given by banks on security and credit
of persons and assets. Insurance ensures that the security
is not lost.
Banks constitute a readily available, competent, trusted,
educated distribution channel for the insurer.
Particularly for new insurers, the associations with the
banks help them penetrate the markets much faster and italso helps in giving some credibility. They can get some
leverage from the bank's brand image. Banks can leverage
their contacts with commercial clients for developing
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personal lines of insurance which is relatively neglected
particularly in non-life business.
Premium can be paid by debit to the account with the bank.
In comparison with independent agents, employees bound
by the discipline of the banks are easier to monitor and
control.
Over the last decade, life agents have sold fewer and larger
policies to a more upscale client base. Middle-income consumers,
who comprise the bulk of bank customers, get little attention
from most life agents. Most insurers that have tried to penetrate
middle-income markets through alternative channels such as
direct mail, have not done well. Clearly, a change in approach is
necessary. Bancassurance is the answer.
WHAT IS IN STORE FOR THE CUSTOMERS?
The most immediate advantage for customers is that, in
insurance business the question of trust plays a greater role,
especially due to the inbuilt requirement of a long term
relationship between the insurer and the insured. In India, for
decades, customers were used to the monopolistic attitude of
public sector insurance companies and despite there were many
drawbacks in their dealing, they enjoyed customer confidence.
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This trend continues even now mainly due to their Government
ownership. For the customers to move over to private insurance
companies that are collaborated with foreign companies, which
are less known to the Indian public would take little more time.
The void between the less known newer private insurance
companies and the prospective insured could be comfortably
filled by the banks because of their well established and long
cherished relationship. Under these circumstances, any new
insurance products routed through financial super market , the
bancassurance channel would be well received by the customers.
Above all, in the emerging scenario, customers prefer to have a
consolidation and delivery of all financial services at a single
window, because such availability of wide range of financial/
banking services and products relieves the customers from the
painstaking efforts of scouting for a separate dealer for each
service/ product. Even internationally, the trend is towards
the one-stop-shop.
Customers also get a share in the cost savings in the form of
reduced premium rate because of economies of scope, besides
getting better financial counseling at single point.
In the case of developed as well as underdeveloped countries, the
financial literacy and financial counseling has been increasingly
stressed in recent years. These become essential especially when
decision involves long term investments. In India too, there hasbeen emphasis on the importance and necessity for financial
counseling and financial literature. In that context too, the
bankers are better placed in extending such counseling or
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financial advises to the customer because of their well
established long cherished relationship.
The relationship between insurer and insured and bank and its
client are different. Direct dealing by customers with banks
rather than insurance companies bestows them with the following
benefits:
Full range of financial services under one roof
Trading with banks gives a secured feeling to customers
Low transaction costs
More convenience, less hassles
Economies of scale are passed on to customers in the form
of lower costs
Customers can avail of personal counseling and undivided
attention
BASIC BANCASSURANCE MODELS
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b) Corporate Agency
The other form of non-risk participatory distribution channel is
that of corporate agency, wherein the bank staff is trained to
appraise and sell the products to the customers. Here the bankas an institution acts as corporate agent for the insurance
products for a fee/ commission. This seems to be more viable
and appropriate for most of the mid-sized banks in India as also
the rate of commission would be relatively higher than the
referral arrangement. This, however, is prone to reputational risk
of the marketing bank. There are also practical difficulties in the
form of professional knowledge about the insurance products.
Besides, resistance from staff to handle totally new
service/product could not be ruled out. This could, however, be
overcome by intensive training to chosen staff packaged with
proper incentives in the banks coupled with selling of simple
insurance products in the initial stage. This model is best suited
for majority of banks including some major urban cooperative
banks because neither there is sharing of risk nor does it require
huge investment in the form of infrastructure and yet could be a
good source of income. Bajaj Allianz stated to have established a
growth of 325 per cent during April-September 2004, mainly due
to bancassurance strategy and around 40% of its new premiums.
c) Insurance as Fully Integrated Financial Service/ Joint
ventures
Apart from the above two, the fully integrated financial service
involves much more comprehensive and intricate relationship
between insurer and bank, where the bank functions as fully
universal in its operation and selling of insurance products is just
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one more function within. Banks will have a counter within to
sell/market the insurance products as an internal part of its rest
of the activities. This includes banks having wholly owned
insurance subsidiaries with or without foreign participation. In
Indian case, ICICI bank and HDFC banks in private sector and
State Bank of India in the public sector, have already taken a lead
in resorting to this type of bancassurance model and have
acquired sizeable share in the insurance market, also made a big
stride within a short span of time. The great advantage of this
strategy being that the bank could make use of its full potential
to reap the benefit of synergy and therefore the economies of
scope. This may be suitable to relatively larger banks with
sound financials and has better infrastructure. Internationally,
the fully integrated bancassurance have demonstrated superior
performance. Even if the banking company forms as a subsidiary
and insurance company being a holding company, this could be
classified under this category, so long as the bank is selling the
insurance products along side the usual banking services. As per
the extant regulation of insurance sector the foreign insurance
company could enter the Indian insurance market only in the
form of joint venture, therefore, this type of bancassurance
seems to have emerged out of necessity in India to an extent.
