Final Bancassurance

8/10/2019 Final Bancassurance

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Bancassurance

Project Report on:

Topic: Bancassurance

Submitted By:

NAME: Joyeeta Das

SEAT NO: __________

TYB.Com (FINANCIAL MARKETS)

Semester Vt

Submitted To:

!"#$ers#ty %& M'ma#

Project Guide:

Academic Year

*+,-*+

1


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Bancassurance

CERT!CATE

T"is is to certi#y t"at t"e project entit$ed Bancassuarance

is success#u$$y done by %oyeeta &as &urin' t"e T"ird

Year( !i#t" Semester o# B)com *!inancia$ Mar+ets, under

-ni.ersity O# Mumbai t"rou'" t"e T"a+ur Co$$e'e o#

Science / Commerce( 0andi.a$i 1East2( Mumbai 3

455656)

777777777777777 777777777777777 77777777777777

Co8ordinator Project Guide Principa$

&ate: 777777777 P$ace: 777777777777

7777777777777777777777777777

E9terna$ E9aminer

2


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Bancassurance

&ECARATON

%oyeeta &as #rom T"a+ur Co$$e'e o# Science /

Commerce( $earner o# T)Y)B)Com 1!inancia$ Mar+ets2(

semester ;( E9amination Seat no:8777777777( "ere by

submit my project report on Bancassuarance )

a$so dec$are t"at t"is project


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Bancassurance

E?EC-T;E S-MMARY

Ba"/ass'ra"/e #" #ts s#m01est &orm #s 2#str#'t#o" o& #"s'ra"/e 0ro2'/t tro'3 a a"45s

2#str#'t#o" /a""e1s. It #s te 0ro$#s#o" o& #"s'ra"/e a"2 a"4#"3 0ro2'/t a"2 ser$#/es

tro'3 a /ommo" 2#str#'t#o" /a""e1 or tro'3 a /ommo" ase.

Te mot#$e e#"2 a"/ass'ra"/e #s to 0ro$#2e /o"$e"#e"t ser$#/es to te /'stomers

. For Ba"4s6 #t #s a mea"s o& 0ro2'/t 2#$ers#/at#o" a"2 a so'r/e o& a22#t#o"a1 &ee #"/ome.

I"s'ra"/e /om0a"y see a"/ass'ra"/e as a too1 &or #"/reas#"3 te#r mar4et 0e"etrat#o"

a"2 0rem#'m t'r"o$er. Te /'stomer sees a"/ass'ra"/e as a o"a7a #" terms o& re2'/e2

0r#/e6 #3 8'a1#ty 0ro2'/t a"2 2e1#$ery at 2oorste0s.

Te ma#" &o/'s o& t#s 0ro9e/t #s o" e"ets a"2 #m0orta"/e o& Ba"/ass'ra"/e #" I"2#a.

Te re3'1at#o"s 3o$er"#"3 a"/ass'ra"/e are a1so 2ea1t #t #" t#s 0ro9e/t. Te I"2#a" as

e11 as 31oa1 /o"te;t ot are ta4e" #"to a//o'"t.

F'rter te 0ro9e/t a1so #"/1'2es te /ase st'2y o& SBI L#&e I"s'ra"/e Com0a"y6 #ts

$ar#o's 0ro2'/ts6 te 3rot tey a$e e;0er#e"/e2 s#"/e te o0e"#"3 '0 o& a o11y

o"e2 s's#2#ary o& SBI Ba"4 tat se11s #"s'ra"/e 0ro2'/ts

T#s 0ro9e/t #s 9'st a 3#st ao't o te


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Bancassurance

N&E?

Sr) No) Particu$ars P') No)

+ I"tro2'/t#o" To Ba"4#"3 =

I"tro2'/t#o" To I"s'ra"/e +*

> %r#3#" ++

, Ba"/ass'ra"/e- I"tro2'/t#o" ++-+

Reaso"s &or 3ro#"3 0e"ome"a o& a"/ass'ra"/e +>-+,

? Nee2 For Ba"/ass'ra"/e +

@ Le3a1 Re8'#reme"ts +?-+

Stat's %& Ba"/ass'ra"/e #" I"2#a +-+=

= Ba"/ass'ra"/e A/ross Te Emer3#"3 Tre"2s >*

+, Ca11e"3es >+->

+ S%T A"a1ys#s >>->=

+? SBI L#&e I"s'ra"/e ,*-+

6


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Bancassurance

+@ Ba"/ass'ra"/e T#e !0 I" I"2#a +-

+ Re/omma"2at#o" o& /omm#ttee /o"st#t'te2 y IRDA o"

Ba"/ass'ra"/e.

>-,

+= S'//ess %& Ba"/ass'ra"/e ,-

* Meas'res To Im0ro$e Ba"/ass'ra"/e

+ Co"/1's#o" ?-@

B#1#o3ra0y

OB%ECT;ES O! T@E ST-&Y

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Bancassurance

r#mary %9e/t#$e o& my st'2y o" te to0#/ Ba"/ass'ra"/e #s tat t#s #s re1at#$e1y a "e /o"/e0t #"

I"2#a a"2 terey I o'12 1#4e to e"a"/e my '"2ersta"2#"3 a"2 #m0ro$e my 4"o1e23e re3ar2#"3

t#s to0#/ ao$e a11

ereas te ma#" o9e/t#$e o& ma4#"3 t#s tes#s sta"2s to #s resear/ o" te Ba"/ass'ra"/e strate3ya2o0te2 y te a"4#"3 /om0a"#es. To2ay te /'stomer #s te 4#"3 o& te mar4et a"2 to sat#s&y #s

a"ts a"2 "ee2s te #"2'stry as to a2o0t ma"y strate3#es. Te /'stomers a"t e$eryt#"3 '"2er6 o"e

roo&6 y t#"4#"3 o& t#s 0o#"t te a"4#"3 #"2'stry /ame '0 #t BANCASS!RANCE.

Researc" Met"odo$o'y

&ata co$$ection#s te 0ro/ess o& 3ater#"3 a"2meas'r#"3#"&ormat#o" o" $ar#a1es o"terest6 #" a" esta1#se2 systemat#/ &as#o" tat e"a1es o"e to a"ser state2 resear/

8'est#o"s6test y0oteses6 a"2 e$a1'ate o't/omes. Te 2ata /o11e/t#o" /om0o"e"t o& resear/

#s /ommo" to a11 e12s o& st'2y #"/1'2#"30ys#/a1a"2so/#a1 s/#e"/es6 'ma"#t#es6 's#"ess6

et/. #1e meto2s $ary y 2#s/#01#"e6 te em0as#s o" e"s'r#"3 a//'rate a"2 o"est

/o11e/t#o" rema#"s te same

For t#s to0#/ te 2ata as /o11e/te2 tro'3 $ar#o's mea"s s'/ as:-

o I"ter"et

o Resear/ a0ers

o I"tera/t#o"

imitation O# T"e Study

!e< ban+s "a.e not opted #or bancassurance)

E9"austi.e $ist o# c$ients are not a.ai$ab$e)

Bancassurance is in promotion sta'e on$y)

ntroduction to Ban+in'

Ban+in' as per t"e Ban+in' Re'u$ation Act( Ban+in' is de#ined as: 8

8
http://en.wikipedia.org/wiki/Measuringhttp://en.wikipedia.org/wiki/Measuringhttp://en.wikipedia.org/wiki/Hypothesis_testinghttp://en.wikipedia.org/wiki/Hypothesis_testinghttp://en.wikipedia.org/wiki/Physicshttp://en.wikipedia.org/wiki/Social_scienceshttp://en.wikipedia.org/wiki/Social_scienceshttp://en.wikipedia.org/wiki/Hypothesis_testinghttp://en.wikipedia.org/wiki/Physicshttp://en.wikipedia.org/wiki/Social_scienceshttp://en.wikipedia.org/wiki/Measuring


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Bancassurance

It #s a /o"tra/t etee" to 0art#es ere y o"e 0arty '"2erta4es to /om0e"sate a"oter 0arty &or

te 1oss ar#s#"3 2'e to a" '"/erta#" e$e"ts &or #/ a"oter 0arty a3rees to 0ay a /erta#" amo'"t

re3'1ar1y.

