What is Bancassurance?
Bancassurance is the simplest way of distribution of insurance products through a bank’s distribution channel. It is basically selling insurance products and services by leveraging the vast customer base of a bank and fulfill the banking and insurance needs of the customers at the same time.
For banks it just acts as a means of product diversification and additional fee income; for insurance company it acts as a tool for increasing their market penetration and premium turnover and for customer it acts as a bonanza in terms of reduced price, high quality products and delivery to doorsteps. So every body is a winner here."
Bancassurance is the simplest way of distribution of insurance products through a bank’s distribution channel. It is basically selling insurance products and services by leveraging the vast customer base of a bank and fulfill the banking and insurance needs of the customers at the same time.
For banks it just acts as a means of product diversification and additional fee income; for insurance company it acts as a tool for increasing their market penetration and premium turnover and for customer it acts as a bonanza in terms of reduced price, high quality products and delivery to doorsteps. So every body is a winner here."
What Does NJI Life Bancassurance Offer?
Being pioneer of Bancassurance in Pakistan, NJI Life Bancassurance just doesn’t provide specialized products to its valued Bancassurance partners but we also believe in consultative approach to build a successful Bancassurance platform for our partner banks. We gladly share our experiences with our partners and provide them guidance in following core areas of Bancassurance:
Sales and Distribution model
Product Designing
Segment specific Marketing Strategies (ATL &BTL)
Sales Monitoring tools
Regulations complied training modules
End-to –end set up of Bancassurance business
We are geared to offer solutions on turnkey basis, from developing tailor made products for the bank according to the customers demographic and psychographic needs to providing a trained sales person and marketing services. NJLI Bancassurance assures the highest level of services.
Interested Banks may communicate with us through “Contact us” section.
Being pioneer of Bancassurance in Pakistan, NJI Life Bancassurance just doesn’t provide specialized products to its valued Bancassurance partners but we also believe in consultative approach to build a successful Bancassurance platform for our partner banks. We gladly share our experiences with our partners and provide them guidance in following core areas of Bancassurance:
Sales and Distribution model
Product Designing
Segment specific Marketing Strategies (ATL &BTL)
Sales Monitoring tools
Regulations complied training modules
End-to –end set up of Bancassurance business
We are geared to offer solutions on turnkey basis, from developing tailor made products for the bank according to the customers demographic and psychographic needs to providing a trained sales person and marketing services. NJLI Bancassurance assures the highest level of services.
Interested Banks may communicate with us through “Contact us” section.
How Does the Bank Benefit?
From the bank's perspective, Bancassurance offers great opportunity to improve their profitability by enhancing fee-based income. This income is purely risk free for the bank since the bank simply plays the role of an intermediary for sourcing business to the insurance company. Apart from this, the bank has several other benefits such as: Productivity of the employees increases. By providing customers with both the services under one roof, they can improve overall customer satisfaction resulting in higher customer retention levels. Increase in return on assets by building fee income through the sale of insurance products. Can leverage on face-to-face contacts and awareness about the financial conditions of customers to sell insurance products.
From the bank's perspective, Bancassurance offers great opportunity to improve their profitability by enhancing fee-based income. This income is purely risk free for the bank since the bank simply plays the role of an intermediary for sourcing business to the insurance company. Apart from this, the bank has several other benefits such as: Productivity of the employees increases. By providing customers with both the services under one roof, they can improve overall customer satisfaction resulting in higher customer retention levels. Increase in return on assets by building fee income through the sale of insurance products. Can leverage on face-to-face contacts and awareness about the financial conditions of customers to sell insurance products.
How Does the Customer Benefit?
Comprehensive advisory services under one roof. i.e., insurance services along with other financial services such as banking, mutual funds, personal loans etc. Enhanced convenience on the part of the Policyholder Innovative and custom made product ranges according to the customer’s demographics & psychographics.
Comprehensive advisory services under one roof. i.e., insurance services along with other financial services such as banking, mutual funds, personal loans etc. Enhanced convenience on the part of the Policyholder Innovative and custom made product ranges according to the customer’s demographics & psychographics.
Life Insurance helps you to live your life with high spirits with peacefully minds eliminating the concern of how your loved ones will face financial problems after you. Life insurance is the only solution for this problem. In other words the insurance companies are a financial problem solver for people. One can have a better knowledge about the minimum top 10 life insurance companies for the best one in NY.
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