The document discusses bancassurance in India, including:
1) Examples of insurance company tie-ups with banks like LIC, SBI Life Insurance, and Birla Sun Life Insurance.
2) A SWOT analysis of bancassurance that identifies strengths like large bank and insurance networks, and weaknesses like lack of IT infrastructure and need for employee training.
3) Guidelines from the Reserve Bank of India and Insurance Regulatory and Development Authority for banks participating in insurance, including restrictions on risk participation and investment limits.
Presented by Winnie njau, Group Head of bancassurance, KCB at the 1st Annual Bancassurance Conference | Villa Rosa Kempinski | Nairobi | Kenya.
Lloyds Africa Markets
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.
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.
Presented by Winnie njau, Group Head of bancassurance, KCB at the 1st Annual Bancassurance Conference | Villa Rosa Kempinski | Nairobi | Kenya.
Lloyds Africa Markets
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.
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.
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 comprises of two words: bank and insurance. It is an agreement between bank and insurance companies where banks operate as intermediary between insurance company and its customers and sell insurance through their existing distribution network.
https://efinancemanagement.com/financial-management/bancassurance
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 comprises of two words: bank and insurance. It is an agreement between bank and insurance companies where banks operate as intermediary between insurance company and its customers and sell insurance through their existing distribution network.
https://efinancemanagement.com/financial-management/bancassurance
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Bancassurance is one of the most popular distribution channels for conventional insurance and takaful alike. Muhammad Ashfaq-Ur-Rehman explores the growth of the sector and looks at the challenges holding it.
The presentation addresses the following questions: Should an MFI offer microinsurance? If so, through what institutional structure? If they partner with an insurance company, how to manage that relationship effectively? What products should the MFI offer?
Bancassurance MENA Complimentary Report - Ali Zeeshan
IIR Middle East conducted a qualitative study with leading bancassurance providers, on key issues facing the market and also to gain insight into, how they have built successful bancassurance businesses as well as what advice they would give to others looking to establish themselves in the market. Visit http://bancassurance.iirme.com/
Bancassurance MENA Summit Complimentary ReportAli Zeeshan
IIR Middle East conducted a qualitative study with leading bancassurance providers, on key issues facing the market and also to gain insight into, how they have built successful bancassurance businesses as well as what advice they would give to others looking to establish themselves in the market. for more information please visit www.iirme.com/bancassurance
I delivered this presentation in World Takaful Conference 2014. It is giving perspective of banks for developing successful bancatakaful channel. It is alos giving ideas of additional Tkaful products which can be developed for the bank customers
Kotak Mahindra_ The Strategic Shift from NBFC to BankMANTHAN CHAUHAN
How Kotak Mahindra shifted his 'tag' from NBFC (Non Banking Financial Company) to Bank is briefly explained in this presentation with help of small case study and question and answers based on it.
what is the major difference between NBFC and bank,their related companies act and Banking acts are also explained
in it.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
2. THE MEANING OF
BANCASSURANCE
BANCASSURANCE - A TERM COINED BY
COMBINING THE TWO WORDS BANK AND
INSURANCE (IN FRENCH) - CONNOTES
DISTRIBUTION OF INSURANCE PRODUCTS
THROUGH BANKING CHANNELS.
3. A FEW EXAMPLES OF SUCH TIE-UPS IN INDIA ARE AS
FOLLOWS:
•LIC: The insurance company LIC of India has tie-up with the following bank for
Bancassurance-
•Corporation Bank
•Indian Overseas Bank
•Centurion Bank
•Sahara District Central Co-operative Bank
•Janta Urban Co-operative Bank
•Yeotmal Mahila Sahakari Bank
•Vijaya Bank, and
•Oriental Bank of Commerce
•SBI-Life Insurance Co.: The SBI life Insurance Co. Ltd. is starting and running its Insurance business
with the help of SBI.
•Bajaj Allianz general Insurance Co. Ltd.: In the field of general Insurance the Bajaj Allianz General
Insurance Co. Ltd., has tie-up with Karur Vysya and Lord Krishna Bank.
•Birla Sun Life Insurance Co. Ltd.: The Birla Sun Life Insurance Company has a tie-up with the
following bank for the insurance purpose:
•Bank of Rajasthan
•Andhra Bank
•Development Credit Bank
•Bank of Muscat
•Dutch Bank, and
•Catholic Syrian Bank.
5. STRENGTH
•Banks have the integrity established with their constituents because of a variety of services and
schemes provided by them. They also enjoy good will among the masses because of their prolonged
presence and persistent image.
•Bankers are well acquainted with the psychology of the customers because of the daily interaction
with them and therefore they can guess the diverse needs and demands of the customers hence
contributing to the sale of personal line insurance products
•The Bank Network is spread in the remotest of the areas which helps in taking up and executing
large scale tasks easily all around the country.
•The other major strength that both the Insurance as well as the Banking sector enjoys is the large no.
of skilled professionals involved in these sectors who can easily be relocated to any Bancassurance
venture. LIC and GIC both have a good range of personal line products already lined up, therefore R &
D efforts to create new products will be minimal in the beginning. Additionally, GIC with 4200
operating offices and LIC with 2048 branch offices are almost already omnipresent, which is so
essential for the development of any Bancassurance project.
