A study on bancassurance products and is implementation in India in a vide perspective

Bancassurance is preferred by consumers because of the relationship and trust that they developed with the bank, especially the local branch. Another important aspect that can really boost this system is digitization. Embracing new technology and digitization can help in easy availability for consumers and boosting up of sales of this productBancassurance is a strategic arrangement which includes insurance services offered to the customers along with the various other financial services. In this paper we discuss about Bancassurance implementation and its stakeholders such as banks, distribution channel, insurance services, financial services, service quality. After emergence Liberalisation, Privatisation, Globalisation (LPG), financial sector as a whole seen a drastic change with regard to products and services. Modern banks are providing holistic financial services and are for away from mere deposit takers and financial vendors. The continuous onus to better service and market share resulted in the banks penetrating into other modes financial services. Distribution channel plays business Insurance is one such area where it employs 10 various channels of distribution but the contribution to the success of insurance penetration by each channel is very less and few channels such as agents and bancassurance have contributed significantly on the insurance penetration. Bancassurance has a better scope compared to other channels as it enjoys competitive advantage over them.