Topic:- Banc assurance by TYBFM

Group members
Aditya jain Hardik malde Puja sanghvi Divya raja Krupa simaria 507

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INTRODUCTION TO BANCASSURANCE

MECHANISM OF BANCCASURANCE
Career agents Special advisers Salaried agents Bank employees Corporate agency & Brokerage firm Direct response Internet E- Brokerage Outside lead generating techniques

Why Bancassurance in India?

S.W.O.T
Strengths

Threats

S.W.O.T

Weaknesses

Opportunities

Strengths
Population Skilled professionals LIC & GIC

Weaknesses
IT culture missing Inflationary pressures Inflexibility of insurance products

Opportunities
Enormous database of banks Atmosphere for liberalization

Threats
Bancassurance venture requires change in approach, thinking and work culture. Non-response from the target customers. Rate of return on capital.

BENEFITS OF BANCASSURANCE
To Banks:

For increasing income Face-to-face contract Experience in marketing Value added services Productivity of the employees increases Customer satisfaction Increase in return on assets Leverage Cross sell

Cont
To Insurers:

Can increase their business Cost cutting Customer database Conversion ratio Access to ATMs and other technology The selling can be structured properly by selling insurance products through banks.

Customized products

Cont
To Customers Customer satisfaction Reduction price & diversified product quality Comprehensive financial advisory services under one roof. Easy access for claims Innovative and better product New insurance product Cost savings in the form of reduced premium rate