Bancassurance is the convergence of Banking and Insurance. The term has its origin in France, involves distribution of insurance products through a bank's branch network. According to a recent sigma study, Bancassurance is on the rise worldwide It has a tremendous success story in Europe, but it is relatively new concept in Australia and Asia. In Asia, however, Bancassurance is gaining in popularity, where restrictions have been eased.
Bancassurance refers to banks acting as agents for insurers to sell insurance products. It allows banks to earn additional revenue and insurers to access more customers through banks' widespread networks. The practice is popular in Europe and aims to make insurance more accessible. While it offers benefits like one-stop shopping and increased customer loyalty, disadvantages include potential conflicts of interest and data security risks.
The bank insurance model (BIM), also sometimes known as bancassurance or allfinanz, is the partnership or relationship between a bank and an insurance company, or a single integrated organisation, whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank's client base.
This presentation provides an overview of bancassurance in India. Bancassurance involves the distribution of insurance products through bank distribution channels. It allows banks and insurance companies to leverage each other's large customer bases. In India, major private sector banks and insurance companies have formed joint ventures to engage in bancassurance. While it provides benefits like increased market reach, there are also risks like potential conflicts of interest if banks prioritize their own products over insurance. Overall, bancassurance is beneficial as it creates new revenue streams for banks and insurers while offering customers more convenient access to an integrated set of financial services.
A study on bancassurance final year projAmol Dhumal
The document provides an introduction to the concept of bancassurance. It discusses how bancassurance originated in France in the 1980s to describe the sale of insurance products through banks. Bancassurance allows banks to sell insurance policies and earn commission income. It has since spread to other parts of the world and taken different forms depending on the country. In India, bancassurance is still a new concept that began in 2000 and is seen as an opportunity for both banks and insurance companies to expand their customer bases and distribution channels.
Bancassurance is the convergence of Banking and Insurance. The term has its origin in France, involves distribution of insurance products through a bank's branch network. According to a recent sigma study, Bancassurance is on the rise worldwide It has a tremendous success story in Europe, but it is relatively new concept in Australia and Asia. In Asia, however, Bancassurance is gaining in popularity, where restrictions have been eased.
Bancassurance is the distribution of insurance products through banks to leverage their large customer bases. It originated in Europe and has seen more development in Asia, particularly Singapore, Taiwan, and Hong Kong. In India, banks were permitted to enter insurance in 2002 and bancassurance is regulated by both the RBI and IRDA. Bancassurance provides benefits to all parties by offering customers convenient one-stop shopping and banks and insurers new revenue streams and market penetration. Major Indian bancassurance partnerships include SBI Life, LIC, ICICI Lombard, and Axis-MetLife.
Bancassurance refers to the sale of insurance products through banks. It encompasses various distribution structures including banks owning insurance companies, corporate joint ventures between banks and insurers, and insurers selling products to bank customers under distribution agreements. Common bancassurance models include leveraged insurance distribution where the insurer leads or leveraged bank distribution where the bank leads. Joint ventures bring together a large bank and insurer to develop a powerful distribution model. Banks contribute low-cost distribution channels and customer insights while insurers provide product and underwriting expertise. For bancassurance to succeed in a market requires a supportive regulatory regime, government fiscal policies, simple products aligned with banking, and weak alternative distribution channels.
Bancassurance refers to banks acting as agents for insurers to sell insurance products. It allows banks to earn additional revenue and insurers to access more customers through banks' widespread networks. The practice is popular in Europe and aims to make insurance more accessible. While it offers benefits like one-stop shopping and increased customer loyalty, disadvantages include potential conflicts of interest and data security risks.
The bank insurance model (BIM), also sometimes known as bancassurance or allfinanz, is the partnership or relationship between a bank and an insurance company, or a single integrated organisation, whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank's client base.
This presentation provides an overview of bancassurance in India. Bancassurance involves the distribution of insurance products through bank distribution channels. It allows banks and insurance companies to leverage each other's large customer bases. In India, major private sector banks and insurance companies have formed joint ventures to engage in bancassurance. While it provides benefits like increased market reach, there are also risks like potential conflicts of interest if banks prioritize their own products over insurance. Overall, bancassurance is beneficial as it creates new revenue streams for banks and insurers while offering customers more convenient access to an integrated set of financial services.
A study on bancassurance final year projAmol Dhumal
The document provides an introduction to the concept of bancassurance. It discusses how bancassurance originated in France in the 1980s to describe the sale of insurance products through banks. Bancassurance allows banks to sell insurance policies and earn commission income. It has since spread to other parts of the world and taken different forms depending on the country. In India, bancassurance is still a new concept that began in 2000 and is seen as an opportunity for both banks and insurance companies to expand their customer bases and distribution channels.
Bancassurance is the convergence of Banking and Insurance. The term has its origin in France, involves distribution of insurance products through a bank's branch network. According to a recent sigma study, Bancassurance is on the rise worldwide It has a tremendous success story in Europe, but it is relatively new concept in Australia and Asia. In Asia, however, Bancassurance is gaining in popularity, where restrictions have been eased.
