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Qualitative Research on Issues and Trends in the Bancassurance Model in India:An Interview Report


Affiliations
1 FICCI Research & Analysis Centre, New Delhi, India
2 School of Business Public Policy and Social Entrepreneurship, Ambedkar University Delhi, Delhi, India
     

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The article attempts to understand the issues and challenges faced by the banking sector in implementing the bancassurance business model by using interview-based methodology. The study includes the challenges faced by supply side, that is, the banks or insurance’s perspective. There have been prior researches on the issues and challenges existed but either from the customer’s point of view or in general. The major issues and challenges that banks face include lack of awareness of customer, long-term vision, trust-high competition, different objective of partners, marketing-distribution channels, capital allocation, training and knowledge of staff, and complication of multiple tie-ups. On the other hand, trends in bancassurance include sales through multiple channels, telemarketing as the direct channel, bundling, digitalization, and multi tabs.

Keywords

Bancassurance, Bancassurance Trends, Bancassurance Challenges, Banking, Insurance Issues, Qualitative Research.
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  • Qualitative Research on Issues and Trends in the Bancassurance Model in India:An Interview Report

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Authors

Jyoti Bansal
FICCI Research & Analysis Centre, New Delhi, India
Kanwal Anil
School of Business Public Policy and Social Entrepreneurship, Ambedkar University Delhi, Delhi, India

Abstract


The article attempts to understand the issues and challenges faced by the banking sector in implementing the bancassurance business model by using interview-based methodology. The study includes the challenges faced by supply side, that is, the banks or insurance’s perspective. There have been prior researches on the issues and challenges existed but either from the customer’s point of view or in general. The major issues and challenges that banks face include lack of awareness of customer, long-term vision, trust-high competition, different objective of partners, marketing-distribution channels, capital allocation, training and knowledge of staff, and complication of multiple tie-ups. On the other hand, trends in bancassurance include sales through multiple channels, telemarketing as the direct channel, bundling, digitalization, and multi tabs.

Keywords


Bancassurance, Bancassurance Trends, Bancassurance Challenges, Banking, Insurance Issues, Qualitative Research.

References