Bancassurance -The Growth, Problems and Challenges in India

Abstract

With the opening up of insurance sector to private players, there is intense competition among the players there in. Instead of falling back on the traditional channel of individual agents for business, insurance companies have started to experiment with innovative distribution channels such as bancassurance and insurance brokers. In India the bancassurance model is still in its blossoming stage, but the tremendous growth and acceptability in the recent years is a sign of greener future. The present paper deals with the reasons for its acceptance in India, emerging trend,;, risks and challenges for bancassurance in India and its prospects.