Bancassurance is the distribution of insurance products through banks to leverage their large customer bases. It originated in Europe and has seen more development in Asia, particularly Singapore, Taiwan, and Hong Kong. In India, banks were permitted to enter insurance in 2002 and bancassurance is regulated by both the RBI and IRDA. Bancassurance provides benefits to all parties by offering customers convenient one-stop shopping and banks and insurers new revenue streams and market penetration. Major Indian bancassurance partnerships include SBI Life, LIC, ICICI Lombard, and Axis-MetLife.
Bancassurance refers to the sale of insurance products through banks. It encompasses various distribution structures including banks owning insurance companies, corporate joint ventures between banks and insurers, and insurers selling products to bank customers under distribution agreements. Common bancassurance models include leveraged insurance distribution where the insurer leads or leveraged bank distribution where the bank leads. Joint ventures bring together a large bank and insurer to develop a powerful distribution model. Banks contribute low-cost distribution channels and customer insights while insurers provide product and underwriting expertise. For bancassurance to succeed in a market requires a supportive regulatory regime, government fiscal policies, simple products aligned with banking, and weak alternative distribution channels.
Presentation: Global Bancassurance Strategies at the 7th Annual Bancassurance...Intelligo Consulting
Finaccord presentation at the 7th Annual Bancassurance Forum in Vienna in February 2014, organised by Fleming Europe.
The Agenda of the presentation included:
- Key factors that shape bancassurance strategies
- Analysis of the strategies used by the world's 125 largest retail banking groups
- Analysis of differences across global bancassurance markets
- Future bancassurance outlook
Bancassurance refers to the distribution of insurance products through bank distribution channels. The key factors for the successful sale of life insurance policies through banking networks include the market image and perception of banks in a given market, a legal framework that allows for bancassurance, and exploiting an integrated management model between banks and insurers. An integrated model allows for a comprehensive view of customer needs, quick sales and contract issuance, and decentralized decision making to speed up the process.
The document discusses innovative banking products and bancassurance in India. It describes how banks have expanded beyond traditional activities to offer new services like e-banking, mobile banking, and insurance products. Bancassurance allows banks to act as agents for insurers and sell insurance through their distribution channels. This benefits banks, insurers, and customers by providing a one-stop shop for financial services and increasing access to insurance. Key models and guidelines for bancassurance partnerships in India are also outlined.
Bancassurance allows banks to sell insurance products through their distribution channels, forming partnerships between banks and insurers. This provides immediate access to new markets and increased penetration for insurers. Banks benefit through additional income from commissions and enhanced customer satisfaction from offering diverse services. Customers benefit from lower prices, better quality products, and convenient purchasing through their banks. Regulations in India require separate governance of banking and insurance, but allow banks to partner with insurers as agents.
Bancassurance refers to the distribution of insurance products through banks. In India, banks were first allowed to enter the insurance sector in 2002. There are three options for banks - a joint venture allowing risk participation, investment of up to 10% of net worth, or acting as an agent without risk participation. The IRDA guidelines require dedicated insurance executives, mandatory training, and allow banks to be agents of one insurer. Bancassurance provides advantages like revenue diversification, customer retention and access to new customers for banks, insurers and consumers.
Bancassurance is a partnership between banks and insurance companies where insurance products are sold through bank branches. It originated in Europe and has seen more development in Asia, particularly Singapore, Taiwan, and Hong Kong. The partnership benefits both parties by giving insurance companies access to a large customer base and banks a way to offer more financial products. There are different models for bancassurance partnerships, including the bank or insurance company taking the lead and forming a joint venture. Success requires factors like tailored products, sales training, and streamlined processes between the organizations.
study of HR and operational challenges in banc assurancerahul wadhwa
The document discusses banc assurance, which refers to the distribution of insurance products through banks. It provides background on the origin and growth of banc assurance globally and in India. Key points covered include how banc assurance allows banks to diversify their revenue stream through fees from selling insurance. It also discusses some of the benefits of banc assurance for banks, insurers, and customers, such as providing multiple financial services in one place.
The document is a student project on bancassurance in India. It includes a declaration by the student, acknowledgments, an executive summary, and an index outlining the contents of the project. The project discusses the history of banking and insurance in India, defines bancassurance, and explores the benefits and regulations around bancassurance in the Indian market.
This document discusses the potential for bancassurance - insurance sales through banks - to grow substantially. It provides examples of successful bancassurance partnerships in India between insurance companies and two large banks: Bajaj Allianz Life Insurance partnering with Standard Chartered Bank and Syndicate Bank. The case studies describe the distribution models used, products sold, and financial results achieved, demonstrating that bancassurance can significantly increase banks' fee-based income and insurers' market penetration when implemented effectively.
The document discusses the history and evolution of bancassurance, which originated in France in the 1980s and spread across Europe. It was introduced in India in 1999 when the insurance industry opened up. Bancassurance provides a win-win situation for banks and insurance companies by allowing them to leverage each other's distribution channels and customer bases. There are three main distribution models for bancassurance: the integrative model where banks sell insurance products directly, the specialist model where insurance professionals sell through banks, and the financial planning model where insurance salesforces are located in bank branches. The document analyzes the SWOT of bancassurance in India, noting strengths like a vast untapped market but also weaknesses such as a
This document provides an overview of bancassurance, including its history and definitions. Bancassurance refers to the distribution and sale of insurance products through bank distribution channels. It began in Europe in the 1980s and provides benefits to both banks and insurance companies by expanding their customer bases and increasing fee income. The document discusses the regulatory requirements for bancassurance in India as well as some of the models, trends, and opportunities it provides.
