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of money from the public for the purpose of lending or investment, repa yable on demand through cheques, drafts or order.
It is A contract between two parties where by one party undertakes to compensate the another party for the loss arising due to an uncertain events for which the another party agrees to pay A certain amount regularly.
DEFINITION
The sale of insurance and other similar products through a bank This can help the consumer in some situations; for example, when a bank requires life insurance for those receiving a mortgage loan the consumer could purchase the insurance directly from the bank. Some critics feel that bancassurance gives the bank too much control. Bancassurance is not legal in all countries, but it is legal in the United States.
STRENGTHS:
Vast untapped market Huge pool of skilled professionals
WEAKNESS:
Lack of networking among bank branches
act as a tied agent and sells the insurance products of one insurer extensively with other bank products.
2. Strategic In
Alliance:
3. Joint Venture:
Well-developed customer database In order to develop a powerful distribution model TO have cross holdings between them
4. Financial Service Group
Under further integration between the bank and insurer, an insurance company can either build or buy a bank or build or buy an insurance company.
5. Bank Referral:
Certain regulatory barriers have slowed the development of Bancassurance in India down. Which have only recently been cleared with the passage of the insurance (amendment) Act 2002. Prior it was clearly an impractical necessity and had held up the implementation of Bancassurance in the country.
Training and examination requirements Specified person to satisfy the training & examination Exception: Restrictive feature
1)career Agents: Full-time Commissioned Sales Independent Contractors Level Of Customer Service 2)Special Advisers: 3)Salaried Agents: control and supervision mission and objectives remuneration
7)Internet