BANKINSURANCE
We Provide Increase Sales Of Insurance Product By Marketing insurance through banks. Banks and Cooperative Organization And collaborate with them as a partner, where the bank has their potencies market lead by mega marketing skill to their customers. The bank acts as a mediator by helping an insurance firm. Its target customers are to increase its market with additional income with profit.
Customers expect the same kind of responsiveness from their banks and financial service providers :
- a) Right Product:It provides the end-users with a customized insurance solution.
- b) Right Time:At a location, they already are for their financial needs – their banks.
improves the overall experience of the customers. They are more likely to opt for a complete financial solution from their banks, thus making bancassurance a success.
Customers trust their banks to sell them the right product. The trust they would place on insurance carriers and independent agents is comparatively lesser. Therefore, the propensity to buy insurance products from their banks is higher.
Bancassurance distribution model allows the customers to get an amalgamation of other financial services under one roof. Insurance used to be the missing piece of the puzzle which Bancassurance now completes.
Banks enjoy the benefit of being able to provide yet another product to their customers. Providing integrated financial services strengthens customer relationships and builds better customer loyalty and retention levels.
In several of the Bancassurance distribution models, bank employees are at the forefront, closing the deals and taking responsibility. Therefore the channel proves to have a much wider reach with much less investment. A similar reach through traditional channels would need them to hire several hundred agents in different parts of the country. Through bancassurance, their market penetration goals can thus be met in a much shorter timeframe than through an agency channel.