6. WEAKNESS
• Elementary IT requirement like networking (LAN) is not in place even in the headquarters of these institutions, when
the need today is of Wide Area Network (WAN) and Vast Area Network (VAN). Internet connection is not available even to
the managers of operating offices.
•There is lack of personalized services because the traditional insurance agent is considered a member of the family and
hence is able to render a personalized service during and after the sales process. However that may not be the case in
regard to a bank employee.
•Banks are traditionally “Demand driven” organizations, with a reactive selling philosophy, the Insurance Companies are
“Need driven” institutions, having an aggressive selling philosophy.
•The middle class population that the banks have an eye on is today overburdened, first by inflationary pressures on their
pockets and then by the tax net. There is no money left to think of insurance. Fortunately, LIC schemes get IT exemptions but
personal line products from GIC (medi-claim already has this benefit) like householder, travel, etc. also need to be given tax
exemption to further the cause of insurance and to increase domestic revenue for the country.
•The practical problem that may arise is that the customers visit the banks to have simple transactions-money deposit or
withdrawal. They do not have time to have a discussion on long term durable purchases of insurance products over
the counter. Also, the facilities like ATMs and E-banking have further restricted the visits to the urban or metro branches.
• To indulge into the sale of insurance products the bank employees have to undergo a certain kind of training for a
specific period of time followed up by a test to get them licensed. In the recent past the standard of the test has
been raised and hence it has become difficult to clear thereby becoming a major weakness of the Bancassurance concept.
7. OPPORTUNITIES
•The scope of the life insurance sector is vast an needs to be mined carefully. There are more than Nine hundred
million lives waiting to be given a life cover (total number of individual life policies sold in 1998-99 was just 91.73
million).
•The numbers of people who are still unaware about the risks covered by the life insurance sector in India are many and they
are still waiting for someone to come and inform them about it.
•The scope to market the property related insurances like fire insurances, medi-claim insurances can be enhanced by cross
selling them with the bank’s core products and selling them as value added products with credit cards, debit cards, etc.
•Banks’ database is enormous even though the goodwill may not be the same. This database has to be dissected and
various homogeneous groups are to be churned out in order to position the Bancassurance products. With a good IT
infrastructure, this can really do wonders.
•Another area that could be of interest to bankers is to exploit the corporate customers and tie-up for insurance
of the employees of corporate clients, which would be an avenue with easy access. In most cases Banks provide salary
disbursement and loan facilities but here they can provide insurance cover as well.
8. THREATS
•Insurance in India is perceived more as a saving option than providing risk cover, so this may create an adverse feeling in
the minds of the bankers that such products may lessen the sales of regular bank saving products like investment and good
return products (e.g., Fixed Deposit).
•There would be a problem of “Reputational Contagion”, i.e. loss of market confidence towards one in a venture leading to
loss of confidence on the other because of identical brand recognition, similar management and consolidated financial
reporting, etc.
•The investors in the capital may turn their face off in case the rate of return on capital falls short of the existing rate of return
on capital. Since banks and insurance companies have major portion of their income coming from the investments, the return
from Bancassurance must at least match those returns. Also if the unholy alliances are allowed to take place there will be
fierce competition in the market resulting in lower prices and the Bancassurance venture may never break-even.
•The most common obstacles to success of Bancassurance are poor manpower management, lack of a sales culture within a
bank, no involvement by the Branch Manager, insufficient product promotions, failure to integrate marketing plans, marginal
database expertise, poor sales channel linkages, inadequate incentives, resistance to change, negative attitudes toward
insurance and unwieldy marketing strategy.
•Another possible threat may come from non-response from the target customers as happened in USA in 1980s after the
enactment of Garn - St Germaine Act. A rush of joint ventures took place between banks and insurance companies and all
these failed due to the non-response from the target customers.
9. LEGISLATIONS FOR BANCASSURANCE
Guidelines given by RBI:
The Reserve Bank of India has given certain guidelines for banks entering into the insurance sector. They are as follows:
•Any commercial bank will be allowed to undertake insurance business as the agent of insurance companies and this will be
on fee basis with no-risk participation.
•The second guideline given by the RBI is that the joint ventures will be allowed for financial strong banks wishing to
undertake insurance business with risk participation.
•The third guideline is for banks which are not eligible for this joint venture option, an investment option of
a)Up to 10% of the net worth of the bank or
b)Rs. 50 crores. Whichever is lower is available.
The bank that wants to enter in participates in the insurance industry they have to follow the above guidelines given by the
Reserve Bank of India.
10. Guidelines given by IRDA:
The Insurance Regulatory and Development Authority have given certain
guidelines for the Bancassurance which are as follows:
•Chief Insurance Executive: Each bank that sells insurance must have a chief Insurance
Executive to handle all the insurance matters and activities.
•Mandatory Training: All the people involved in selling the insurance should undergo
mandatory training at an institute determined (authorized) by IRDA and pass the
examination conducted by the authority.
•Corporate Agents: Commercial banks, including co-operative banks and RRBs may become
corporate agents for one insurance company.
•Banks cannot become insurance brokers.