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Bancassurance is an efficient distribution channel with higher productivity and lower costs than the traditional distribution channel. In the modern bancassurance module, there has a staff assigned by an insurance company placed in particular banks to serve banking customers with their insurance solutions.
While in its initial stage its business was mainly from bancassurance channel, and gradually developed an agent network consisting of 108261 Insurance Advisors (IAs)and 825 offices across the country as on 31 March 2018 for selling its life insurance products and also collaborated with other distributions channels which include direct sales and ...
AIA also entered into an exclusive 20-year bancassurance agreement with NDB, one of Sri Lanka's largest financial conglomerates with a nationwide bank branch network. [ 9 ] On 7 October 2012, AIA acquired ING Group 's Malaysian insurance subsidiaries for a cash consideration of €1.336 billion (US$1.73 billion).
Colonial was differentiated in the marketplace through its fundamental strategy known as bancassurance or ‘allfinanz’, the provision of a broad range of integrated solutions to its customers’ lifelong financial needs. These financial solutions were delivered through innovative methods of distribution that are most convenient and relevant ...
Etiqa is an insurer and takaful operator in ASEAN.It is a member of the Maybank Group, offering life and general insurance policies, as well as, family and general takaful plans.
In December 2020, it collaborated with RBL Bank and formed a bancassurance partnership with a plan to offer portfolio of life insurance products to customers. [26] In January 2021, the company collaborated with PhonePe so that users can get term life insurance instantly via the app without any health check-ups and paperwork. [27]
Banque de Luxembourg is a wholly owned subsidiary of Crédit Mutuel via the Crédit Industriel et Commercial (CIC). The CIC is 93%-owned by Banque Fédérative du Crédit Mutuel (BFCM), the holding company of the bancassurance group Crédit Mutuel Centre Est Europe-CIC.
HDFC Life distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (HDFC Bank, Saraswat Bank, RBL Bank), a Direct channel, Insurance Brokers, MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc. and 39 partnerships within non-traditional ecosystems [8] and an Online Insurance ...