There is great scope for further growth both in life and non-life
insurance segments as GOI is reported have been actively
considering to increase the FDIs participation to upto 49 per
cent.
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Traditionally, insurance products have been promoted and sold
principally through agency systems in most countries. With new
developments in consumers behaviours, evolution of technology
and deregulation, new distribution channels have been developed
successfully and rapidly in recent years. Bancassurers make use
of various distribution channels:
- Career Agents
- Special Advisers
- Salaried Agents
- Bank Employees / Platform Banking
- Corporate Agencies and Brokerage Firms
- Direct Response
- Internet
- E-Brokerage
- Outside Lead Generating Techniques
The main characteristics of each of these channels are:
Career Agents:
Career Agents are full-time commissioned sales personnelholding an agency contract. They are generally considered to be
independent contractors. Consequently an insurance company
can exercise control only over the activities of the agent which
are specified in his contract. Despite this limitation on control,
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career agents with suitable training, supervision and motivation
can be highly productive and cost effective. Moreover their level
of customer service is usually very high due to the renewal
commissions, policy persistency bonuses, or other customer
service-related awards paid to them.
Many bancassurers, however avoid this channel, believing that
agents might oversell out of their interest in quantity and not
quality. Such problems with career agents usually arise, not due
to the nature of this channel, but rather due to the use of
improperly designed remuneration and/or incentive packages.
Special Advisers:
Special Advisers are highly trained employees usually belonging
to the insurance partner, who distribute insurance products to the
bank's corporate clients. Banks refer complex insurance
requirements to these advisors. The clients mostly include
affluent population who require personalised and high quality
service. Usually Special advisors are paid on a salary basis and
they receive incentive compensation based on their sales.
Salaried Agents:
Having Salaried Agents has the advantages of them being fully
under the control and supervision of bancassurers. These agents
share the mission and objectives of the bancassurers. Salaried
Agents in bancassurance are similar to their counterparts in
traditional insurance companies and have the same
characteristics as career agents. The only difference in terms of
their remuneration is that they are paid on a salary basis and
career agents receive incentive compensation based on their
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sales. Some bancassurers, concerned at the bad publicity which
they have received as a result of their career agents
concentrating heavily on sales at the expense of customer
service, have changed their sales forces to salaried agent status.
Platform Bankers:
Platform Bankers are bank employees who spot the leads in the
banks and gently suggest the customer to walk over and speak
with appropriate representative within the bank. The platform
banker may be a teller or a personal loan assistant and the
representative being referred to may be a trained bank employee
or a representative from the partner insurance company.
Platform Bankers can usually sell simple products. However, the
time which they can devote to insurance sales is limited, e.g. due
to limited opening hours and to the need to perform other
banking duties. A further restriction on the effectiveness of bankemployees in generating insurance business is that they have a
limited target market, i.e. those customers who actually visit the
branch during the opening hours.
In many set-ups, the bank employees are assisted by the bank's
financial advisers. In both cases, the bank employee establishes
the contact to the client and usually sells the simple product
whilst the more affluent clients are attended by the financial
advisers of the bank which are in a position to sell the more
complex products. The financial advisers either sell in the branch
but some banks have also established mobile sales forces.
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If a banks employees only act as "passive" insurance sales staff
(or do not actively generate leads), then the bancassurers
potential can be severely impeded. However, if bank employees
are used as "active" centres of influence to refer warm leads to
salaried agents, career agents or special advisers, production
volumes can be very high and profitable to bancassurers.
Set-up / Acquisition of agencies or brokerage firms:
In the US, quite a number of banks cooperate with independent
agencies or brokerage firms whilst in Japan or South Korea banks
have founded corporate agencies. The advantage of such
arrangements is the availability of specialists needed for complex
insurance matters and -in the case of brokerage firms - the
opportunity for the bank clients to receive offers not only from
one insurance company but from a variety of companies. In
addition, these sales channels are more conceived to serve the
affluent bank client.
Direct Response:
In this channel no salesperson visits the customer to induce a
sale and no face-to-face contact between consumer and seller
occurs. The consumer purchases products directly from the
bancassurers by responding to the company's advertisement,
mailing or telephone offers. This channel can be used for simple
packaged products which can be easily understood by the
consumer without explanation.
Internet:
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Internet banking is already securely established as an effective
and profitable basis for conducting banking operations. The
reasonable expectation is that personal banking services will
increasingly be delivered by Internet banking. Bancassurers can
also feel confident that Internet banking will also prove an
efficient vehicle for cross selling of insurance savings and
protection products. It seems likely that a growing proportion of
the affluent population, everyone's target market, will find banks
with household name brands and proven skills in e-business a
very acceptable source of non-banking products.
There is now the Internet, which looms large as an effective
source of information for financial product sales. Banks are well
advised to make their new websites as interactive as possible,
providing more than mere standard bank data and current rates.