This document discusses products and target market segmentation for bancassurance. It outlines why banks must sell insurance to leverage their customer base and increase revenues. The document identifies banks' target market segments as existing account holders, loan customers, and potential high net worth clients. It stresses developing market-oriented products tailored to specific customer needs. Local market segments are identified as savers, spenders, and takaful seekers with different insurance needs. The bancassurance potential in Pakistan is highlighted given low insurance penetration. The ABN AMRO bancassurance model aims to be the market leader by offering innovative products through coordination with insurance companies.
ING Vysya Bank is a privately owned Indian bank based in Bangalore that was formed through a merger between Vysya Bank and Dutch company ING Group in 2002. It operates retail, wholesale, and private banking and has over 1,000 branches across India. The bank offers a range of personal, corporate, investment, insurance, and other banking products and services. It focuses on improving customer service and innovation while maintaining ethical practices. A SWOT analysis finds strengths in its ownership group and services but weaknesses in its market image and capitalization. Opportunities exist in India's growing banking sector while threats include competition from other banks.
Presented by Winnie njau, Group Head of bancassurance, KCB at the 1st Annual Bancassurance Conference | Villa Rosa Kempinski | Nairobi | Kenya.
Lloyds Africa Markets
This document is a project report submitted by Gaurav Chauhan, a student at Shri Chinai College of Commerce & Economics in Mumbai, India. The report discusses the topic of "bancassurance", which refers to the distribution of insurance products through bank distribution channels. It provides background on the history and development of bancassurance, beginning in Europe in the 1970s. The report also examines the advantages and key factors for success in implementing bancassurance strategies for insurance companies, banks, consumers, and legislators.
The document discusses the skills and competencies needed by teachers in rural colleges in India. It notes that teachers must not only have professional skills and knowledge, but must also keep up with students' expectations. It identifies several personal, social, and technical competencies that teachers require, including self-confidence, problem-solving skills, sociability, communication skills, and in-depth subject knowledge. Teachers are urged to regularly update their knowledge, develop new competencies and skills, and serve as role models for students.
The document discusses the skills and competencies needed by teachers in rural colleges in India. It notes that teachers must not only have professional skills and knowledge, but must also keep up with students' expectations. It identifies several personal, social, and technical competencies that teachers require, including self-confidence, problem-solving skills, sociability, communication skills, and in-depth subject knowledge. Teachers are urged to regularly update their knowledge, develop new competencies and skills, and serve as role models for students.
Presentation: Global Bancassurance Strategies at the 7th Annual Bancassurance...Intelligo Consulting
Finaccord presentation at the 7th Annual Bancassurance Forum in Vienna in February 2014, organised by Fleming Europe.
The Agenda of the presentation included:
- Key factors that shape bancassurance strategies
- Analysis of the strategies used by the world's 125 largest retail banking groups
- Analysis of differences across global bancassurance markets
- Future bancassurance outlook
Bancassurance refers to the distribution of insurance products through bank distribution channels. The key factors for the successful sale of life insurance policies through banking networks include the market image and perception of banks in a given market, a legal framework that allows for bancassurance, and exploiting an integrated management model between banks and insurers. An integrated model allows for a comprehensive view of customer needs, quick sales and contract issuance, and decentralized decision making to speed up the process.
The document discusses innovative banking products and bancassurance in India. It describes how banks have expanded beyond traditional activities to offer new services like e-banking, mobile banking, and insurance products. Bancassurance allows banks to act as agents for insurers and sell insurance through their distribution channels. This benefits banks, insurers, and customers by providing a one-stop shop for financial services and increasing access to insurance. Key models and guidelines for bancassurance partnerships in India are also outlined.
Bancassurance allows banks to sell insurance products through their distribution channels, forming partnerships between banks and insurers. This provides immediate access to new markets and increased penetration for insurers. Banks benefit through additional income from commissions and enhanced customer satisfaction from offering diverse services. Customers benefit from lower prices, better quality products, and convenient purchasing through their banks. Regulations in India require separate governance of banking and insurance, but allow banks to partner with insurers as agents.
Bancassurance refers to the distribution of insurance products through banks. In India, banks were first allowed to enter the insurance sector in 2002. There are three options for banks - a joint venture allowing risk participation, investment of up to 10% of net worth, or acting as an agent without risk participation. The IRDA guidelines require dedicated insurance executives, mandatory training, and allow banks to be agents of one insurer. Bancassurance provides advantages like revenue diversification, customer retention and access to new customers for banks, insurers and consumers.
