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The Economics and Finance Letters

April 2014, Volume 1, 4, pp 104-113

Bancassurance - Growth Guaranteed in India

Anisa Jan

,

Hasnan Baber

Anisa Jan 1
Hasnan Baber 2


  1. Head of Department, School of Business Studies, Islamic University of Science and Technology, India 1

  2. Assistant Professor, School of Business Studies, Islamic University of Science and Technology, India 2

on Google Scholar
on PubMed

Pages: 104-113

DOI: 10.18488/journal.29/2014.1.4/29.4.104.113

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Abstract:

The life insurance industry in India is and has been growing at a rapid rate since opening up of the sector in 2000. The size of the country, an assorted set of people pooled with problems of connectivity in rural areas, makes insurance selling in India a very difficult task. Life insurance companies require vast circulation strength and incredible human resource to come out to such a huge customer base. This delivery will undergo a sea transformation as various insurance companies are trying to bring insurance products into the lives of the common man by making them available at the most critical financial point, the local bank branch, through Bancassurance. Simply put, bancassurance is the method through which insurance products are sold to customers at their local banks.
Contribution/ Originality
This study contributes in the existing literature by looking at insurance product when get sold at critical financial point i.e bank. It highlights the potential growth of bancassurance in India with vast population and only small percent market of insurance is tapped so far. This paper will find the motivation of banks to sell insurance products through their own channels. 

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