Functions requiring user input (check ordering, what-if
calculations, and credit and account applications) should be
immediately added with links to the insurer. Such an
arrangement can also provide a vehicle for insurance sales,service and leads.
E-Brokerage:
Banks can open or acquire an e-Brokerage arm and sell insurance
products from multiple insurers. The changed legislative climate
across the world should help migration of bancassurance in this
direction. The advantage of this medium is scale of operation,strong brands, easy distribution and excellent synergy with the
internet capabilities.
Outside Lead Generating Techniques:
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One last method for developing bancassurance eyes involves
"outside" lead generating techniques, such as seminars, direct
mail and statement inserts. Seminars in particular can be very
effective because in a non-threatening atmosphere the insurance
counsellor can make a presentation to a small group of business
people, field questions on the topic, then collect business cards.
Adding this technique to his/her lead generation repertoire, an
insurance counsellor often cannot help but be successful.
To make the overall sales effort pay anticipated benefits, insurers
need to also help their bank partners determine what the hot
buttons will be for attracting the attention of the reader of both
direct and e-mail. Great opportunities await bancassurance
partners today and, in most cases, success or failure depends on
precisely how the process is developed and managed inside each
financial institution. This includes the large regional bank and the
small one-unit community bank.
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India. Banks by and large are resorting to either referral models
or corporate agency to begin with. Banks even offer space in
their own premises to accommodate the insurance staff for
selling the insurance products or giving access to their clients
database for the use of the insurance companies. As number of
banks in India have begun to act as corporate agents to one or
the other insurance company, it is a common sight that banks
canvassing and marketing the insurance products across the
counters. The present IRDAs regulation, however, restricts
bankers to act as a corporate agent on behalf of only one life and
non-life insurance company.
In the case of ICICI-Prudential Life Insurance Company, within
two years of its operations, it could reach more than 25 major
cities in India and as much as 20 per cent of the life insurance
sales are through the bancassurance channel. In the case of ICICI
bank, SBI and HDFC bank insurance companies are subscribers of
their respective holding companies. ICICI bank sells its insurance
products practically at all its major branches, besides it has
bancassurance partnership arrangements with 19 other banks as
also as many as 200 corporate tie-up arrangements. Thus,
among the private insurance companies, ICICI Prudential seems
to exploit the bancassurance potential to the maximum. ICICI
stated that Bank of India has steadily grown the life insurance
segment of its business since its inception. ICICI prudential had
also reported to have entered into similar tie-ups with a number
of RRBs, to reap the potential of rural and semi-urban. In fact, it
is a step in the right direction to tap the vast potential of rural
and semi-urban market. It will not be surprising if other insurance
companies too follow this direction.
Aviva Insurance had reported that it has tie-ups with as many
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as 22 banking companies, which includes private, public sector
and foreign banks to market its products. Similarly, Birla Sun Life
Insurer reported to have tie-up arrangements with 10 leading
banks in the country. A distinct feature of the recent trend in tie-
up arrangements was that a number of cooperative banks have
roped in with bancassurance arrangement. This has added
advantage for insurer as well as the cooperative banks, such as
the banks can increase the non-fund based income without the
risk participation and for the insurers the vast rural and semi-
urban market could be tapped without its own presence.
Bancassurance alone has contributed richly to as much as 45 per
cent of the premium income in individual life segment of Birla
Sun Life Insurer.
Incidentally even the public sector major LIC reported to have
tie-up with 34 banks in the country, it is likely that this could be
the largest number of banks selling single insurance companys
products. Ironically, LIC also has the distinction of being the
oldest and the largest presence of its own in the country. SBI Life
Insurance for instance, is uniquely placed as a pioneer to usher
bancassurance into India. The company has been extensively
utilising the SBI Group as a platform for cross-selling insurance
products along with its numerous banking product packages such
as housing loans, personal loans and credit cards. SBI has
distinct advantage of having access to over 100 million accounts
and which provides it a vibrant and largest customer base to
build insurance selling across every region and economic strata in
the country. In 2004, the company reported to have become
the first company amongst private insurance players to cover 30
lakh lives.
Interestingly, in respect of new (life) business bancassurance
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business channel is even greater than the size of direct business
by the insurers at 2.17 per cent. Even in respect of LIC around
1.25 per cent of the new business is through bancassurance.
Considering the large base, even this constitutes quite sizeable to
begin with in the case of LIC. This speaks for itself the rate at
which the bancassurance becoming an important channel of
distribution of insurance products in India. It is significant to note
that the public sector giant LIC which has branches all over India,
too moving towards making use of bancassurance channel.
It is significant to note that in the Indian case, all those
insurers and banks who have taken the lead in identifying thebancassurance channel, at the early stage, are now reaping the
maximum benefits of deeper existing customer relationship as
also wider coverage of newer customers besides enhancing fee
based income. During 2005-06, as much as 16.87 per cent of
new business were underwritten through banks as corporate
agent channel alone as compared with 6.61% through direct
business. However, banks as referrals taken together has
sizeable chunk of business. This growth was primarily due to the
aggressiveness witnessed in the private life insurance sector and
one of the drivers for this substantial growth is the contribution of
the banking industry.
