Ex. Insurance deals by LIC, GIC
Banassurance deals by banks
2007-01-13 21:57:40 · 8 answers · asked by sel 1 in Business & Finance ➔ Insurance
banassurance---
a term coined to denote the combination of banking and insurance business within the same organisation.
2007-01-13 22:31:36 · answer #1 · answered by elvisjohn 7 · 4⤊ 1⤋
Insurance is nowadays being marketed by various channels,through agents who directly contact the clients;her the agent builds the data base he exploits.All insurance companies have realised that the Banks are a very rich source of data which the bank can use to promote/sell insurance;when in place of the regular agent, the product is marketed/sold by the bank ,it is bankassurance
2007-01-15 20:49:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In general, insurance is sold by insurance company through its distribution channels like agent, direct marketing department, etc.
Bancassurance is one of the distribution channel which means selling insurance products through bank.
In Malaysia, bancassurance is getting more popular. At 2004, bancassurance accounts for 43% of total new insurance sold in Malaysia. Bancassurance has less than 10 years history in Malaysia, but the growth rate is quicker than expected.
Bancassurance build their reputation through permanent location (the bank would not run away) and easy access within office hours. Furthermore, bank itself has better reputation compared to individual agent.
Individual agent is easy to contact after office hour. Individual agent has to provide good after sales service and personalize service in order to enjoy fruitful insurance career.
2007-01-16 15:12:36 · answer #3 · answered by malaysiainsuranceguide 3 · 0⤊ 0⤋
Combination of banking and insurance
2007-01-14 03:45:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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RE What is the difference between insurance and banassurance?
Ex. Insurance deals by LIC, GIC
Banassurance deals by banks
2014-09-04 05:02:43 · answer #5 · answered by ? 1 · 0⤊ 4⤋
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RE What is the difference between insurance and banassurance?
Ex. Insurance deals by LIC, GIC
Banassurance deals by banks
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