I" I"2#a6 #"s'ra"/e as a 2ee0-roote2 #story. I"s'ra"/e #" I"2#a as e$o1$e2 o$er t#me ea$#1y

2ra#"3 &rom oter /o'"tr#es6 E"31a"2 #" 0art#/'1ar.

Te #"s'ra"/e se/tor #" I"2#a as /ome as a &'11 /#r/1e &rom e#"3 a" o0e" /om0et#t#$e mar4et to

"at#o"a1#7at#o" a"2 a/4 to a 1#era1#7e2 mar4et a3a#". Te 's#"ess o& 1#&e #"s'ra"/e #" I"2#a #" #ts

e;#st#"3 &orm starte2 #" I"2#a #" te year ++ #t te esta1#sme"t o& te %r#e"ta1 L#&e I"s'ra"/e

Com0a"y #" Ca1/'tta.

Te I"s'ra"/e A/t6 +=> as te rst 1e3#s1at#o" 3o$er"#"3 a11 &orms o& #"s'ra"/e to 0ro$#2e str#/t

state /o"tro1 o$er #"s'ra"/e 's#"ess.

To2ay tere are +, 3e"era1 #"s'ra"/e /om0a"#es a"2 +, 1#&e #"s'ra"/e /om0a"#es o0erat#"3 #" te

/o'"try. B't to2ay a1so te #"s'ra"/e /om0a"#es are try#"3 to /a0t're I"2#a" mar4ets as "ot ma"y

0eo01e are aare o& #t. Te #"s'ra"/e se/tor #s a /o1ossa1 o"e a"2 #s 3ro#"3 at a s0ee2y rate o& +-

*H.

To3eter #t a"4#"3 ser$#/es6 #"s'ra"/e ser$#/es a22 ao't @H to te /o'"try5s


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Bancassurance

a'tor#7e2 to start o0erat#o"s6 a aterse2 e$e"t #" te #story o& #"s'ra"/e. It as te#r #2ea

to y0ass te m#221ema" &or 1oa" 0rote/t#o" #"s'ra"/e a"2 to #"s're te#r o" a"4#"3

/'stomers temse1$es. Tey t's e/ame te 0re/'rsors o& at + years 1ater o'12

e/ome a"/ass'ra"/e. For te#r 0art6 te S0a"#s e3a" te#r a2$e"t're #" te ear1y +=*s6

e" te BANC% DE BILBA%

te /reat#o" o& Bar/1ays L#&e #" Se0temer +=?. T#s s's#2#ary as "ot a 3reat s'//ess #"

te !K6 a"2 "or6 &or tat matter6 as te /o"/e0t o& a"/ass'ra"/e.

Bancassurance8 ntroduction

A" arra"3eme"t #" #/ a a"4 a"2 a" #"s'ra"/e /om0a"y &orm a 0art"ers#0 so tat te

#"s'ra"/e /om0a"y /a" se11 #ts 0ro2'/ts to te a"4s /1#e"t ase. T#s 0art"ers#0arra"3eme"t /a" e 0rota1e &or ot /om0a"#es. Ba"4s /a" ear" a22#t#o"a1 re$e"'e y

se11#"3 te #"s'ra"/e 0ro2'/ts6 #1e #"s'ra"/e /om0a"#es are a1e to e;0a"2 te#r /'stomer

ase #to't a$#"3 to e;0a"2 te#r sa1es &or/es or 0ay /omm#ss#o"s to #"s'ra"/e a3e"ts or

ro4ers.

Ba"/ass'ra"/e #s a Fre"/ term re&err#"3 to te se11#"3 o& #"s'ra"/e tro'3 a a"4s

esta1#se2 2#str#'t#o" /a""e1s. I" oter or2s6 e /a" say Ba"/ass'ra"/e #s te 0ro$#s#o"

o& #"s'ra"/e (ass'ra"/e) 0ro2'/ts y a a"4. Te 'sa3e o& te or2 0#/4e2 '0 as a"4s a"2

#"s'ra"/e /om0a"#es mer3e2 a"2 a"4s so'3t to 0ro$#2e #"s'ra"/e6 es0e/#a11y #" mar4ets

tat a$e ee" 1#era1#se2 re/e"t1y.

Ba"/ass'ra"/e #s te se11#"3 o& #"s'ra"/e a"2 a"4#"3 0ro2'/ts tro'3 te same /a""e16

most /ommo"1y tro'3 a"4 ra"/es. Ba"/ass'ra"/e as e/ome s#3"#/a"t. Ba"4s are

"o a ma9or 2#str#'t#o" /a""e1 &or #"s'rers6 a"2 #"s'ra"/e sa1es a s#3"#/a"t so'r/e o&

0rots &or a"4s. Te 1atter 0art1y e#"3 e/a'se a"4s /a" o&te" se11 #"s'ra"/e at etter

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Bancassurance

0r#/es (#.e.6 #3er 0rem#'ms) ta" ma"y oter /a""e1s6 a"2 tey a$e 1o /osts as tey 'se

te #"&rastr'/t're (ra"/es a"2 systems) tat tey 'se &or a"4#"3.

Ba"/ass'ra"/e 0r#mar#1y rests o" te re1at#o"s#0 te /'stomer as 2e$e1o0e2 o$er a 0er#o2

o& t#me #t te a"4. A"2 0's#"3 r#s4 0ro2'/ts tro'3 a"4s #s a m'/ more /ost-e&&e/t#$e

a&&a#r &or a" #"s'ra"/e /om0a"y /om0are2 to te a3e"t ro'te6 #1e6 &or a"4s6 /o"s#2er#"3

te &a11#"3 #"terest rates6 &ee ase2 #"/ome /om#"3 #" at a m#"#m'm /ost #s more ta"

e1/ome.

Ba"/ass'ra"/e e"/om0asses terms s'/ as A11"a"7 (#"


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Bancassurance

Te o0e"#"3 '0 o& te #"s'ra"/e #"2'stry to 0r#$ate se/tor 0art#/#0at#o" #" De/emer +===

as 1e2 to te e"try o& * "e 01ayers6 #t + #" te 1#&e #"s'ra"/e se/tor a"2 e#3t #" te

"o"-1#&e #"s'ra"/e se/tor. A1most #to't e;/e0t#o" tese /om0a"#es are see4#"3 to 't#1#7e

m'1t#01e 2#str#'t#o" /a""e1s s'/ as tra2#t#o"a1 a3e"/y6 a"/ass'ra"/e6 ro4ers a"2 2#re/t

mar4et#"3. Ba"/ass'ra"/e #s see" y ma"y to e a s#3"#/a"t or e$e" te 0r#mary /a""e1.I"

oter As#a" mar4ets e a$e see" a"/ass'ra"/e ma4e s#3"#/a"t ea2ay #" re/e"t t#mes.

For e;am01e6 a"/ass'ra"/e a//o'"te2 &or ,H o& "e 1#&e #"s'ra"/e sa1es y Oe#3te2

0rem#'m #"/omeP #" S#"3a0ore #" **. T#s #s a s#3"#/a"t #"/rease o" te e8'#$a1e"t **+

stat#st#/ o& +H a"2 #s as a res'1t o& 3rot #" s#3"#/a"t a"4-/e"tr#/ a"/ass'ra"/e

o0erat#o"s. I" o"3 Ko"3 te 're &or ** #s e;0e/te2 to e at te *H 1e$e1 &or te same

as#/ reaso"s.

a) Reasons #or Ban+s Ea'erness to Co$$aborate e$come Bancassurance

Co"s'mer 0er/e0t#o" #s #tse1& a $ery 2y"am#/ 0e"ome"o". To2ays /'stomer #s $ery

2ema"2#"3 a"2 se"s#t#$e too. C'stomer e;0e/tat#o"s #" res0e/t o& ser$#/e 8'a1#ty are

8'#te #3.