Yet there is immense scope for further development of
bancassurance in the Indian Financial Market. This is because
only 8% of the total population is currently insured. There is avast untapped market which can be exploited only by
implementing concepts like bancassurance, which is of mutual
benefit to all parties involved.
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SOME IMPORTANT BANCASSURANCE TIEUPS
INSURANCE BANKS
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LIFE
INSURANCE CORPORATION (LIC)
Corporation Bank, Indian Overseas
Banks, Centurion Bank, Satara
District Bank, Cooperative Bank,
Janata Urban Cooperative Bank,
Yeotmal Mahila Sahkari Bank,
Oriental Bank of Commerce.
BIRLA SUN LIFE INSURANCE
Bank of Rajasthan, Andhra Bank,
Bank of Muscat, Development
Credit Bank, Deutsche Bank and
Catholic Syrian Bank.
ICICI PRUDENTIAL
Federal Bank, ICICI Bank, Bank of
India, Punjab & Maharashtra
Cooperative Bank, South India
Bank.
HDFC STANDARD LIFE INSURANCE
CO.
Union Bank of India, Indian Bank,
HDFC Bank.
NATIONAL INSURANCE CO. City Union Bank.
MET LIFE INDIA INSURANCE CO.Karnataka Bank, Dhanalaxmi Bank,
Jammu and Kashmir Bank.
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SBI INSURANCE CO. State Bank of India, BNP Paribas.
BAJAJ ALLIANZ GENERAL
INSURANCE
Karur Vysya Bank, Standard Chartered
Bank, Bank of Punjab.
ROYAL SUNDARAM GENERAL
INSURANCE CO.
Standard Chartered Bank, ABN Amro
Bank, Citibank.
UNITED INDIA INSURANCE CO.Punjab National Bank, Andhra Bank,
South India Bank.
BANCASSURANCE IN INDIA - A SWOT ANALYSIS
In India, as elsewhere, banks are seeing margins decline sharply
in their core lending business. Consequently, banks are looking at
other avenues, including the sale of insurance products, to
augment their income. The sale of insurance products can earn
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banks very significant commissions (particularly for regular
premium products). In addition, one of the major strategic gains
from implementing bancassurance successfully is the
development of a sales culture within the bank. This can be used
by the bank to promote traditional banking products and other
financial services as well. The following exhibit details the
comparative figures of bancassurance deals taken up by various
Indian Insurance companies.
Strengths Huge number of people without life
insurance (91.73 million out of 1 billionhad life insurance in 1999)
Millions of people travelling in and out of
India can be tapped for Overseas
Mediclaim and Travel Insurance policies
200 million households waiting for
householders insurance
Good range of products from LIC/GIC
Good amount of R&D into insurance
Weaknesse
s
Not much IT initiative from leading
insurance players (LIC and GIC)
Higher tax nets for the middle class
No Tax exemptions for products like
householder, travel policies etc
Inflexibility of the productsOpportunit
ies
Banks database can help insurance
companies devise policies
Better IT infrastructure from the banks
side can help integrating
Threats Risks in integrating approach, thinking
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If bancassurance was termed as marriage between banks and
insurance, then the probability of divorces cant be ruled out.
Critics opine that bancassurance is a controversial idea, and it
gives banks too great a control over the financial industry. The
challenge to sustain such alliances could be immensely daunting.
The difference in regulation, not only across countries but
between banks and insurance industry as well, has been cited as
the primary reason. The difference in trade customs, work culture
in these industries is another impediment.
Poor image of public sector banks:
Insurance is a business of solicitation unlike a typical
banking service, it requires great drive to sell/ market the
insurance products. It should, however, be recognized that
bancassurance is not simply about selling insurance but about
changing the mindset of a bank. Moreover, in India since the
majority of the banking sector is in public sector and which has
been widely disparaged for the lethargic attitude and poor quality
of customer service, it needs to refurbish the blemished image.
Else, the bancassurance would be difficult to succeed in these
banks.
Conflict of interest:
There are also glitches in the system of bancassurance
strategy in the form of conflict of interests, as some of the
products offered by the banks, viz., term deposits and other
products which are mainly aimed at long term savings/
investments can be very similar to that of the insurance products.
Banks could as well feel apprehension about the possibility of
substitution effect between its own products and insurance
products and more so, as a number of insurance products in India
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come with an added attraction of tax incentives.
Resistance from bank staff:
As there is a great deal of difference in the approaches of
selling of insurance products and the usual banking services-
thorough understanding of the insurance products by the bank
staff coupled with extra devotion of time on each customer
explaining in detail of each products intricacies is a prerequisite.
Moreover, insurance products have become increasingly complex
over a period of time, due to improvisation over the existing
products as well as due to constant innovation of new products,
emanating from the excessive competition adding to even more
difficulties in comprehension of the products and marketing by
the bank staff. These can result in resistance to change and
leading to problems relating to industrial relations.
