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Bancassuarance in India - Issues & Challenges

Bancassurance in its simplest form is the distribution of insurance products through a bank's distribution channels. The broad philosophy behind Bancassurance is to combine the manufacturing capabilities and selling culture of insurance companies with the distribution network and large client base of banks. In a typical Bancassurance model, the consumer will have access to a wider product mix - a rather comprehensive financial services package, encompassing banking and insurance products. Bancassurance not only enables the insurance companies to access thus far untapped markets, but also facilitates banks earn handsome fee based income Bancassurance is evolutionary and there are many models adopted around the globe. Each model has its own advantages and disadvantages. The good model is one that optimally leverages the strengths of the partners across the activity chain. In India, the signs of initial success are already there despite the fact that it is completely a new phenomenon. The success of Bancassurance depends on how the social and cultural needs of the target population are understood. In addition a major segment of the Indian population has low disposable income, meaning that every rupee won will be obtained after a lot of persuasion and the expected value for money is high. This article presents a conceptual framework of Bancassurance detailing various models, issues and challenges.