Co"s'mers #"s#st o" res0e/ta1e ea$#o'r &rom te#r a"4er. e" tere are so ma"y

o0erators6 tey /a" a1ays s#t/ o$er te#r 1oya1ty at a"y mome"t. Tere #s a

/a11e"3e e&ore ser$#/e 0ro$#2ers tat te#r /1#e"te1e ase #s reta#"e2.

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Bancassurance

I" re3ar2 to 8'a1#ty o& ser$#/e6 o'r 0'1#/ se/tor a"4s are /erta#"1y re8'#re2 to

re2e"e te#r 0r#or#t#es a"2 strate3#es e/a'se $ery o&te" tey are 1ae1e2 as 0oor.

Te /om0et#t#$e state o& mar4et s'#ts te /o"s'mer as /'stomer /are #s a1ays etter.

Te /'stomer #11 e e"ete2 te most #& te mar4et #s 2e$e1o0e2 a"2 /om0et#t#o" #s

aro'se2 to a 3reater e;te"t.

Need #or bancassurance in ndia:8

Resear/es a"2 0rese"t 2ay stat#st#/s s0ea4 ao't te "ee2 o& a e11 e8'#00e2 "a"/#a1

str'/t're &or a /o'"try tat e10s #t to 3ro e/o"om#/a11y. Te "a"/#a1 reso'r/es #" te

14

Ba"4s I"s'ra"/e

C'stomer rete"t#o" Re$e"'es a"2 /a""e1 o&

2#$ers#/at#o"

Sat#s&a/t#o" o& more "a"/#a1 "ee2 '"2er

same roo&. Q'a1#ty /'stomer a//ess.

Re$e"'e 2#$ers#/at#o"

Esta1#s a 1o /ost a/8'#s#t#o"

/a""e1.

More rota1e reso'r/es 't#1#7at#o". Creat#o" o& Bra"2 Ima3e.

Esta1#s sa1es or#e"tate2 /'1t're. Q'#/4er


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Bancassurance

a"2s o& 0eo01e so'12 e /a""e1#7e2 #" e&&e/t#$e ma""er so as to #"/rease te ret'r"s &rom

te as#/ "a"/#a1 str'/t're o& "at#o" a"2 a1so te 8'a1#ty o& 1#$#"3 o& 0eo01e. I"s'ra"/e

0o1#/#es are #"str'me"ts0ro2'/ts tat 01ay ma9or ro1e #" '0o12#"3 te "a"/#a1 str'/t're o&

2e$e1o0e2 /o'"tr#es. #t 3rot #" "'mer o& m#221e /1ass &am#1#es #" te /o'"try6 RBI

re/o3"#7e2 te "ee2 o& a" e&&e/t#$e meto2 to ma4e #"s'ra"/e 0o1#/#es rea/ 0eo01e o& a11

e/o"om#/ /1asses #" e$ery /or"er o& te "at#o". Im01eme"t#"3 a"/ass'ra"/e #" I"2#a #s o"e

s'/ 2e$e1o0me"t tat too4 01a/e toar2s te /a'se. Te "ee2 a"2 s'se8'e"t 2e$e1o0me"t

o& a"/ass'ra"/e #" I"2#a e3a" &or te &o11o#"3 reaso"s:

To #m0ro$e te /a""e1s tro'3 #/ #"s'ra"/e 0o1#/#es are so12mar4ete2 so as to

ma4e tem rea/ te a"2s o& /ommo" ma".

To #2e" te area o& or4#"3 o& a"4#"3 se/tor a$#"3 a "etor4 tat #s s0rea2

#2e1y #" e$ery 0art o& te "at#o".

To #m0ro$e te ser$#/es o& #"s'ra"/e y /reat#"3 a /om0et#t#$e atmos0ere amo"3

0r#$ate #"s'ra"/e /om0a"#es #" te mar4et.

T"e e'a$ Re=uirements:

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Bancassurance

Te Reser$e Ba"4 o& I"2#a a"2 te #"s'ra"/e 2e$e1o0me"t a"2 re3'1atory a'tor#ty a$e a set

o& 3'#2e1#"es &or /om0a"#es tat /o'01e to &orm a"/ass'ra"/e. Base2 o" te e8'#ty a a"4

so'12 o12 #" 9o#"t $e"t're6 te #3est a11oa1e $a1'e o& e8'#ty6 te ty0e o& a"4s a"2

#"s'ra"/e /om0a"#es tat /a" /o'01e to3eter a"2 te o0erat#o" o& a"/ass'ra"/e are a11 te

&a/tors tat are re3'1ate2 y RBI a"2 IRDA.

Te IRDA as $ery re/e"t1y 2ra&te2 3'#2e1#"es to 0romote o0e" ar/#te/t're #"

a"/ass'ra"/e. C'rre"t1y a a"4 as a t#e-'0 #t o"1y o"e 1#&e #"s'rer a"2 o"e "o"-1#&e

#"s'rer. B't #" te "e mo2e1 te a"4s "e/essar#1y a$e to a$e m'1t#01e t#e-'0s. Te

/o'"try #s 2#$#2e2 #"to 7o"es a"2 e$ery a"4 as to /oose m'1t#01e #"s'rers #t#" te 7o"es.

#t t#s te /'stomer #11 a$e a #2er ra"3e o& #"s'ra"/e 0ro2'/ts o&&ere2 y 2#&&ere"t

#"s'rers. It #11 a1so 1ea2 to a 2ee0er 0e"etrat#o" #" te se11#"3 o& #"s'ra"/e 0ro2'/ts.

Fo11o#"3 te #ss'a"/e o& 6 ***6

s0e/#&y#"3 I"s'ra"/e5 as a 0erm#ss#1e &orm o& 's#"ess tat /o'12 e '"2erta4e" y a"4s

'"2er Se/t#o" ?(+)(o) o& te Ba"4#"3 Re3'1at#o" A/t6 +=,=6 RBI #ss'e2 te 3'#2e1#"es o"

I"s'ra"/e 's#"ess &or a"4s.

+. A"y s/e2'1e2 /ommer/#a1 a"4 o'12 e 0erm#tte2 to '"2erta4e #"s'ra"/e 's#"ess as

a3e"t o& #"s'ra"/e /om0a"#es o" &ee as#s6 #to't a"y r#s4 0art#/#0at#o". Te s's#2#ar#es o&

a"4s #11 a1so e a11oe2 to '"2erta4e 2#str#'t#o" o& #"s'ra"/e 0ro2'/t o" a3e"/y as#s.

. Ba"4s #/ sat#s&y te e1#3##1#ty /r#ter#a 3#$e" e1o #11 e 0erm#tte2 to set '0 a 9o#"t

$e"t're /om0a"y &or '"2erta4#"3 #"s'ra"/e 's#"ess #t r#s4 0art#/#0at#o"6 s'9e/t to

sa&e3'ar2s. Te ma;#m'm e8'#ty /o"tr#'t#o" s'/ a a"4 /a" o12 #" te 9o#"t $e"t're

/om0a"y #11 "orma11y e * 0er /e"t o& te 0a#2'0 /a0#ta1 o& te #"s'ra"/e /om0a"y. %" a

se1e/t#$e as#s te Reser$e Ba"4 o& I"2#a may 0erm#t a #3er e8'#ty /o"tr#'t#o" y a

0romoter a"4 #"#t#a11y6 0e"2#"3 2#$estme"t o& e8'#ty #t#" te 0res/r#e2 0er#o2.