Effect on regular banking business:
Unlike, the banking service, there is no guarantee for
insurance products that all efforts that a bank staff spends in
explaining to a customer would clinch the deal due to the very
nature of the insurance products. This frustration of the bank staff
has the danger of spill over effect even on their regular banking
business.
Lack of experience and motivation:
Bankers in India are extremely nave in insurance products as
there were no occasions in the past for the bankers to deal in
insurance products; therefore they require strong motivation of
both monetary and non monetary incentives. This would be more
so in the emerging scenario due to complex innovations in the
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field of insurance / pension products at a rapid pace with the
entry of a number of foreign insurance companies with vast
experience in the developed countries framework.
In view of the above, reorientation of staff in the public sector
banks in particular, to be less bureaucratic and more customer-
friendly would indeed be a challenging task, albeit it is a
prerequisite for the success of bancassurance.
The above outlined problems need not, however, deter the
banking sector to embark on bancassurance as any form of
resistance from the bank employees could be tackled by devising
an appropriate incentive system commensurate with intensive
training to the frontline bank staff.
BANCASSURANCE FUTURE OUTLOOK AND
RECOMMENDATIONS
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The outlook for bancassurance remains positive. While
development in individual markets will continue to depend
heavily on each countrys regulatory and business environment,
bancassurers could profit from the tendency of governments to
privatize health care and pension liabilities. In emerging markets,
new entrants have successfully employed bancassurance to
compete with incumbent companies. Given the current relatively
low bancassurance penetration in emerging markets,
bancassurance will likely see further significant development in
the coming years. We recommend following for sustainable and
inclusive growth in bancassurance alliances.
a. Bancassurance to Banc-sec-urance: A step towards
Universal Banking
Securities business seems an automatic extension to banks and
insurance. This integration will be a step further towards
universal banking and would leverage the efficiencies developed
by alliance of banks and insurance companies. It will be for
customers who want to get a one-stop shop for all financial
products. So the banks should transform themselves to a
wholesome entity. This has to be integrated with the internet
banking and other IT infrastructure, for e.g. customers should be
able to pay insurance premium, margin money on security
transaction via the net-banking facility and the ATM network.
b. Involvement of Co-operative banks:
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Insurance industry has very low penetration rate in India. The
market and scope in rural India is immense and largely untapped.
The insurance companies should actively try to involve co-
operative and regional rural banks amongst their potential
alliances along with the big and multinational banks. These co-
operative banks will have greater reach in villages of rural India
and will also operate at economic cost.
c. Minimize conflicts of interest between the bank and
the insurer:
A formal and standard agreement between these banks and the
insurance companies should be taken up and drafted by a
national regulatory body. These agreements must have
necessary clauses of revenue sharing. In case of possible
conflicts, the bank management and the management of the
insurance company should be able to resolve conflicts amicably.
If they are not solved, there can be an apex body set up by IRDA
to solve these types of issues. This could be done by
Setting up distribution procedures consistent with the
manual systems in most banks.
Establishing credible service level agreements between the
bank and the insurer.
d. Involvement of senior bank management and skill
development at the operating level at bank
branches:
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The bancassurance alliances should be taken up at the top
management level. Such strategic actions require the senior
management support not only during the decision stage but also
at the time of implementation. Their active participation in the
process is very much necessary for the success of such
initiatives. The employee base that would be interacting with the
insurance customers should also be properly trained in order to
equip themselves with the skills required in selling insurance
products. The bank employees would not be aware of these
selling skills if proper training is not given.
e. Bancassurance and pension sector:
Pension sector is at the verge of being deregulated. Once this
sector is deregulated, banks would get the dual benefits of
managing these huge pension funds and the opportunity to sell
mainly health insurance products to these pension sector
customers. Low cost of collecting pension contributions is the
key element in the success of developing the pension sector.
Money transfer costs in Indian banking are low by international
standards. Portability of pension accounts is a vital requirement
which banks can fulfill in a credible framework.
f. Focus on Group insurance schemes:
Considering the behavior of the Indian customers, group
insurance is the way to go about. As joint accounts or individual
accounts of families are very prominent, we will have to sell theseinsurance products to these members of the family as a group.
This would be easier in terms of collection of premiums as 1 or 2
members of the family would be working and linking insurance
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premiums from these savings/ salary accounts would be easier
and hassle-free.
g. Targeting frequent travelers (travel insurance):
In India, though some of the airlines have travel insurance, there
is no income from these frequent travelers. As frequent travelers
are targeted by these airlines by giving concessional fares, banks
can sell them travel insurance at some concessional premiums.
This would be additional revenue to the insurance company as
well.
h. Tie-ups with residential complex builders(householders insurance):
House loans and householders insurance can be linked. Banks
have huge exposures to house loans. Now as far as the
customers are concerned, they would prefer householders
insurance also as a package along with the house loans. The
collection of premiums would also not be a problem. Normally
these customers give post-dated cheques. Therefore premiums
can also be collected in the similar fashion. Some concessions to
the customers can be given like extension of payment period etc.
