Bancassurance is an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank's client base. This partnership arrangement can be profitable for both companies.
Bancassurance is a relationship between a bank and an insurance company, aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer.
Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company's insurance products to its clients. Bancassurance arrangement benefits both the firms.
Importance & Methods of Bancassurance
With the aim to become a one stop financial solution for valued customers, Banks have added a new service to their product line viz, Bancassurance. Bancassurance solution is specially designed to help customers protect and secure a stable future.
Banks have a strategic alliance with best insurance companies in Nepal for Life Insurance and Non-life Insurance.
Non-Life Products:
1. Fire and Allied Perils Insurance
2. Burglary and House-breaking Insurance
3. Household Insurance
4. Personal Accident Insurance
5. Motor Vehicle Insurance
6. Marine Transit Insurance
7. Secure Mind Insurance
8. Travel Medical Insurance
9. Health Insurance
10. Group Personal Accidents and Medical Insurance
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