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Bancassurance

>. I" /ases ere a &ore#3" 0art"er /o"tr#'tes ? 0er /e"t o& te e8'#ty #t te a00ro$a1 o&

I"s'ra"/e Re3'1atory a"2 De$e1o0me"t A'tor#tyFore#3" I"$estme"t romot#o" Boar26

more ta" o"e 0'1#/ se/tor a"4 or 0r#$ate se/tor a"4 may e a11oe2 to 0art#/#0ate #" te

e8'#ty o& te #"s'ra"/e 9o#"t $e"t're. As s'/ 0art#/#0a"ts #11 a1so ass'me #"s'ra"/e

r#s46 o"1y tose a"4s #/ sat#s&y te /r#ter#a 3#$e" #" 0ara3ra0 ao$e6 o'12 e

e1#3#1e.

,. A s's#2#ary o& a a"4 or o& a"oter a"4 #11 "ot "orma11y e a11oe2 to 9o#" te

#"s'ra"/e /om0a"y o" r#s4 0art#/#0at#o" as#s. S's#2#ar#es o'12 #"/1'2e a"4 s's#2#ar#es

'"2erta4#"3 mer/a"t a"4#"36 se/'r#t#es6 m't'a1 &'"26 1eas#"3 "a"/e6 o's#"3 "a"/e

's#"ess6 et/.

. Ba"4s #/ are "ot e1#3#1e &or 9o#"t $e"t're5 0art#/#0a"t as ao$e6 /a" ma4e #"$estme"ts

'0 to +*H o& te "et ort o& te a"4 or Rs.* /rore6 #/e$er #s 1oer6 #" te #"s'ra"/e

/om0a"y &or 0ro$#2#"3 #"&rastr'/t're a"2 ser$#/es s'00ort. S'/ 0art#/#0at#o" sa11 e treate2

as a" #"$estme"t a"2 so'12 e #to't a"y /o"t#"3e"t 1#a#1#ty &or te a"4.

T"e e$i'ibi$ity criteria #or t"ese ban+s


18/60

Bancassurance

#" $#e a11 re1e$a"t &a/tors #"/1'2#"3 te 0os#t#o" #" re3ar2 to te 1e$e1 o& "o"-0er&orm#"3

assets o& te a001#/a"t a"4 so as to e"s're tat "o"-0er&orm#"3 assets 2o "ot 0ose a"y &'t're

treat to te a"4 #" #ts 0rese"t or te 0ro0ose2 1#"e o& a/t#$#ty6 $#7.6 #"s'ra"/e 's#"ess. It

so'12 e e"s're2 tat r#s4s #"$o1$e2 #" #"s'ra"/e 's#"ess 2o "ot 3et tra"s&erre2 to te a"4

a"2 tat te a"4#"3 's#"ess 2oes "ot 3et /o"tam#"ate2 y a"y r#s4s #/ may ar#se &rom

#"s'ra"/e 's#"ess. Tere so'12 e arms 1e"3t5 re1at#o"s#0 etee" te a"4 a"2 te

#"s'ra"/e o'tt

Status o# Bancassurance in ndia

Reser$e Ba"4 o& I"2#a (RBI) as re/o3"#7e2 a"/ass'ra"/e ere#" a"4s are a11oe2 to

0ro$#2e 0ys#/a1 #"&rastr'/t're #t#" te#r se1e/t ra"/ 0rem#ses to #"s'ra"/e /om0a"#es &or

se11#"3 te#r #"s'ra"/e 0ro2'/ts to te a"4s5 /'stomers #t a2e8'ate 2#s/1os're a"2

tra"s0are"/y6 a"2 #" t'r" ear" re&erra1 &ees o" te as#s o& 0rem#'m /o11e/te2. T#s o'12

't#1#7e te reso'r/es #" te a"4#"3 se/tor #" a more 0rota1e ma""er.

Ba"/ass'ra"/e /a" e #m0orta"t so'r/e o& re$e"'e. #t te #"/rease2 /om0et#t#o" a"2

s8'ee7#"3 o& #"terest rates s0rea2s 0rot o& te are 1#4e1y to e '"2er 0ress're. Fee ase2

#"/ome /a" e #"/rease2 tro'3 a4#"3 o& r#s4 0ro2'/ts 1#4e #"s'ra"/e.

Tere #s e"ormo's 0ote"t#a1 &or #"s'ra"/e #" I"2#a a"2 re/e"t e;0er#e"/e as so" mass#$e

3rot 0a/e. A /om#"at#o" o& te so/#o-e/o"om#/ &a/tors are 1#4e1y to ma4e te #"s'ra"/e

's#"ess te #33est a"2 te &astest 3ro#"3 se3me"t o& te "a"/#a1 ser$#/es #"2'stry #"

I"2#a.

oe$er6 e&ore ta4#"3 te 01'"3e #" to t#s "e e126 a"4s as #"s'rers "ee2 to or4 ar2

o" /a14#"3 o't strate3#es to se11 r#s4 0ro2'/ts es0e/#a11y #" a" emer3#"3 /om0et#t#$e mar4et.

oe$er6 &'t're #s r#3t &or a"/ass'ra"/e. Ba"4s #" I"2#a a$e a11 te r#3t #"3re2#e"ts to

ma4e Ba"/ass'ra"/e a s'//ess story. Tey a$e 1ar3e ra"/ "etor46 '3e /'stomer ase6

e"9oy /'stomer /o"e"/e a"2 a$e e;0er#e"/e #" se11#"3 "o"-a"4#"3 0ro2'/ts. I& 0ro0er1y

#m01eme"te26 I"2#a /o'12 ta4e 1ea2ers#0 0os#t#o" #" a"/ass'ra"/e a11 o$er te or12

18


19/60

Bancassurance

6 ***6 s0e/#e2 I"s'ra"/e5 as a

0erm#ss#1e &orm o& 's#"ess tat /o'12 e '"2erta4e" y a"4s '"2er Se/t#o" ?(+)(o) o& te

Ba"4#"3 Re3'1at#o" A/t6 +=,=. Te" o"ar2s6 a"4s are a11oe2 to e"ter te #"s'ra"/e

's#"ess as 0er te 3'#2e1#"es a"2 a&ter ota#"#"3 0r#or a00ro$a1 o& Reser$e Ba"4 o& I"2#a.

I" I"2#a6 te /o"/e0t o& a"/ass'ra"/e as ee" re/o3"#7e2 #t #ts #"/1's#o" #" te roa2er

am#t o& '"#$ersa1 a"4#"3. Te RBI 3'#2e1#"es &or a"4s e"try #"to #"s'ra"/e 's#"ess6

#ss'e2 o" A'3'st =6 ***6 0ro$#2e &or a"4s (a) e"ter#"3 #"to #"s'ra"/e 's#"ess #t r#s4

0art#/#0at#o" a"2 () /arry#"3 o't #"s'ra"/e as a &ee-ase2 a/t#$#ty 1#4e #"s'ra"/e a3e"ts.