Insurance in business activities can also be targeted as banks
have considerable exposure to corporate loans.
i. National level healthcare programme:
Banks can play a major role in developing a viable healthcare
programme in India. Only 2.5 million people have access to
healthcare facilities. There is a growing demand for healthcare
products which banks can distribute (and facilitate
administration). Banks would be the best medium to distribute
health insurance plans and create awareness amongst the
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people. The Government of India and its planning commission can
leverage this bancassurance concept to launch a nation wide
healthcare programme.
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LEGAL FRAME WORK OF BANCASSURANCE
Bancassurance in India is a very new concept; technically seeing
the concept if Bancassurance is only one year old to the Indian
Financial market. In India there are different regulatory bodies
for Banks and Insurance Company, for banking sector it is
Reserve Bank of India (RBI) and for insurance sector it is
Insurance Regulatory and Development Authority (IRDA) and
banc assurance is combination of both banking and insurance
sector therefore it comes under the preview of both the
regulatory bodies. Each Regulatory has given out detailed
guidelines and norms for banks getting into insurance sector and
banks have to compulsory follow it to get ahead with banc
assurance business.
Reserve Bank of India guidelines for banks entering intoinsurance sector provide the options for banks to enter in
bancassurance. They are:
1. Net Worth at least of Rs 500 crores.
2. Reasonably low non- performing assets.
3. Made profits continuously during the last three years.
4. Record of satisfactory performance by its subsidiaries, if any,
should be recorded.
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5. Capital to Risk Weighted Ratio of not less than 10%.
The maximum stake a bank can hold in such a joint venture is
50%. The subsidiaries or associates can pick up additional stakes.
Any schedule commercial bank will be permitted to undertake the
insurance business as agent of an insurance company. Such
agency can be established after obtaining prior permission from
the RBI.
The Insurance Regulatory and Development Authority(IRDA) issued guidelines and norms for Insurance companies,
which they have to mandatory follow to enter into
bancassurance business with any banks.
1. Each bank that sells insurance product must have a chief
insurance executive to handle all the insurance activities.
2. All the people involve in selling Insurance product in banks and
insurance companies must compulsory undertake undergo
training from Institution accredited by Insurance Regulatory
and Development Authority (IRDA) and pass examination
conducted by the authority to sell insurance products.
3. Commercial banks, including regional rural banks, co-operative
banks may become agents of just only one insurance
company.
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4.To float a joint venture the bank must comply with the
Reserve Bank of India regulations.
5. In cases where there is a joint venture with a foreign partner,
the contribution of the foreign partner should be restricted to
26%.
Implementing is a key challenge in the India because of many
government restriction and lengthy and complicated
regulatory guidelines to meet by Banks and Insurance
companies.
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FUTURE PROSPECTS
As on date, no major bank or insurance company has moved
away from banc assurance, the outlook remains good. Only a
matter of concern is how the existing players will adjust to the
changing developments ad increasing competition. Though no
model of bancassurance is static, players are adopting different
models suiting their geographies and regulation in place. The
competition in this field is also going to be immense with big
players from both banking and insurance sector eager to
embrace this new concept. Perhaps, the competition will be more
immense when the banking giants venture into insurance by
themselves and convert themselves into one-stop financial
supermarkets. Weather the traditional distribution channel with
the skills or the bancassurance with its reach and support of
trained staff that will be successful in India is difficult to predict.
Considering the global experience, bancassurance may have the
final say even in India.
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SURVEY
A general survey conducted among banks and insurance
companies has brought forth the following facts and figures:
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2009
Business from Bancassurance
-12%
Business from Other
Mediums -88%
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that 'Central Bank lives on people's faith and regards itself as the
people's own bank'.
During the past 95 years of history the Bank has weathered many
storms and faced many challenges. The Bank could successfully
transform every threat into business opportunity and excelled
over its peers in the Banking industry.
Among the Public Sector Banks, Central Bank of India can be truly
described as an All India Bank, due to distribution of its large
network in 27 out of 28 States as also in 4 out of 7 Union
Territories in India. Central Bank of India holds a very prominentplace among the Public Sector Banks on account of its network of
3356 branches and 237 extension counters at various
centers throughout the length and breadth of the country.
In view of its large network of branches as also number of savings
and other innovative services offered, the total customer base of
the Bank at over 25 million account holders is one of the largest
in the banking industry.
About The New India Assurance Company Ltd
Established by Sir Dorab Tata in 1919, New India is the first fully
Indian owned insurance company in India.
New India was a pioneer among the Indian Companies on
various fronts, right from insuring the first domestic airlines in
1946 to satellite insurance in 1980. The latest addition to the
list of firsts is the insurance of the INSAT-2E.
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With a wide range of policies New India has become one of the
largest non-life insurance companies, not only in India, but also
in the Afro-Asian region.
New India, with a Gross Domestic Premium Income of Rs. 4,040
Crores and worldwide premium income of nearly Rs. 5,000
Crores, for the financial year 2003-04 is the undisputed leader
in the Indian General Insurance market. The Company has been
reaffirmed 'A' (Excellent) rating for the 5th consecutive year by
A.M. Best (Europe).
