Banking Frontiers’ Post

Listen in as our distinguished speaker, #SatyajitTripathy CMD, United India Insurance Co. Ltd., shares their remarkable insights and experience from the #ETBFSIConverge! 🎙️🌟 Don't miss out on their valuable takeaways! Know More - https://bit.ly/45LJuZd #ETBFSI #ETBFSIConverge #BFSIConverge #FinanceSummit #FintechLeaders #Banking #PSU #FinancialMarkets #LiveVideo

According to me there is nothing wrong with the model of bancassurance. It is the most suitable model for selling insurance products in terms of reaching wide swathes of customers. The problem lies in execution and the quality of the manpower. Insurers are more responsible for this malaise than the banks. A bank is a medium to sell a product. It is not equivalent to a broker who is supposed to have deep levels of expertise as it is not his core business. Once the product is sold the insurance company should takeover in terms of after sales service viz. issuance of policy/endorsements, claims etc. Adequate managerial bandwidth should be set up to manage the servicing. It is futile to expect the bank to carry out the above aspects as it is not their core business. Insurers have to engage various channels to enhance the penetration of the business viz. banks, agents, brokers etc. Even agents are not expected to act like brokers as they may not be full time agents. They are into selling life insurance, general insurance, mutual funds etc. Now insurers are selling insurance through POSPs, banking correspondents etc. The regulator is envisioning sales through Bima Vahaks as well. We may face even more problems with other channels. Time for insurance companies to be set up adequate systems to resolve such issues.

Discover the benefits of upgrading to a Premium Khata. IPPB brings you exclusive features and enhanced banking services when you upgrade your normal savings account to a Premium Savings Account. Watch this video to learn how in a few simple steps you can upgrade your account and how it can take your banking experience to the next level. India Post Department of Posts, India Indian Banks` Association Gursharan Rai Bansal Easwaran V Vishwanath Divya Sashikant Panda #Aapkabankaapkedwaar #Bankingatlastmile https://lnkd.in/dKEvYAeT

The calendar may have changed from 2023 to 2024... but the issues for discussion in the insurance industry remain the same. My views on Bancassurance were carried in the Asia Insurance Review that came out on the 1st of January. Big thanks to Anoop Khanna for providing me with the opportunity. Incidentally, on 30th December 2023, the Honorable Finance Minister, Smt. Nirmala Sitharaman in a meeting with the Chiefs of public sector banks asked them to focus on their 'CORE ACTIVITY', a possible reference to the banks' over-enthusiasm in pushing third-party products such as insurance, at the cost of neglecting core banking activities. #bancassurance #banca #neglect #banking #missell #coercion #complaints #claims #irdai #reservebankofindia #iba #insuranceagent #insurancebroker #asiainsurancereview

In our recent 1Lattice podcast Harsh Salgaonkar discusses the new FLDG scheme and the clarity it brings to the entire ecosystem with Nishant Bhaskar, Cofounder Fundfina. The new scheme is well-positioned to provide further impetus to digital lending in India. Check Part 2 of the discussion on RBI's broader objective to enhance credit availability in India while mitigating the risks associated with lending. Our '1nsights' product helps BFSI organizations in market assessment, sector scans and GTM assessment to scout for opportunities and whitespaces and help take informed business decisions. Check the complete discussion on #FLDG scheme here: https://lnkd.in/dunwGC-5 #EnablingBetterDecisions #banking #financialservices #insurance

Muted disbursals in certain nano-micro #MSME sectors in short-term but overall new FLDG regime will strengthen risk management for regulated entities.

The RBI's approval of the implementation of FLDG guidelines is a significant development, providing respite to many fintechs facing challenges in the wake of RBI’s digital guidelines over the past year. In our recent 1Lattice podcast Harsh Salgaonkar discusses the new FLDG scheme and the clarity it brings to the entire ecosystem with Nishant Bhaskar, Cofounder Fundfina. The new scheme is well-positioned to provide further impetus to digital lending in India. Check Part 1 of the discussion here, and in case you have any queries w.r.t. the FLDG scheme, write to us in the comments section, and we will be happy to answer. https://lnkd.in/dunwGC-5 #EnablingBetterDecisions #banking #financialservices #insurance

Going tomorrow in India’s Biggest BFSI Event Business Standard Banking, Financial Services and Insurance (BFSI) Insight Summit brings the entire industry together to discuss the here & now and after, Insight Out! Thanks Business Standard Tamal Bandyopadhyay Ruchika Chitravanshi #BFSI #BFSIevent #BSBFSI

Discover the 5 key change drivers which are shaping the digital transformation journey of banks and insurance companies. Read the article by Giuliano Altamura now to find out how to stay ahead of the curve! #FinancialServices #Banking #Insurance #FinconsGroup

I recently completed a course whos based on Branch Banking Executive which is offered by NSDC through SKILL India Digital .this course very helpful to enhance my financial study or research in field of Banking & insurance🙂#Aryan Raj #branchbanking #mygoal 2024