Ear1#er6 te


20/60

Bancassurance

#/ ser$e2 to 2#$ers#&y te#r a"4#"3 a/t#$#ty a"2 o0t#m#7e te#r /o#/e o& 0ro2'/ts6

terey #"/reas#"3 /'stomer 1oya1ty. Co"s'mers ere 0ro$#2e2 #t s#m01e so1't#o"s &rom a

o"e-sto0 so0 a22ress#"3 a11 te#r "a"/#a1 /o"/er"s: sort-term 1#8'#2#ty6 estate a"2

ret#reme"t 01a""#"36 0ro0erty 0'r/ase6 0rote/t#o" a3a#"st a"y '"&oresee" e$e"ts #" e$ery2ay

1#&e. I" ***6 a"/ass'ra"/e a//o'"te2 &or >H o& L#&e I"s'ra"/e 0rem#'msG ?*H o& sa$#"3s

0rem#'msG @H &or ro0erty I"s'ra"/e a"2 ?=H o& "e 0rem#'m #"/ome #" #"2#$#2'a1

sa$#"3s. T#s s'//ess as ma2e Fra"/e te 1ea2#"3 #"2#$#2'a1 sa$#"3s #"s'ra"/e mar4et #"

E'ro0e. I" terms o& 0rem#'m #"/ome6 #t ra"4s rst #" a"/ass'ra"/e.

S0a#"6 1#4e Fra"/e6 #s amo"3 te most 2e$e1o0e2 mar4ets #" a"/ass'ra"/e.

To2ay6 #t re0rese"ts o$er ?H o& 1#&e #"s'ra"/e 0rem#'m #"/ome /om0are2 #t ,>H #" +==.

oe$er6 t#s #3 3rot rate #s "ot s0e/#/a11y 2'e to a"/ass'ra"/e6 rater te o1e o&

te 1#&e #"s'ra"/e mar4et6 #/ as s'sta#"e2 a >*H #"/rease 0er a""'m o" a$era3e #" te

0ast &tee" years. I" te 1ast 2e/a2e6 ma"y #"ter"at#o"a16 o&te" E'ro0ea"6 a11#a"/es a$e ee"

ma2e etee" a"4s a"2 #"s'ra"/e 3ro'0s. T#s as /o"/e"trate2 te a"/ass'ra"/e mar4et6

#/ as or#3#"a11y #31y &ra3me"te2.

%" te S0a"#s mar4et6 a"/ass'ra"/e 2e$e1o0e2 more 8'#/41y e/a'se o& te e11-

esta1#se2 "etor4 o& re3#o"a1 '#12#"3 so/#et#es6 #/ to2ay a//o'"t &or *H o& L#&e

#"s'ra"/e 0rem#'ms #" te a"/ass'ra"/e se/tor.

Bene#its o# Bancassurance

20


21/60

Bancassurance

Te /om0a"y #s tar3et#"3 aro'"2 +*Ho& te 's#"ess 2'r#"3 #ts start'0 0ase. Ba"/ass'ra"/e

ma4es 'se o& $ar#o's 2#str#'t#o" /a""e1s 1#4e sa1ar#e2 a3e"ts6 a"4 em01oyees6 ro4era3e

rms. D#re/t res0o"se6 I"terest et/. I"s'ra"/e Com0a"#es a$e /om01eme"tary stre"3ts. I"

te#r "at'ra1 a"2 tra2#t#o"a1 ro1es Ba"/ass'ra"/e #& o& 3reat e"et to te /'stomer. It 1ea2s to

te /reat#o" o& o"e- sto0 ere a /'stomer /a" a001y &or mort3a3es6 0e"s#o"s6 sa$#"3s a"2

#"s'ra"/e 0ro2'/ts. Te /'stomer 3a#"s &rom ot s#2es as /osts 3et re2'/e2. Ba"/ass'ra"/e

&or te /'stomer #s a o"a"7a #" terms o& re2'/#"3 /ar3es6 a #3 8'a1#ty 0ro2'/t a"2

2e1#$ery at te 2oorste0.

Bot #"s'ra"/e /om0a"#es a"2 a"4s a$e /erta#" /om0et#t#$e a2$a"ta3es.

Ban+s enjoy t"e #o$$o>H o& te res0o"2e"ts &e1t tat reta#1

/'stomers ere 1#4e1y to 'y m'1t#01e "a"/#a1 ser$#/e 0ro2'/t &rom Ba"4s /om0are2

to t#s.

Ba"4s /a" ear" more 0rot y se11#"3 "e 0ro2'/ts &rom te e;#st#"3 stro"3or3a"#sat#o"s reso'r/es a"2 str'/t're.

21


22/60

Bancassurance

Ba"/ass'ra"/e #"/reases te &ee I"/ome(/omm#ss#o")6 stre"3te" 1o"3 term /1#e"t

re1at#o"s#0 a"2 /om0et#t#$e 0ress're.

Ba"4ers a$e e;te"s#$e e;0er#e"/e #" mar4et#"3. Tey /a" eas#1y attra/t /'stomers.

Te roa2e"#"3 o& #ts 0ro2'/t ra"3e ma4es te a"4 more attra/t#$e a"2 /a" re#"&or/e

/'stomer sat#s&a/t#o" a"2 tere&ore /'stomer 1oya1ty #11 e #"/reases.

%00ort'"#ty to #"/rease te 0ro2'/t#$#ty o& sta&&6 as tey "o a$e te /a"/e to o&&er

a #2er ra"3e o& ser$#/es to /1#e"ts.

nsurance Companies enjoy t"e #o$$o


23/60

Bancassurance

%ta#" a22#t#o"a1 /a0#ta1 &rom a"4s to #m0ro$e te#r so1$e"/y a"2 e;0a"2 's#"ess.

Te 0ro2'/t /a" e /'stom#7e2 as 0er "ee2s o& te "ee2s o& te /'stomers.

Easy a//ess &or /1a#ms6 as a"4s are a re3'1ar $#s#t#"3 01a/e &or te /'stomers.

Consumers :

art o& te 1oer#"3 o& 2#str#'t#o" /osts #11 e 0asse2 o" to /1#e"ts #" te &orm o&

1oer 0rem#'m rates.

Easy a//ess &or /1a#ms6 as a"4s are a re3'1ar $#s#t#"3 01a/e &or /'stomers.

It #s 1#4e1y tat "e 0ro2'/ts #11 e 2e$e1o0e2 to etter s'#t /1#e"t "ee2s6 #/

oter#se may "ot e a$a#1a1e #& a"4s a"2 #"s'rers or4e2 #"2e0e"2e"t1y. E;am01es

are o$er2ra&t #"s'ra"/e6 2e0os#tors5 #"s'ra"/e.

Te /o"$e"#e"/e o&&ere2 y a"/ass'ra"/e so'12 a1so #"/rease /'stomer sat#s&a/t#o"6

&or #"sta"/e6 e" #t #s 0oss#1e to 0ay 0rem#'m as e11 as to #t2ra a"2 re0ay /as

1oa"s a/4e2 y 1#&e #"s'ra"/e 0o1#/#es tro'3 a"45s ATM s.

J'st as #m0orta"t6 #s more ta" o&te" a strate3#/ ste0 o& "a"/#a1 ser$#/e 0ro$#2ers to

s#&t &rom e#"3 0ro2'/t-or#e"te2 a"2 to &o/'s o" 2#str#'t#o" a"2 /'stomer re1at#o"s.

Te 0eo01e o are '"aare o& a"2or are "ot #" rea/ o& #"s'ra"/e 0o1#/#es /a" e

e"ette2 tro'3 #2e1y 2#str#'te2 a"4#"3 "etor4s a"2 etter mar4et#"3 /a""e1s

o& a"4s.

Ba"/ass'ra"/e mo2e1 ass#sts /'stomers #" terms o& re2'/t#o" 0r#/e6 2#$ers#e2

0ro2'/t 8'a1#ty #" t#me at te#r 2oorste0 ser$#/e y a"4s.

&emerits o# bancassurance:8

23


24/60

Bancassurance

Data ma"a3eme"t o& a" #"2#$#2'a1 /'stomer5s #2e"t#ty a"2 /o"ta/t 2eta#1s may res'1t

#" te #"s'ra"/e /om0a"y 't#1#7#"3 te 2eta#1s to mar4et te#r 0ro2'/ts6 t's

/om0rom#s#"3 o" 2ata se/'r#ty.

