Bancassurance


Also found in: Dictionary, Wikipedia.

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.
Mentioned in ?
References in periodicals archive ?
Ahlibank, a leading Qatari-owned financial institution, has entered into a bancassurance deal with Qatar General Insurance and Reinsurance Company (Qgirco) for the distribution of the latter's insurance products.
7 billion, attributed to hefty trading and securities gains and revenues from a newly launched bancassurance business.
said bancassurance dovetails perfectly with the bank's thrust to leverage the nationwide reach of its network of 188 branches and focus on the retail and consumer markets.
Merline Dela Cruz, vice president for bancassurance at UCPB, said the bank sees the volume increasing dramatically this year as the bank continues to expand its loan portfolio and deposit base.
Reliance General Insurance Company Limited, a subsidiary of India's Reliance Capital Limited (NSE: RELCAPITAL), has entered into a bancassurance agreement with private sector lender, Yes Bank (532648.
Bancassurance is an arrangement whereby a bank and an insurance company form a distribution partnership in which the sales associates of the bank can sell the insurance companys products to the bank's client base and through the banks channels.
EIBFS designed a special programme on certificate in Bancassurance.
Khan, GC CRBG - NBP, Speaking on the occasion said that NBP and EFU Life joined hands by entering into a Bancassurance accord for selling life insurance products of EFU Life through NBP's branch network and introduce a cross sales culture throughout the organization.
Khan - SEVP/Group Chief, CRBG-NBP and Husein Sachak-Director Bancassurance, EFU Life, said a statement issued here by the Bank.
The agreement includes Bancassurance services such as term life insurance, lifetime financial planning, education plans, retirement plans, group life plans, group pension plans, and investment plans.
With MCBL as our bancassurance partner, world class life insurance products are easily within our client's reach," said CBS President Alberto Emilio V.
16 percent of the global bancassurance market for the period 2015-2019.