Bancassurance

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Bancassurance Is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer. Bancassurance as we know it today appears to have begun in France in the 1970s (which would account for its seemingly French name). Spain was also an early adopter, in the 1980s. Both of those countries continue to be bancassurance market share leaders. The insurance company benefits from increased sales and a broader client base without having to expand its sales force. The bank benefits by receiving additional revenue from the sale of insurance products. Buying insurance at the bank is convenient, especially in small towns where insurance agents may be scarce, contrarily buying at the bank may discourage consumers from shopping around and getting a competitive price on their insurance. In a bancassurance setup the bank manages the fund of the insured while the insurer covers or guarantee the risk. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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