Tere #s a 0oss##1#ty o& /o"&1#/t o& #"terest etee" te oter 0ro2'/ts o& a"4 a"2

#"s'ra"/e 0o1#/#es (1#4e mo"ey a/4 0o1#/y). T#s /o'12 /o"&'se te /'stomer

re3ar2#"3 ere e as to #"$est.

Te a"/ass'ra"/e 0o1#/#es are so12 most1y y a"4 e;e/'t#$es6 o are"5t 1#/e"se2

y te IRDA to se11 #"s'ra"/e 0o1#/#es. As a res'1t tey are '"2er 8'a1#e2 a"2 "ot

&'11y e2'/ate2 ao't te or4#"3s o& te #"s'ra"/e #"2'stry. T#s #s a ma9or 2raa/4

as tese e;e/'t#$es a$e o&te" ee" a//'se2 o& se11#"3 0o1#/#es 9'st to meet te#r

tar3ets a"2 "ot to rea11y e10 te 0o1#/yo12ers.

Mar+etin' and &istribution C"anne$s in Bancassurance

%"e o& te most s#3"#/a"t /a"3es #" te "a"/#a1 ser$#/es se/tor o$er te 0ast &e yearsas ee" te 3rot a"2 2e$e1o0me"t o& a"/ass'ra"/e. Ba"4#"3 #"st#t't#o"s a"2 #"s'ra"/e

/om0a"#es a$e &o'"2 a"/ass'ra"/e to e a" attra/t#$e a"2 0rota1e /om01eme"t to te#r

e;#st#"3 a/t#$#t#es. Te s'//esses 2emo"strate2 y $ar#o's a"/ass'ra"/e o0erat#o"s

0art#/'1ar1y #" E'ro0e a$e tr#33ere2 a" a$a1a"/e o& mer3ers a"2 a/8'#s#t#o"s a/ross

/o"t#"e"ts a"2 e&&orts are o" to re01#/ate te ear1y s'//ess o& a"/ass'ra"/e #" oter 0arts o&

te or12 as e11.

D#str#'t#o" #s te 4ey #ss'e #" a"/ass'ra"/e a"2 #s /1ose1y 1#"4e2 to te re3'1atory /1#mate

o& te /o'"try. %$er te years6 re3'1atory arr#ers etee" a"4#"3 a"2 #"s'ra"/e a$e

2#m#"#se2 a"2 as /reate2 a /1#mate #"/reas#"31y &r#e"21y to a"/ass'ra"/e. Te 0assa3e o&


25/60

Bancassurance

2e$e1o0#"3 mar4ets. Ma"y a"4s a"2 #"s'rers are 1oo4#"3 #t 3reat #"terest at '#12#"3 "e

re$e"'e tro'3 a"/ass'ra"/e - #"/1'2#"3 1ar3e6 tra2#t#o"a1 /om0a"#es tat o'12"t a$e

/o"s#2ere2 s'/ a" a00roa/ ao't a 2e/a2e a3o. %& 0art#/'1ar #"terest6 ma"y e1#e$e6 #s te

0ote"t#a1 &or a"/ass'ra"/e #" 2e$e1o0#"3 e/o"om#es s'/ as tose o& Lat#" Amer#/a a"2

So'teast As#a.

D#str#'t#o" /a""e1s #" Ba"/ass'ra"/e

Tra2#t#o"a11y6 #"s'ra"/e 0ro2'/ts a$e ee" 0romote2 a"2 so12 0r#"/#0a11y tro'3 a3e"/y

systems #" most /o'"tr#es. #t "e 2e$e1o0me"ts #" /o"s'mers5 ea$#o'r6 e$o1't#o" o&

te/"o1o3y a"2 2ere3'1at#o"6 "e 2#str#'t#o" /a""e1s a$e ee" 2e$e1o0e2 s'//ess&'11y

a"2 ra0#21y #" re/e"t years. Ba"/ass'rers ma4e 'se o& $ar#o's 2#str#'t#o" /a""e1s:

-Career A3e"ts

-S0e/#a1 A2$#sers

-Sa1ar#e2 A3e"ts

-Ba"4 Em01oyees 1at&orm Ba"4#"3

-Cor0orate A3e"/#es a"2 Bro4era3e F#rms

-D#re/t Res0o"se

-I"ter"et

-E-Bro4era3e

-%'ts#2e Lea2


26/60

Bancassurance

/omm#ss#o"s6 0o1#/y 0ers#ste"/y o"'ses6 or oter /'stomer ser$#/e-re1ate2 aar2s

0a#2 to tem.

Ma"y a"/ass'rers6 oe$er a$o#2 t#s /a""e16 e1#e$#"3 tat a3e"ts m#3t o$erse11

o't o& te#r #"terest #" 8'a"t#ty a"2 "ot 8'a1#ty. S'/ 0ro1ems #t /areer a3e"ts

's'a11y ar#se6 "ot 2'e to te "at're o& t#s /a""e16 't rater 2'e to te 'se o&

#m0ro0er1y 2es#3"e2 rem'"erat#o" a"2or #"/e"t#$e 0a/4a3es.

Specia$ Ad.isers:

S0e/#a1 A2$#sers are #31y tra#"e2 em01oyees 's'a11y e1o"3#"3 to te #"s'ra"/e

0art"er6 o 2#str#'te #"s'ra"/e 0ro2'/ts to te a"4s /or0orate /1#e"ts. Ba"4s re&er

/om01e; #"s'ra"/e re8'#reme"ts to tese a2$#sors. Te C1#e"ts most1y #"/1'2e a&&1'e"t

0o0'1at#o" o re8'#re 0erso"a1#se2 a"2 #3 8'a1#ty ser$#/e. !s'a11y S0e/#a1

a2$#sors are 0a#2 o" a sa1ary as#s a"2 tey re/e#$e #"/e"t#$e /om0e"sat#o" ase2 o"

te#r sa1es.

Sa$aried A'ents:

a$#"3 Sa1ar#e2 A3e"ts as te a2$a"ta3es o& tem e#"3 &'11y '"2er te /o"tro1 a"2

s'0er$#s#o" o& a"/ass'rers. Tese a3e"ts sare te m#ss#o" a"2 o9e/t#$es o& te

a"/ass'rers. Sa1ar#e2 A3e"ts #" a"/ass'ra"/e are s#m#1ar to te#r /o'"ter0arts #"

tra2#t#o"a1 #"s'ra"/e /om0a"#es a"2 a$e te same /ara/ter#st#/s as /areer a3e"ts.

Te o"1y 2#&&ere"/e #" terms o& te#r rem'"erat#o" #s tat tey are 0a#2 o" a sa1ary

as#s a"2 /areer a3e"ts re/e#$e #"/e"t#$e /om0e"sat#o" ase2 o" te#r sa1es. Some

a"/ass'rers6 /o"/er"e2 at te a2 0'1#/#ty #/ tey a$e re/e#$e2 as a res'1t o&

te#r /areer a3e"ts /o"/e"trat#"3 ea$#1y o" sa1es at te e;0e"se o& /'stomer ser$#/e6

a$e /a"3e2 te#r sa1es &or/es to sa1ar#e2 a3e"t stat's.

P$at#orm Ban+ers:

26


27/60

Bancassurance

1at&orm Ba"4ers are a"4 em01oyees o s0ot te 1ea2s #" te a"4s a"2 3e"t1y

s'33est te /'stomer to a14 o$er a"2 s0ea4 #t a00ro0r#ate re0rese"tat#$e #t#"

te a"4. Te 01at&orm a"4er may e a te11er or a 0erso"a1 1oa" ass#sta"t a"2 te

re0rese"tat#$e e#"3 re&erre2 to may e a tra#"e2 a"4 em01oyee or a re0rese"tat#$e

&rom te 0art"er #"s'ra"/e /om0a"y.

