Bancassurance is a strategic partnership between banks and insurance companies, allowing banks to offer a range of insurance products and services to their customers. This collaboration enables banks to act as intermediaries for insurance sales, providing customers with a convenient one-stop shop for both financial and insurance needs. With a high success ratio of bancassurance in the market, it is one of the most conveniently arranged solution boxes.
Let’s find out why.
Table of contents [Show]
Convenience
Customers find it convenient to visit one of the branches of their preferred bank and take care of all their financial matters, such as transactions in their savings accounts, PPF deposits, and so on. With banks providing insurance of their own or from other third-party companies, they are at peace of mind and assured that their most trusted bank will care for them or their families when they need it.
Best Price Practice
Banks try to kill any competition by offering their customers a wide range of options at the best prices when it comes to selling a banking product, including insurance, to loyal customers. This ensures that their customers get the best price, stay faithful, and don’t have to visit different companies or offices to care for insurance businesses.
Peace of Mind
You have peace of mind that one visit to your bank will take care of multiple financial matters, ultimately saving time, money and effort required for which you may have to visit different places at different times with prior appointments.
Financial Education and Regulatory Compliances
Banks ensure that their customers have been made aware of the product thoroughly and entirely and clear any doubts they
may have. They also ensure that products sold to their customers, whether third-party or their own, follow all the regulatory compliances laid down by the relevant authorities.
Like with any financial product, we highly recommend you compare multiple options before choosing the one that suits your needs.