After joining hands.
On 26th May 2004, the Central Bank of India and the New India
Assurance Company Ltd entered into a bancassurance tie-up
keeping with the recent bancassurance boom.
For New India, the tie up with Central Bank of India, one of the
leading commercial banks of the country with a branch network
of 3130 branches spread all over the country comes as a major
boost in increasing its reach. Bancassurance as a distribution
channel is assuming increasing importance for both life and
non-life insurers.
An interview with Mr. B. K. De, Chief Manager of the New
Initiatives Department, of the Central Bank of India
revealed the following:
Benefit to the bank due to bancassurance:
Customers want all services under one roof. Thus, by selling
insurance the bank is able to fulfill customer expectations.
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More customer acquisition. Customers transact with
institutions that render to all their needs rather than go to
different places for different products.
Fee based income of the bank increases by selling
insurance to its customers. That too, this is possible with
minimum efforts.
Commission from bancassurance:
For Long term policies
Initial premium is 25% & trail premium is 5-7.5%
For Short term policies
Initial premium is10% & trail premium is 5-7.5%
For Ulip linked policies
There is a one-time premium of approximately 2%
Role of bank in bancassurance tie-ups:
Banks act as the mediator between the customer and the
insurance company. Since customers know the bank better,
therefore they are more convinced when an insurance product is
recommended by the bank. In case of simple products, the bankstaff themselves do the marketing of insurance products. In case
of complex products, the insurance companys personnel
accompany the bank staff for selling the product.
Earnings through the bancassurance channel:
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In terms of %
2-3% of total income
10% of fee based income
Staff under bancassurance:
Dedicated sales force 400
Usage of Cross selling to boost sales of insuranceproducts:
Cross selling is done through counters. Eg: when a customer
opens an account, he is recommended to buy an insurance
policy. However, there is no compulsion. The motto is Come to
the bank, take all products
Benefit to Insurance company according to banks:
The insurance company is readily provided with a larger
market. This can in turn be converted to quick customers.
The insurance company does not need to find customers. It
gets ready customer base and greater reach to customers.
Customers reaction:
After initial reluctance, customers welcome the change. Bank is a
known establishment and a safe place for customers. Thus
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customers can avail of all services in a convenient and hassle-
free manner without additional transaction charges.
Anticipated future of bancassurance:
As of now multiple tie- ups are not allowed by IRDA. One bank
can enter into a bancassurance partnership with only one life
insurance company and one non-life insurance company. This
door should be opened to give way to more competition. Also,
banks should be enabled to own insurance business rather than
tie-up with third party. Increasing awareness about theimportance of insurance has had a positive influence on
bancassurance. Overall bancassurance has generated a positive
review.
This information familiarizes us with bancassurance aspects from
the perspective of the banking partner. But it is also important to
understand this concept from the point of view of the insurance
company.
An interview with Mr. Jyoti Kumar Garg, Chief Manager of the Indian
Business Department and Brokers Relationship, of The New India Assurance
Company Limited revealed the following:
Benefits of Bancassurance to Insurance Company:
Insurance company has to put in lesser efforts to procure premium. Banks provide
them with bulk quality premium. Also they acquire wide reach i.e. market
penetration, which is very important.
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Moreover, less manpower is required since banks handle a part of the business in
return of commission paid to them.
Percentage of commission paid to banks:
Percentage of commission paid to banks depends upon the insurance scheme.
However, it varies between 5- 15%.
Role of Banks in Bancassurance Tie-ups:
Banks pass on the business that emanates to insurance companies. They play the
role of facilitators, agents to the insurance companies. This in turn results in
convenience for both parties.
Percentage of business generated through Bancassurance channels:
About 7-8% of total insurance business
Profit generated through Bancassurance:
About 15-20% of the profit generated through insurance business
Customers' reaction:
Customers are happy. For them there is no need to search, select, and evaluate an
insurance provider as automatic insurance is made available to them on the banks
counter.
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Thus, they can avail of insurance facilities without any problems and hassles.
Anticipated future of Bancassurance:
Future of this concept is very good. Currently 30-40% European insurance
business is through bancassurance. In India this percentage is about 10%.
However, it is expected to rise to about 15-20% in the near future.
Bancassurance is a strong channel and is definitely come here to stay.
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CASE STUDY
Max New York Life Insurance Company Ltd Enters into
Bancassurance Partnership with New India Co-operative
Bank Ltd.
About New India Co-operative Bank Ltd
New India Co-Operative Bank Ltd was established in 1967 with a
share capital of Rs.100, 720 for serving the needs of self-
employed persons like taxi/transport operators, small business
persons and professionals. Over the years, it has carved a niche
for itself as Common Mans Bank. In 1990, it became a
scheduled bank and on in 1999 attained multi-state status. The
banks net-worth has increased over the years to reach Rs.