1at&orm Ba"4ers /a" 's'a11y se11 s#m01e 0ro2'/ts. oe$er6 te t#me #/ tey /a"

2e$ote to #"s'ra"/e sa1es #s 1#m#te26 e.3. 2'e to 1#m#te2 o0e"#"3 o'rs a"2 to te "ee2

to 0er&orm oter a"4#"3 2't#es. A &'rter restr#/t#o" o" te e&&e/t#$e"ess o& a"4

em01oyees #" 3e"erat#"3 #"s'ra"/e 's#"ess #s tat tey a$e a 1#m#te2 tar3et mar4et6

#.e. tose /'stomers o a/t'a11y $#s#t te ra"/ 2'r#"3 te o0e"#"3 o'rs.

I" ma"y set-'0s6 te a"4 em01oyees are ass#ste2 y te a"4s "a"/#a1 a2$#sers. I"

ot /ases6 te a"4 em01oyee esta1#ses te /o"ta/t to te /1#e"t a"2 's'a11y se11s

te s#m01e 0ro2'/t #1st te more a&&1'e"t /1#e"ts are atte"2e2 y te "a"/#a1

a2$#sers o& te a"4 #/ are #" a 0os#t#o" to se11 te more /om01e; 0ro2'/ts. Te

"a"/#a1 a2$#sers e#ter se11 #" te ra"/ 't some a"4s a$e a1so esta1#se2

mo#1e sa1es &or/es.

I& a"4 em01oyees o"1y a/t as 0ass#$e #"s'ra"/e sa1es sta&& (or 2o "ot a/t#$e1y

3e"erate 1ea2s)6 te" te a"/ass'rers 0ote"t#a1 /a" e se$ere1y #m0e2e2. oe$er6 #&

a"4 em01oyees are 'se2 as a/t#$e /e"tres o& #"&1'e"/e to re&er arm 1ea2s to

sa1ar#e2 a3e"ts6 /areer a3e"ts or s0e/#a1 a2$#sers6 0ro2'/t#o" $o1'mes /a" e $ery

#3 a"2 0rota1e to a"/ass'rers.

Set8up Ac=uisition o# a'encies or bro+era'e #irms:

I" te !S6 8'#te a "'mer o& a"4s /oo0erate #t #"2e0e"2e"t a3e"/#es or ro4era3e

rms #1st #" Ja0a" or So't Korea a"4s a$e &o'"2e2 /or0orate a3e"/#es. Te

a2$a"ta3e o& s'/ arra"3eme"ts #s te a$a#1a#1#ty o& s0e/#a1#sts "ee2e2 &or /om01e;

#"s'ra"/e matters a"2 -#" te /ase o& ro4era3e rms - te o00ort'"#ty &or te a"4

/1#e"ts to re/e#$e o&&ers "ot o"1y &rom o"e #"s'ra"/e /om0a"y 't &rom a $ar#ety o&

27


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Bancassurance

/om0a"#es. I" a22#t#o"6 tese sa1es /a""e1s are more /o"/e#$e2 to ser$e te a&&1'e"t

a"4 /1#e"t.

&irect Response:

I" t#s /a""e1 "o sa1es0erso" $#s#ts te /'stomer to #"2'/e a sa1e a"2 "o &a/e-to-&a/e

/o"ta/t etee" /o"s'mer a"2 se11er o//'rs. Te /o"s'mer 0'r/ases 0ro2'/ts

2#re/t1y &rom te a"/ass'rer y res0o"2#"3 to te /om0a"ys a2$ert#seme"t6 ma#1#"3

or te1e0o"e o&&ers. T#s /a""e1 /a" e 'se2 &or s#m01e 0a/4a3e2 0ro2'/ts #/ /a"

e eas#1y '"2erstoo2 y te /o"s'mer #to't e;01a"at#o".

nternet:

I"ter"et a"4#"3 #s a1rea2y se/'re1y esta1#se2 as a" e&&e/t#$e a"2 0rota1e as#s &or

/o"2'/t#"3 a"4#"3 o0erat#o"s. Te reaso"a1e e;0e/tat#o" #s tat 0erso"a1 a"4#"3

ser$#/es #11 #"/reas#"31y e 2e1#$ere2 y I"ter"et a"4#"3. Ba"/ass'rers /a" a1so &ee1

/o"e"t tat I"ter"et a"4#"3 #11 a1so 0ro$e a" e&/#e"t $e#/1e &or /ross se11#"3 o&

#"s'ra"/e sa$#"3s a"2 0rote/t#o" 0ro2'/ts. It seems 1#4e1y tat a 3ro#"3 0ro0ort#o"

o& te a&&1'e"t 0o0'1at#o"6 e$eryo"es tar3et mar4et6 #11 "2 a"4s #t o'seo12

"ame ra"2s a"2 0ro$e" s4#11s #" e-'s#"ess a $ery a//e0ta1e so'r/e o& "o"-a"4#"3

0ro2'/ts.

Tere #s "o te I"ter"et6 #/ 1ooms 1ar3e as a" e&&e/t#$e so'r/e o& #"&ormat#o" &or

"a"/#a1 0ro2'/t sa1es. Ba"4s are e11 a2$#se2 to ma4e te#r "e es#tes as

#"tera/t#$e as 0oss#1e6 0ro$#2#"3 more ta" mere sta"2ar2 a"4 2ata a"2 /'rre"t

rates. F'"/t#o"s re8'#r#"3 'ser #"0't (/e/4 or2er#"36 at-#& /a1/'1at#o"s6 /re2#t a"2

a//o'"t a001#/at#o"s) so'12 e #mme2#ate1y a22e2 #t 1#"4s to te #"s'rer. S'/ a"

arra"3eme"t /a" a1so 0ro$#2e a $e#/1e &or #"s'ra"/e sa1es6 ser$#/e a"2 1ea2s.

E8Bro+era'e:

28


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Bancassurance

Ba"4s /a" o0e" or a/8'#re a" e-Bro4era3e arm a"2 se11 #"s'ra"/e 0ro2'/ts &rom

m'1t#01e #"s'rers. Te /a"3e2 1e3#s1at#$e /1#mate a/ross te or12 so'12 e10

m#3rat#o" o& a"/ass'ra"/e #" t#s 2#re/t#o". Te a2$a"ta3e o& t#s me2#'m #s s/a1e o&

o0erat#o"6 stro"3 ra"2s6 easy 2#str#'t#o" a"2 e;/e11e"t sy"er3y #t te #"ter"et

/a0a#1#t#es.

Outside ead Generatin' Tec"ni=ues:

%"e 1ast meto2 &or 2e$e1o0#"3 a"/ass'ra"/e eyes #"$o1$es o'ts#2e 1ea2

3e"erat#"3 te/"#8'es6 s'/ as sem#"ars6 2#re/t ma#1 a"2 stateme"t #"serts. Sem#"ars

#" 0art#/'1ar /a" e $ery e&&e/t#$e e/a'se #" a "o"-treate"#"3 atmos0ere te

#"s'ra"/e /o'"se11or /a" ma4e a 0rese"tat#o" to a sma11 3ro'0 o& 's#"ess 0eo01e

(s'/ as te 1o/a1 /amer o& /ommer/e)6 e12 8'est#o"s o" te to0#/6 te" /o11e/t

's#"ess /ar2s. A22#"3 t#s te/"#8'e to #ser 1ea2 3e"erat#o" re0erto#re6 a"

#"s'ra"/e /o'"se11or o&te" /a""ot e10 't e s'//ess&'1.

To ma4e te o$era11 sa1es e&&ort 0ay a"t#/#0ate2 e"ets6 #"s'rers "ee2 to a1so e10

te#r a"4 0art"ers 2eterm#"e at te ot 'tto"s #11 e &or attra/t#"3 te

atte"t#o" o& te rea2er o& ot 2#re/t a"2 e-ma#1.


