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Indian Insurance Industry
• Indian Life Insurance Industry - US$ 41-billion
• 5th largest life insurance market.
• Growing at a rapid pace of 32-34% annually.
Source: Life Insurance Council
What is Corporate Agency?
• In 2000, IRDA introduced the concept of Corporate Agency
Corporate bodies like banks, firms; Cooperative Societies
can act as agent of Insurance companies to market their
insurance products.
• This channel of marketing is also known as ‘BANCASSURANCE’
majority of the corporate agents are Banks. Bancassurance is ‘distribution of insurance products
through a bank's network’.
Facts & Figures• Bancassurance expected to generate 40 % of private insurers premium
income by 2012 , as compared to current 25 % – 28% .
• In General insurance , presently 17% of insurance premium comes from bancassurance and in 2009 – 10 this industry collected gross premium of US$ 7.84 billion with growth rate of 13.42%.
• Bancassurance accounts for 67% of its total premium income, which is the highest among life insurers.
• In 2008-09, private insurers forked out US$ 44.64 million as commission for bancassurance.
(Towers Watson India , Bancasurrance Benchmarking survey 2009-10)
Bancassurance: WIN-WIN For Insurer, Banks & for Customers
Leveraging Joint BrandingLeveraging Joint Branding
Product CreationProduct Creation Product Fitment & Differentiation
Product Fitment & Differentiation
Reduced Distribution CostReduced Distribution Cost Additional offering at No extra cost
Additional offering at No extra cost
Leveraging Branch Network (REACH) & Client Base (DEPTH)
Leveraging Branch Network (REACH) & Client Base (DEPTH)
Holistic Financial offering to Client
Holistic Financial offering to Client
Value to InsurerValue to Insurer
Value to CustomerValue to Customer
Value to BankValue to Bank
Bancassurance Tie-Ups
Banks Insurance Company
BarclaysAxis Bank MetLife India
DBS Bank Tata AIG
Karur Vysya BankLord Krishna Bank Bajaj Aliianz
ABN-AmroCanara Bank
AmexAviva Life Insurance*
Corporation BankIndian Overseas Bank
Centurian BankVijaya Bank
LIC
*Aviva started the concept of Bancassurance in India*Aviva started the concept of Bancassurance in India
“There is no Stronger Force than an Idea whose time has come”
- VICTOR HUGO (19TH Century Novelist)
Banks & Insurers across the world have realized Bancassurance is the distribution channel , which could help them achieve economies of scale and boost their revenues in the 21st Century
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