Bancassurance is a partnership between banks and insurance companies where insurance products are sold through bank branches. It originated in Europe and has seen more development in Asia, particularly Singapore, Taiwan, and Hong Kong. The partnership benefits both parties by giving insurance companies access to a large customer base and banks a way to offer more financial products. There are different models for bancassurance partnerships, including the bank or insurance company taking the lead and forming a joint venture. Success requires factors like tailored products, sales training, and streamlined processes between the organizations.
study of HR and operational challenges in banc assurancerahul wadhwa
The document discusses banc assurance, which refers to the distribution of insurance products through banks. It provides background on the origin and growth of banc assurance globally and in India. Key points covered include how banc assurance allows banks to diversify their revenue stream through fees from selling insurance. It also discusses some of the benefits of banc assurance for banks, insurers, and customers, such as providing multiple financial services in one place.
The document is a student project on bancassurance in India. It includes a declaration by the student, acknowledgments, an executive summary, and an index outlining the contents of the project. The project discusses the history of banking and insurance in India, defines bancassurance, and explores the benefits and regulations around bancassurance in the Indian market.
This document discusses the potential for bancassurance - insurance sales through banks - to grow substantially. It provides examples of successful bancassurance partnerships in India between insurance companies and two large banks: Bajaj Allianz Life Insurance partnering with Standard Chartered Bank and Syndicate Bank. The case studies describe the distribution models used, products sold, and financial results achieved, demonstrating that bancassurance can significantly increase banks' fee-based income and insurers' market penetration when implemented effectively.
The document discusses the history and evolution of bancassurance, which originated in France in the 1980s and spread across Europe. It was introduced in India in 1999 when the insurance industry opened up. Bancassurance provides a win-win situation for banks and insurance companies by allowing them to leverage each other's distribution channels and customer bases. There are three main distribution models for bancassurance: the integrative model where banks sell insurance products directly, the specialist model where insurance professionals sell through banks, and the financial planning model where insurance salesforces are located in bank branches. The document analyzes the SWOT of bancassurance in India, noting strengths like a vast untapped market but also weaknesses such as a
This document provides an overview of bancassurance, including its history and definitions. Bancassurance refers to the distribution and sale of insurance products through bank distribution channels. It began in Europe in the 1980s and provides benefits to both banks and insurance companies by expanding their customer bases and increasing fee income. The document discusses the regulatory requirements for bancassurance in India as well as some of the models, trends, and opportunities it provides.
This document discusses products and target market segmentation for bancassurance. It outlines why banks must sell insurance to leverage their customer base and increase revenues. The document identifies banks' target market segments as existing account holders, loan customers, and potential high net worth clients. It stresses developing market-oriented products tailored to specific customer needs. Local market segments are identified as savers, spenders, and takaful seekers with different insurance needs. The bancassurance potential in Pakistan is highlighted given low insurance penetration. The ABN AMRO bancassurance model aims to be the market leader by offering innovative products through coordination with insurance companies.
ING Vysya Bank is a privately owned Indian bank based in Bangalore that was formed through a merger between Vysya Bank and Dutch company ING Group in 2002. It operates retail, wholesale, and private banking and has over 1,000 branches across India. The bank offers a range of personal, corporate, investment, insurance, and other banking products and services. It focuses on improving customer service and innovation while maintaining ethical practices. A SWOT analysis finds strengths in its ownership group and services but weaknesses in its market image and capitalization. Opportunities exist in India's growing banking sector while threats include competition from other banks.
Presented by Winnie njau, Group Head of bancassurance, KCB at the 1st Annual Bancassurance Conference | Villa Rosa Kempinski | Nairobi | Kenya.
Lloyds Africa Markets
This document is a project report submitted by Gaurav Chauhan, a student at Shri Chinai College of Commerce & Economics in Mumbai, India. The report discusses the topic of "bancassurance", which refers to the distribution of insurance products through bank distribution channels. It provides background on the history and development of bancassurance, beginning in Europe in the 1970s. The report also examines the advantages and key factors for success in implementing bancassurance strategies for insurance companies, banks, consumers, and legislators.
The document discusses the skills and competencies needed by teachers in rural colleges in India. It notes that teachers must not only have professional skills and knowledge, but must also keep up with students' expectations. It identifies several personal, social, and technical competencies that teachers require, including self-confidence, problem-solving skills, sociability, communication skills, and in-depth subject knowledge. Teachers are urged to regularly update their knowledge, develop new competencies and skills, and serve as role models for students.
The document discusses the skills and competencies needed by teachers in rural colleges in India. It notes that teachers must not only have professional skills and knowledge, but must also keep up with students' expectations. It identifies several personal, social, and technical competencies that teachers require, including self-confidence, problem-solving skills, sociability, communication skills, and in-depth subject knowledge. Teachers are urged to regularly update their knowledge, develop new competencies and skills, and serve as role models for students.
India is the second largest producer and largest consumer of raw silk globally. Sericulture provides employment in rural India. The document discusses India's history with silk production and the states that produce most of the country's mulberry silk. It also notes that India imports additional raw silk from China to meet domestic demand. The case study of PRADAN's work establishing a local grainage and training farmers in improved sericulture techniques helped increase farmers' incomes. Export potential exists for India's silk as production is declining or stagnant in other major producer countries.
1. China, India, Japan, and South Korea are the top silk producing countries in the world, with China being the largest producer.
2. Silk production has been declining in China and Japan due to rising labor costs and falling global silk prices, while production is increasing in India and South Korea.
