Bancassurance


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Bancassurance

Insurance provided by a bank. For example, a bank could offer life insurance in addition to its savings, loan, and investment services. Proponents argue that bancassurance can streamline internal and government regulations. For example, a bank offering a mortgage may require borrowers to buy homeowners insurance; if bancassurance is available, the borrower could purchase a policy directly from the bank without needing to shop around. However, bancassurance is somewhat controversial; critics contend that allowing banks to sell insurance gives them too much control over the financial services sector. As a result, some countries prohibit it. The United States has allowed it since the passage of the Gramm-Leach-Bliley Act.
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The global bancassurance market is driven by rapid growth in the private banking sector and significant changes in regulatory frameworks across emerging economies.
Aditya Birla Health Insurance (ABHI), a stand-alone health insurer, has said that it has entered into a bancassurance partnership with Axis Bank (532215.BO) (AXBK.NS), an India-based private sector bank, Business Line has reported online.
Release date- 29072019 - DBRS Comments on Bancassurance Strategic Alliance between BNS and BNP Paribas Cardif.
De La Cruz said one of the contributors to the insurer's performance last year was its bancassurance channel with Union Bank of the Philippines, which she said is now delivering results on the first full year of its operation.
With its extensive network and an emerging suite of bancassurance products, MCB Bancassurance provides following investment and life insurance solutions to MCB customers, making their 'Har Pal Mehfooz'.
The bancassurance model has played a pivotal role in reaching its customers in almost all the remote areas, creating awareness about the importance of insurance and the aid it provides to save and protect a policy holder from an unforeseen event.
On the bancassurance, he added: 'I have no doubt that it will go a long way to facilitate the sale of the non-life insurance products to individuals and households.
The partnership which has since commenced on 4th June 2018, enjoys the approval of the related industry regulators, the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN) for the sale of insurance products in banks through the Bancassurance Referral Model.
With a net worth of P 7,149,854,289, the company remains the top fastest-growing bancassurance firm in the list.
Citing the emergence of bancassurance, Insurance Commissioner Dennis B.
Life insurers are pushing for the lifting of a rule that limits bancassurance ventures within the ambit of a parent financial institution.
The deal underpins the Group's efforts in expanding revenue streams for its non-funded income portfolio in line with its Imara corporate strategy and merges operations with its Bancassurance division.