Bankassurance works both way. It can be an additional
service/product of the bank which can be offered to their clients.
Through this, banks will have the opportunity to make an additional
profit and at the same time it can help their client to manage
their money in the right way, of course with the help of the
insurance provider. On the otherhand, insurance company will also
have the opportunity to increase their distribution channel to sell
insurance product directly to their target market. Advantages: 1.
Exposure for both insurance company and banks 2. Direct Selling for
the insurance company through banks 3. Additional distribution
channel for the insuraance company 4. additional income for the
banks
Related Q&A：
What are the Advatages for banks and insurance company by bancassurance？Well, for banks, bancassurance is a great thing! It gives them an extra source of revenue. They can offer insurance products to their existing customers, which helps build stronger relationships. Oh, and it diversifies their business offerings too. For insurance companies, it's like a golden opportunity. They get access to a large customer base that the bank already has. That means more potential policyholders, you know? And it reduces marketing costs because they don't have to do as much outreach on their own. So, it's a win-win situation for both!