3. India is the second largest silk producer globally and "silk bowl" of the country, but faces issues like inadequate breeds, irrigation, and technology compared to China.
The document discusses the origins and history of sericulture (silk production) in India and China. It notes that silk production began in China before 3000 BC and was a closely guarded secret for over 2800 years. It then spread along the Silk Road to India and other parts of Asia. Today, India is the second largest producer of silk after China, with states like Karnataka, Tamil Nadu and Andhra Pradesh dominating production. Mulberry silk accounts for the majority of Indian production.
- A Chinese empress discovered silk when a silkworm cocoon fell into her tea, unraveling a silk strand
- She realized the strand came from a silkworm larva inside the cocoon and taught others about silk production
- Sericulture is the process of raising silkworms for silk, with Bombyx mori being the most common species
- Silkworms eat mulberry leaves and spin cocoons, from which the silk filaments are extracted to make thread
1) There are 24 life insurance companies in India, with LIC being the sole public sector company. There are also 33 non-life insurers, including 6 public sector companies.
2) Some of the major private life insurers include HDFC Life Insurance, Max Life Insurance, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, and Aditya Birla Sun Life Insurance.
3) The insurance industry is regulated by IRDAI, which oversees functions of life and non-life insurance companies and issues guidelines to promote orderly growth of the insurance sector.
This document discusses various insurance companies in India including Bajaj Allianz General Insurance, SBI Insurance, and HDFC Insurance. It provides details on the history, products offered, leadership, and achievements of these major insurance providers. Bajaj Allianz is among the largest general insurers and offers motor, health, and other insurance. SBI Life provides various individual and term plans. HDFC Insurance is a joint venture between HDFC and Standard Life Aberdeen of the UK and offers life insurance policies.
Nature & scope of insurance and leading insuranceRahulNirol
This document provides an overview of insurance in India. It begins with definitions of insurance and explanations for why insurance exists. It outlines the primary and secondary functions of insurance. It also details the nature and scope of insurance coverage in India. The document lists the leading insurance companies in India for both life and non-life insurance and provides some key details about the largest players, including LIC and Bajaj Allianz. It concludes with a section highlighting claim settlement ratios for the top 15 life insurance companies in India.
This document provides information about insurance and the insurance sector in India. It discusses that insurance involves compensation for potential future losses in exchange for periodic payments. It also outlines the objectives of insurance companies to provide protection and invest policyholder funds. The document summarizes the history and growth of the insurance sector in India, including the liberalization of the sector in 2000 that allowed private companies. It provides details on major life and non-life insurance companies in India.
The document provides information about designing a new training program for Max New York Life Insurance. It includes an introduction to the insurance sector in India, details about Max New York Life Insurance and its vision, mission, plans, services, and hierarchy. The document was created to understand the various training programs at Max New York Life in order to design a new training program for the company.
83 a comparative study of public & private life insurance companies in indiachelliah paramasivan
This document presents a comparative study of public and private life insurance companies in India. It analyzes the financial performance and service quality perceptions of Life Insurance Corporation of India (LIC), the sole public insurer, and several leading private insurers through metrics like solvency ratios, liquidity ratios, and customer satisfaction surveys. The study finds that while LIC demonstrates stronger financial stability, private insurers have improved their market share in recent years by offering more customer-centric products and services. Overall, both public and private insurers need to enhance policyholder satisfaction with aspects like claims processing, surrenders, and complaints handling.
A comparative study of public & private life insurance companies in indiaRAVICHANDIRANG
This document provides a comparative study of public and private life insurance companies in India. It analyzes the financial performance and service quality perceptions of Life Insurance Corporation of India (LIC), the sole public insurer, and various private insurers through metrics like solvency ratios, profitability, and customer satisfaction surveys. The study finds that while LIC demonstrates stronger financial stability, private insurers have improved their market share in recent years by offering new products and channels. Overall, both public and private insurers need to enhance policyholder satisfaction with services.
This document provides a summary of a research paper that compares the public and private life insurance companies in India. It begins with an abstract that outlines the objectives of comparing customer perceptions of service quality and analyzing the financial performance of public versus private insurers. The introduction provides background on the growth of the insurance sector in India. It then examines the performance of the public insurer LIC and private insurers based on financial ratios like liquidity, solvency, and leverage. The study found that LIC has stronger financial performance and stability compared to private insurers.
This document provides a list of the top 24 life insurance companies in India along with their claim settlement ratios for 2018-19. It details the major life insurance companies such as HDFC Life Insurance, ICICI Prudential Life Insurance, and LIC, which are among the leading providers. The document also gives brief descriptions of several other top private life insurance companies including Aditya Birla Sun Life Insurance, Bajaj Allianz Life Insurance, and AEGON Life Insurance.
Verve Life Insurance is an insurance company owned by brothers Amit and Rohit Chauhan based in Baroda, Gujarat. Srinivas Dubey is the managing director. The document provides an overview of the life insurance industry and market in India, including key regulations, competitors and a SWOT analysis of major players. It also includes a media plan and budget for Verve to establish its brand over 3 months using various online and offline channels. Recommendations are provided to target middle and higher income groups through education campaigns and leverage partnerships for brand establishment.
