Bancassurance is distribution of insurance products through banks outlet. It is basically selling insurance products and services by leveraging the best customer base of a bank and fulfill the banking and insurance needs of the customers at the same time. Thus it is coalition between the bank and the insurance company.
For banks it is a means of product diversification and a source of additional fee income.
Insurance companies see Bancassurance as a tool for increasing their market penetration and premium turnover
There are various types Bancassurance models:
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