1.
Jyoti Bansal
– Marketing Executive, Ficci Research & Analysis Centre, New Delhi, India.
2.
Kanwal Anil
– Marketing Executive, Ficci Research & Analysis Centre, New 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