A Study of DSA Network Expansion and Product Promotion Strategy of General...Anish Singh
A summer project of the insurance sector. that you rarely found.
In this project, u will get promotion strategy, how u sell the insurance and their ways. how to pitch agents and made for your company. thank you
The document provides an overview of the Indian insurance sector, including:
1) It discusses the history and types of insurance, including life and general insurance. General insurance is further broken down into fire, marine, and miscellaneous insurance.
2) It lists some of the major players in the life and general insurance industries in India.
3) It describes the regulatory body, the Insurance Regulatory and Development Authority (IRDA), and its objectives of promoting competition and protecting policyholders.
4) It discusses various political, economic, social, and technological factors that affect the insurance industry according to PEST analysis.
5) It provides some suggestions to help insurance companies in India reduce costs and
This document provides an overview of IDBI Federal Life Insurance, including:
1) IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank, and Ageas insurance. It offers various insurance products to customers in India.
2) Information is provided on the partner organizations IDBI Bank, Federal Bank, and Ageas insurance.
3) An organizational structure of IDBI Federal Life Insurance is shown, including the CEO and heads of different divisions.
The document discusses the history and development of the life insurance industry in India. It begins with the establishment of the first life insurance company in India in 1818. It then covers the nationalization of life insurance in 1956 with the formation of LIC, and the subsequent establishment of the Insurance Regulatory and Development Authority (IRDA) in 2000 which led to the entry of private life insurers. The document also provides lists of current life insurers in India and describes the core departments and functions within life insurance companies, including marketing, actuarial, underwriting, investments, finance, and vigilance.
This document is a summer internship report submitted by NEHA to the School of Management at Gautam Buddha University. It presents a comparative study of two life insurance companies in India - IDBI Federal Life Insurance Co. Ltd. and LIC. The report includes declarations, certificates of work completion, acknowledgements, an executive summary, and outlines of chapters on the insurance industry in India, company descriptions, product profiles, research methodology, data analysis, findings and recommendations.
The document discusses the history and development of the insurance sector in India. It notes that insurance was initially nationalized and state-owned companies dominated the market. Liberalization in the 1990s allowed private companies to enter the sector. Now there are many private life, health, and general insurance companies operating alongside state-owned insurers, increasing competition and improving customer choice, services and products. However, some risks remain, such as companies prioritizing profits over customers.
ICICI Prudential Life Insurance offers various individual and group insurance solutions including savings and investment plans, protection solutions, retirement solutions, health solutions, and flexible rider options. A SWOT analysis finds strengths in being India's number one private life player, innovative policies, large financial institution backing, and high capitalization, but weaknesses in targeting only higher income customers and having high premiums and charges. Opportunities exist in expanding distribution and adopting new technology, while threats come from competition and potential policy changes.
Person who helps the agent in his work.
Beneficiary: Person who receives the insurance money in case of claim.
Broker: Person who acts as an intermediary between the insurer and insured for negotiating insurance contracts and
placing insurance on behalf of insured with one or more insurers.
Claim: Demand made by the insured for indemnity of loss under an insurance contract.
Coinsurance: Sharing of a loss between the insured and the insurer in a specified proportion.
Contribution: Sharing of a loss between co-insurers in a specified proportion.
Deductible: Portion of each loss which insured agrees to bear before insurer becomes liable to pay.
Endorse
The document provides an overview of the insurance sector in India. It discusses key topics such as the definition of insurance, major types of insurance policies including life and general insurance, evolution of the insurance sector in India including nationalization in 1956 and liberalization in 1999 with the establishment of IRDAI as the regulatory body. It also summarizes the major players in life and general insurance, their products and leadership, as well as ongoing trends and challenges in the growing Indian insurance market.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
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Upanishads summary with explanations of each upnishad
Bancassurance
1. Bancassurance - A new marketing product for the Banks
- Dr. B.Krishnamurthy
Selection Grade Lecturer & Head, Dept. Of Commerce, R.T.E.S.College, Ranebennur.
dr_b_krishna@yahoo.co.in
Bancassurance is the convergence of Banking and Insurance. The term has its
origin in France, involves distribution of insurance products through a bank's branch
network. According to a recent sigma study, Bancassurance is on the rise worldwide It
has a tremendous success story in Europe, but it is relatively new concept in Australia
and Asia. In Asia, however, Bancassurance is gaining in popularity, where restrictions
have been eased.
Today, Insurance has become the proverbial goose laying golden eggs for public
sector banks. Banks are tapping new sources and finding ways to differentiate themselves
from other banks and non-banks and are increasingly venturing into the fee based
services like marketing of insurance etc. The technology forces the banks to develop a
strategy for online delivery system to broaden the customer relationship and to retain
customer loyalty. Today, the banks results in greater competition for the banks in the
technology pushes the delivery of services out of bank and the focus shifts from cost
reduction to maintaining market position.
Customers aspirations:
Today the customers are demanding fast, accurate and reliable services.
Therefore, adoption of technology is inevitable to respond to customers needs at all times
and at competitive prices. Anywhere banking facilities which offer access to banking
services at a place and time convenient to customers.
