Bancassurance – A Panacea for Increased Sales: Insurance Companies Perspective
Shaik Abdul Mazeed1, R. Sarveswara Reddy2, C. Sowbhagya Lakshmi3
1Shaik Abdul Mazeed, Research Scholar (Part-Time), Yogi Vemana University, YSR Kadapa-516005, Andhra Pradesh, Assistant Professor, Marri Laxman Reddy Institute of Technology & Management, Dundigal, Hyderabad-500043, Telangana, India.
2R. Sarveswara Reddy, Research Scholar, Rayalaseema University, Kurnool-518004, Andhra Pradesh, Assistant Professor, Dr. K.V. Subba Reddy School of Business Management, Kurnool-518218, Andhra Pradesh, India.
3C. Sowbhagya Lakshmi, Research Scholar (Part-Time), Yogi Vemana University, YSR Kadapa-516005, Andhra Pradesh, Assistant Professor, Chaitanya Bharathi Institute of Technology, Proddutur, YSR Kadapa-516360, Andhra Pradesh, India.
Manuscript received on 11 March 2019 | Revised Manuscript received on 17 March 2019 | Manuscript published on 30 July 2019 | PP: 2787-2790 | Volume-8 Issue-2, July 2019 | Retrieval Number: B2753078219/19©BEIESP | DOI: 10.35940/ijrte.B2753.078219
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Banking industry has grown quickly all over the world, at the same time insurance industry has also grown rapidly in the same cut throat economic environment. With the entry into non core products or services like insurance and securities markets, these days banks have increased their businesses. The integration of financial markets, emergence of new technologies and expansion of non-banking activities has a great impact on baking operations. Thus it results in opening doors for the business of non core products like insurance and securities (bancassurance) by banks. The only intention behind this diversification of business by the banks is to provide ample investment alternatives to the common people who do not have access to various financial products and securities so that they can maximize the returns on their investment. The increasing popularity of bancassurance has widened the scope of research in this area. In this study an attempt is made to know the impact of bancassurance on customers while they made decisions to purchase the insurance policies.
Key Words: Bancassurance, Non Core Products, Integration of Financial Markets, Investment Opportunities
Scope of the Article: Social Sciences