124.30 crore at the end of March this year. The banks deposits
stand at Rs. 620.73 crore and advances at Rs. 225.62 crore. It
has 20 branches spread over in the states of Maharashtra and
Gujarat. The bank has strong financials with CRAR of 42.59% and
net NPA of zero.
About Max New York Life
Max New York Life, a joint venture between Max India Ltd. and
New York life, a Fortune 100 company, is one of Indias leading
private life insurance companies. The company offers both
individual and group life insurance solutions. It has established a
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wide distribution network with 48 offices and representatives
across 34 cities in India. Through its wide network of highly
competent life insurance Agent Advisors and flexible product
solutions, Max New York Life is creating partnership for life with
its customersin India.
After joining hands.
On, April 20, 2005, Max New York Life, one of Indias leading life
insurance companies and New India Cooperative Bank Ltd, which
prides itself in being a common mans bank, today entered into a
banc assurance partnership. The bank now offers Max New York
Lifes products across its 20 branches spread over Maharashtra
and Gujarat.
This alliance enables Max New York Life to reach its customized
life insurance solutions to more than 2,80,000 customers of New
India Cooperative Bank.
Max New York Life Insurance offers a suite of flexible products in
this banc assurance alliance. It has 14 base products and nine
riders that can be customized to over 400 combinations enabling
customers to choose the policy that best fits their needs. The
banc assurance alliance with New India Cooperative Bank further
strengthens the geographical reach of Max New York Life, which
has to date sold over 446,000 policies with over Rs 15,200 crore
in sum assured.
Speaking after signing the agreement, Mr. Ranjit Bhanu,
Chairman of the New India Cooperative Bank, said, In Max New
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York Life we have found a partner who shares our vision to
provide high quality service to customers. Today all cooperative
banks are facing competition and they need to look at their
strategies to stay competitive. They need to find new avenues of
income generation. Through this alliance with Max New York Life
we will be able to offer customized life insurance products, which
will help us, cater better to our customers and will therefore help
us grow and succeed.
Speaking on the alliance, Rajesh Sud, Director Agency, Banc
assurance and Direct Sales, Max New York Life said: This alliance
is in line with our commitment to bring the true value of life
insurance to a larger cross section of people. Life insurance is a
contract of trust and this trust-based relationship is strengthened
by the intermediary be it an agent or an institution, who plays a
key role in the sales process. Recognizing this customer need, we
have focused our strategy on collaborating with financial
institutions based on the strength of its customer relationships.
We believe that institutions such as cooperative banks, giventheir geographical focus, have very strong customer relationships
and provide an excellent opportunity for Max New York Life to
expand its presence in the states of Maharashtra and Gujarat.
Both the above case studies show the positive impact that
bancassurance has had on both the banks as well as on the
insurance companies returns. In both cases, implementation of
bancassurance has proved beneficial to both parties as well as
their clients.
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CONCLUDING REMARKS
The success of bancassurance greatly hinges on banks ensuring
excellent customers relationship; therefore banks need to strive
towards that direction. A changing mindset is cascading through
the banking sector in India and this would be a right time for
banks to resorting to bancassurance. The fact that the banking
operations in India, unlike in other developed countries, are still
branch oriented and manually operated vis--vis highly
mechanized and automated banking channels, viz., internet
banking, ATMs, etc. are all the more conducive for flourishing of
bancassurance. Regulators could explore the possibility of
allowing banks having tie-up arrangements with more than one
insurance company, giving wider choice for the customers. The
rural and socially disadvantaged sectors are very difficult to
service. They are scattered geographically in small indigenous
social groups. It is very difficult to identify their need and design
products that are viable as well as acceptable to these segments.
The coming together of banks and insurance can provide
substantial synergy here.
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Going by the present pace, bancassurance would turn out to be a
norm rather than an exception in future in India. Supervisory
concerns as pointed out earlier could best be tackled by way of
closer and systematized coordination between the respective
supervisory authorities. There needs to be a clear cut
identification of activities between banking and insurance at the
institutions level as also at the level of regulators. Adequate
training coupled with sufficient incentive system could avert the
banks staff resistance if any. In sum, bancassurance strategy
would be a win-win situation for all the parties involved - the
customer, the insurance companies and the banks.
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Thus, the selected hypothesis BANASSURANCE IS A BOON TO
BANKS AS WELL AS INSURANCE COMPANIES is completely
validated through the above information, interview and survey.
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BIBLIOGRAPHY & WIBLIOGRAPHY
Books:
Recent Trends in Insurance Sector in India
By K.Ravichandran
Bancassurance
By Nadege Gentay & Philip Molyneux
Indian Banking Emerging Issues
By Kasturi Rao & Yash Paul
Banking in New Millennium
By N. Rajashekhar
Life Insurance (Insurance Institute of India)
By S. Balachandran
Websites:
- www.banknetindia.com
- www.insuremagic.com
- www.insuranceprofessional.com
- www.worldinsurancebazar.com
- www.indiainfiline.com
- www.moneycontrol.com
- www.financialexpress.com
- www.icfai.org
- www.guruji.com
- www.watsonwyatt.com
- www.businessworld.com
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