Banks are starting to embrace direct marketing and Internet banking as tools to
distribute insurance products. New and emerging channels are becoming increasingly
competitive, due to the tangible cost benefits embedded with the appeal of convenience
and innovation.
2. Today Many Indian banks are not only planning to enter the insurance sector due
to the huge growth and are setting up their own insurance companies. Most new insurers
have entered into memoranda of understanding with banks to use their branches as outlets
for marketing standard products. State Bank of India, Vysya Bank and J&K Bank already
has joint ventures in life insurance. Vijaya Bank and Punjab National Bank are in the
midst of finalizing life and non-life ventures. The Insurance Act allows only those
companies registered under the Companies Act to become Corporate Agents
Electronics and Information Technology are changing rapidly day by day. The
banking products and services are provided to consumers with complete ease and
maximum efficiency. Now a bank need not be limited by its physical establishments and
can have on-line presence to reach out the more customers. Liberalization and
globalization created the opportunity for banks to expand their business and compete not
only with local banks but also with foreign banks
IRDA, IBA & RBI are in discussions to iron out the various issues, as public sector banks
will play a key role in the distribution of products.
Thus, to increase their activity, they are marketing the insurance products by
themselves or on behalf of insurance company as Corporate Agents. It is estimated that
there is wide scope for the business revealed by many studies.
The year 2008, at least eight public sector banks are set to scrap their existing
Bancassurance tie-ups with insurers. They are: Bank of India, Union Bank, Karnataka
Bank , Allahabad Bank , Indian Overseas Bank , Bank of Maharashtra and Federal Bank.
Other banks, which are planning to start their own insurance companies, are Punjab
National Bank, Dena Bank and Bank of Baroda , according to industry sources.
The Associated Chambers of Commerce and Industry of India have projected the
insurance business to be worth around $60 billion by 2010. insurance business to be
worth around $60 billion by 2010. s.
The Indian banks are planning to enter the insurance sector on their own, without
partnering with insurance companies due to several reasons. One important reason is that
they would get better dividends than the commission. Moreover. this would help them to
3. diversify from the regular banking activity that they are involved in. The foray of banks
into insurance seems to have affected insurance companies.
Bancassurance accounted for about 20-30 per cent of premium income of private
insurers last year, sources said. Private insurers collected new business premium income
of around Rs 18,980 crore (Rs 189.8 billion), according to statistics from the Insurance
Regulatory and Development Authority.
The business of insurance in the country is expected to increase due to the growth
in the categories of semi- urban and rural insurance and is expected to be worth about
US$
IRDA:
To protect the interests of the policyholders, to regulate, promote and ensure
orderly growth of the insurance industry and for matters connected therewith or
incidental thereto Insurance Regulatory and Development Authority has been established
by passing a special Act in the parliament in the year 1999 and it is came into effect from
1-04-2000.. Today we have came into effect from 1-04-200.. HDFC Standard Life
Insurance Company Ltd. Is the first company registered as Insurance co. Following are
the list of Insurers
List of Registered Life Insurers with the IRDA:
S.No. Registration Date of Reg. Name of the Company
Number
1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.
2 104 15.11.2000 Max New York Life Insurance Co. Ltd.
3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.
4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited
5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
7 111 30.03.2001 SBI Life Insurance Company Limited .
8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited
9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited
10 117 06.08.2001 Metlife India Insurance Company Ltd.
11 121 03.01.2002 Reliance Life Insurance Company Limited.
4. 12 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.
13 127 06.02.2004 Sahara India Insurance Company Ltd.
14 128 17.11.2005 Shriram Life Insurance Company Ltd.
15 130 14.07.2006 Bharti AXA Life Insurance Company Ltd.
16 133 04.09.2007 Future Generali India Life Insurance Company
Limited
17 135 19.12.2007 IDBI Fortis Life Insurance C
18 136 08.05.2008 Canara HSBC Oriental Bank of Commerce Life
Insurance Company Ltd.
19 138 27.06.2008 Aegon Religare Life Insurance Company Ltd.
20 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.
21 142 Star Union Dai-ichi Life Insurance Co. Ltd.,
The insurers were of Banks and Non-Bank organizations.
Here is a few Insurance Company ventured with Bank:
1. SBI Life Insurance Company Limited:
It is a joint venture between the State Bank of India and BNP Paribas Assurance
registered with IRDA on 30.03.2001: The Share Capital is a follows:
State Bank of India --- 74%
BNP Paribas Assurance --- 26%.
State Bank of India enjoys the largest banking franchise in India along with its 7
Associate Banks, with a strength of over 14,500 branches across the country, arguably
the largest in the world.
BNP Paribas Assurance is the life and property & casualty insurance unit of BNP
Paribas - Euro Zone’s leading Bank. BNP Paribas is one of the oldest foreign banks with
a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life
insurance company in France. BNP Paribas Assurance operates in 41 countries mainly
through the bancassurance and partnership model.
5. 2. Canara HSBC Oriental Bank of Commerce Life Insurance Company
Limited:
It is joint venture of Canara Bank, HSBC and Oriental Bank with the following
equity.
