abhishreshthaa
Abhijeet S
PARTNER SELLING:
Bancassurance: With the evolution of interconnected financial services, banks are converting themselves into ‘one stop financial supermarkets’. This has promoted two big classes of financial institutions: banks and insurance companies to combine and deliver an innovative product i.e. Bancassurance. In bancassurance, the insurance products are sold through the banks network of branches.
Postal Department: India has an extremely well developed postal network, which is even stronger than the network of banks in the country. Post offices have been established even in the interior parts of the country. Insurance companies can tie up with the postal department to sell and distribute various insurance covers.
This would certainly require upfront training costs, as the postal employees in turn need to educate and sell the concept and benefits of insurance to the people in rural areas. Such a tie up with the postal department would open up India’s rural areas, which are largely untapped for insurance sector. This can prove to be a sustainable source of growing revenues.
Selling Through Corporates : Insurance can be sold through corporates too.
E.g.: When a customer purchases a Maruti car, he gets the insurance of the car free from the Maruti company itself. Thus this is termed as selling insurance through corporates.
Bancassurance: With the evolution of interconnected financial services, banks are converting themselves into ‘one stop financial supermarkets’. This has promoted two big classes of financial institutions: banks and insurance companies to combine and deliver an innovative product i.e. Bancassurance. In bancassurance, the insurance products are sold through the banks network of branches.
Postal Department: India has an extremely well developed postal network, which is even stronger than the network of banks in the country. Post offices have been established even in the interior parts of the country. Insurance companies can tie up with the postal department to sell and distribute various insurance covers.
This would certainly require upfront training costs, as the postal employees in turn need to educate and sell the concept and benefits of insurance to the people in rural areas. Such a tie up with the postal department would open up India’s rural areas, which are largely untapped for insurance sector. This can prove to be a sustainable source of growing revenues.
Selling Through Corporates : Insurance can be sold through corporates too.
E.g.: When a customer purchases a Maruti car, he gets the insurance of the car free from the Maruti company itself. Thus this is termed as selling insurance through corporates.