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Such a comparison is particularly pertinent in Taiwan, where the bancassurance model has grown increasingly important in response to the “over-banking” problem and the passage of the Financial Holding Company Law in 2001.
These findings have significant implications for the insurance industry and ongoing research in this field.
By definition, bancassurance is a method for banks to distribute insurance products.
Banks and insurance companies engage in bancassurance activities under various strategic umbrellas, though according to the Organisation for Economic Co-operation and Development, banks generally pursue minority or majority holdings, full-fledged acquisitions, the creation of subsidiaries or joint ventures with holding companies.
The importance of bancassurance mergers in both European and U. financial systems In contrast, few researchers have explored the efficiency of alternative operating strategies, such as those that emerge when bancassurance products provided by a bank subsidiary come to be regarded as in-house products claims that banks sell multiple products for economic reasons, such as the efficient use of fixed capacity resources, customer demand for multiple products from a single channel, and the appeal of a product combination strategy.
Implementing bancassurance in India is one such development that took place towards the cause.
The need and subsequent development of bancassurance in India began for the following reasons: The Reserve Bank of India and the insurance development and regulatory authority have a set of guidelines for companies that couple to form bancassurance.
But with their single-minded focus on banks, these studies cannot offer a comparative analysis of the efficiency of different insurance product channels from a distribution perspective.
In contrast, this study develops a unique database that includes financial data from insurance brokers and agencies in Taiwan; this data indicates the premiums and commissions earned from both traditional sales channels and bancassurance channels for each insurance company.
Though the teething phase of insurance, one may say is just past, a desirable foothold is yet to be found.
With growth in number of middle class families in the country, RBI recognized the need of an effective method to make insurance policies reach people of all economic classes in every corner of the nation.