1. Canara Bank - 51%
2. HSBC Insurance (Asia Pacific) Holdings Ltd - 26%
3. Oriental Bank of Commerce - 23%.
The Venture has an initial paid up capital of INR 325 Crores. The Company
commenced its business on 6th of June, 2008 after receiving requisite approvals from the
Insurance Regulatory Development Authority (IRDA). Canara HSBC Life has access to a
distribution network of over 4100 branches all over India.
3. ING Vysya Life Insurance Company Limited (ING Life):
Started operations in India in September 2001. ING Life has a pan India presence
in 234 cities, with over 367 sales teams. ING Life is staffed by 7,926 employees and over
69,113 advisors. The Company has a diversified distribution platform and includes both
Tied Agency and Alternate Channels. The Alternate Channels business within ING Life
includes Bancassurance (ING Vysya Bank), Referral Banks, Corporate Agents, Brokers
and SMINCE.
Corporate Agents:
Corporate Agents are those companies who have the principal business other than
insurance. Thus, today many banks are undertaking insurance activity to increase their
income and attract the new customers with the existing human resource and the use of
communication and information technology.
The share of corporate agents which was 8.42 per cent in 2006-07 has increased
to 12.33 per cent in 2007-08. Within the corporate agency channel, while the banks’
share grew from 5.46 per cent in 2006-07 to 7.97 per cent in 2007-08, The share of
corporate agents in the new business premium procured by the private life insurers was
significant at 29.92 per cent in 2007-08 as compared to 24.99 per cent in 2006-07, while
for LIC the share fell to 1.59 per cent in 2007-08 from 2.14 per cent in the previous year.
6. .
Micro-insurance:
Micro-insurance, the term used to refer to insurance to the low-income people.
Historically in India, a few micro-insurance schemes were initiated, either by non-
governmental organizations (NGO) or by the trust hospitals.
These schemes have now gathered momentum partly due to the development of
micro-finance activity, and partly due to the regulation that makes it mandatory for all
formal insurance companies to extend their activities to rural and well-identified social
sector in the country (IRDA 2000).
The overall market for micro insurance is estimated to reach Rs. 250 billion by
2008 (ILO 2004). Tata AIG Life - First insurance company to launch Micro Insurance
Scheme.
Tata AIG Life Insurance Company Limited
Tata AIG Life is a joint venture company formed by the Tata Group and
American International Group, Inc. (AIG). The Tata Group holds 74 per cent stake in the
insurance venture with AIG holding the balance 26 per cent.
Tata AIG Life provides insurance solutions to individuals and corporates. Tata
AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and
started operations on April 1, 2001.
7. List of Micro Insurance Institutions and their Products as on 20.03.2009
Sl.No Name of Insurer Name of the Product
1.Bajaj Allianz Jana Vikas Yojana
1 Bajaj Allianz Life Insurance Co. Ltd. 2.Bajaj Allianz Saral Suraksha
Yojana.
3. Bajaj Allianz Alp Nivesh
Yojana
2 AVIVA Life Ins. Co. India Pvt. Ltd. Grameen Suraksha
3 Birla Sun Life Insurance Co. Ltd. 1. Birla Sun Life Insurance Bima
Suraksha Super
2. Birla Sun Life Insurance Bima
Dhan Sanchay
4 ICICI Prudential Life Insurance Co. Ltd ICICI Pru Sarv Jana Suraksha
5 ING Vysya Life Insurance Co. Ltd. ING Vysya Saral Suraksha
6 Life Insurance Corporation of India LIC's Jeevan Madhur
7 Met Life India Met Vishwas
8 SBI Life Insurance Co. Ltd. 1. SBI Life Grameen Shakti
2. SBI Life Grameen Super
Suraksha
9 TATA AIG Life Insurance Co. Ltd. 1. Ayushman Yojana
2. Navkalyan Yojana
3. Sampoorn Bima Yojana
4. Tata AIG Sumangal Bima
Yojana
10 Sahara India Life Insurance Co. Ltd. Sahara Sahayog (Micro
Endowment Insurance without
profit plan)
11 Shriram Life Insurance Co. Ltd. 1. Shri Sahay
2. Sri Sahay (AP
12 IDBI Fortis Life Insurance Co. Ltd. 1. IDBI Fortis Group
Microsurance Plan
2. DLF Pramerica Sarv Suraksha
13 Star Union Dai-ichi Life Insurance Co Ltd. SUD Life Paraspar Suraksha Plan
8. Impact on Human Resources:
Information technology has resulted in improved efficiency, innovative products
and effective delivery systems for the banks. However, the employees have the fear of
job security due to introduction of computer skilled employees and reduction in jobs
Conclusion:
The Banks have wide scope to market the product. However, it require the good
aptitude of the existing workers. As this is an extra work, the workers will be given
incentive. As the facilities provided by the banks increases, so is an increase in the
demands of the customers. Thus, the banks have to continuously evolve newer techniques
for making business transactions better, faster and more efficient.
The 21st century banking has become only customer driven and technology drive.
The challenges are competition, customer expectation, reduction of costs and
enhancement of efficiency. Thus the new products and services delivery systems, need,
training and retraining of staffs and retention of highly specialized to become the vital
factors for banks.