30/60


31/60

Bancassurance

o'12 e too /ost1y6 a"2 #" some /ases6 te /ost restr#/t#o"s o'12 "ot 0erm#t #t to

#"2'13e #" t#s.

F'rter6 s#"/e 1#&e 0ro2'/ts a"2 a"4#"3 0ro2'/ts are s#m#1ar6 e&&orts to mar4et te

&ormer #11 e 1ess /'mersome &or te a"/ass'ra"/e /om0a"y. oe$er6 "o"-1#&e

0ro2'/ts are e"t#re1y 2#&&ere"t &rom 1#&e or a"4#"3 0ro2'/ts a"2 are &ar too /om01e;6

#t #3 /o'"ter-0arty a"2 re#"s'ra"/e r#s4s6 a"2 e"/e6 #t o'12 e 2#&/'1t &or

a"/ass'ra"/e /om0a"#es to e"ter #"to 3e"era1 #"s'ra"/e 's#"ess #mme2#ate1y6 '"t#1

a"2 '"1ess tey 2e$e1o0 a"2 reta#" te re8'#re2 s4#11.

Te ma""er #" #/ #"s'ra"/e 0rots 2e$e1o0 0oses a treat to s'//ess&'1 o0erat#o"

o& a"/ass'ra"/e. A" a"a1ys#s o& 0rot s#3"at'res6 #.e.6 te t#me 0atter" o$er #/

0rots o& te #"s'ra"/e se/tor 2e$e1o06 sos tat or12#2e6 te rea4e$e" 0er#o2 o&

t#me e&ore 0rots ra"3es etee" ? a"2 years ('"1ess te /om0a"y #s /a0t#$e). For

1#&e #"s'ra"/e 's#"ess6 t#s or4s o't to -+* years. T#s #s e/a'se #"#t#a1

0ro/'reme"t /osts are #3. I" some /o'"tr#es6 /omm#ss#o"s a"2 e;0e"ses re8'#re2 to

ear" rst years 0rem#'m are m'/ #3er ta" +** 0er/e"t. I" I"2#a6 tese sta"2 at =*

0er/e"t &or te rst years 0rem#'m. %" te oter a"26 2#str#'t#o" o& 0rots #s

t#3t1y re3'1ate2. I" I"2#a6 o"1y 0er/e"t o& te a/t'ar#a1 s'r01'ses /a" e 2#str#'te2

as 2#$#2e"26

LIC a"2 te &o'r s's#2#ar#es o&


32/60

Bancassurance

I" /ase o& &a#1're o& te a"/ass'ra"/e o0erat#o"6 te a"4 r'"s te treat o& #ma3e

r#s4 a"2 /a""#a1#7#"3 2e0os#ts (#.e. tere may e a &ear amo"3 te sta&& tat

#"$estme"t or#e"te2 1#&e #"s'ra"/e 0ro2'/ts may eat #"to te 2e0os#t ase o& te

ra"/es).

I"s'ra"/e sa1es e#"3 /omm#ss#o"#"/e"t#$e 2r#$e"6 a"4s se11#"3 #"s'ra"/e 0ro2'/ts

may e re8'#re2 to 0ro$#2e #"/e"t#$e 0a/4a3es #" a22#t#o" to te re3'1ar rem'"erat#o"

to 2r#$e te sa1es.

Ma#"ta#"#"3 te same ser$#/e 1e$e1s &or #"s'ra"/e 's#"ess as tat &or te a"4#"3

ser$#/es may e o"e o& te #33est /a11e"3e.

r#$ate 01ayers #" te #"s'ra"/e #"2'stry e#"3 "e e"tra"ts are te/"o1o3y-sa$$y.

Ba"4s6 es0e/#a11y SBs6 a$e to r#se '0 to te /a11e"3e a"2 e #11#"3 to #"$est #"

te/"o1o3y.

S>OT Ana$ysis

A too1 tat #2e"t#es te stre"3ts6 ea4"esses6 o00ort'"#t#es a"2 treats o& a" or3a"#7at#o".

S0e/#/a11y6 S%T #s a as#/6 stra#3t&orar2 mo2e1 tat assesses at a" or3a"#7at#o" /a"

a"2 /a""ot 2o as e11 as #ts 0ote"t#a1 o00ort'"#t#es a"2 treats. Te meto2 o& S%T

a"a1ys#s #s to ta4e te #"&ormat#o" &rom a" e"$#ro"me"ta1 a"a1ys#s a"2 se0arate #t #"to #"ter"a1

(stre"3ts a"2 ea4"esses) a"2 e;ter"a1 #ss'es (o00ort'"#t#es a"2 treats). %"/e t#s #s

/om01ete26 S%T a"a1ys#s 2eterm#"es at may ass#st te rm #" a//om01#s#"3 #ts

o9e/t#$es6 a"2 at osta/1es m'st e o$er/ome or m#"#m#7e2 to a/#e$e 2es#re2 res'1ts.

Te 0o#"t o& a S%T a"a1ys#s #s to e10 yo' 2e$e1o0 a stro"3 's#"ess strate3y y ma4#"3

s're yo'5$e /o"s#2ere2 a11 o& yo'r 's#"ess5s stre"3ts a"2 ea4"esses6 as e11 as te

o00ort'"#t#es a"2 treats #t &a/es #" te mar4et01a/e.

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Bancassurance

As yo' m#3t a$e 3'esse2 &rom tat 1ast se"te"/e6 S..%.T. #s a" a/ro"ym tat sta"2s &or

Stre"3ts6 ea4"esses6 %00ort'"#t#es6 a"2 Treats. A S%T a"a1ys#s #s a" or3a"#7e2 1#st o&

yo'r 's#"ess5s 3reatest stre"3ts6 ea4"esses6 o00ort'"#t#es6 a"2 treats.

Stre"3ts a"2 ea4"esses are #"ter"a1 to te /om0a"y (t#"4: re0'tat#o"6 0ate"ts6 1o/at#o").

Yo' /a" /a"3e tem o$er t#me 't "ot #to't some or4. %00ort'"#t#es a"2 treats are

e;ter"a1 (t#"4: s'001#ers6 /om0et#tors6 0r#/es)tey are o't tere #" te mar4et6 a00e"#"3

eter yo' 1#4e #t or "ot. Yo' /a"5t /a"3e tem.

E;#st#"3 's#"esses /a" 'se a S%T a"a1ys#s6 at a"y t#me6 to assess a /a"3#"3 e"$#ro"me"t

a"2 res0o"2 0roa/t#$e1y. I" &a/t6 I re/omme"2 /o"2'/t#"3 a strate3y re$#e meet#"3 at 1east

o"/e a year tat e3#"s #t a S%T a"a1ys#s.

Ne 's#"esses so'12 'se a S%T a"a1ys#s as a 0art o& te#r 01a""#"3 0ro/ess. Tere #s "o

o"e s#7e ts a11 01a" &or yo'r 's#"ess6 a"2 t#"4#"3 ao't yo'r "e 's#"ess #" terms o& #ts

'"#8'e S%Ts #11 0't yo' o" te r#3t tra/4 r#3t aay6 a"2 sa$e yo' &rom a 1ot o&

ea2a/es 1ater o".

Tere as a t#me #" te 0ast e" #"s'ra"/e 0o1#/#es ere mea"t &or a sma11 0art o& 0'1#/

o ere "a"/#a11y stro"3. To2ay te s/e"ar#o as /om01ete1y /a"3e2 ere#" #"s'ra"/e

0o1#/#es rea/ e$ery 0erso" #" a1most e$ery /or"er o& o'r "at#o". T#s /a"3e #" te "a"/#a1or#7o" as 'sere2 #" #t te #rt o& a"/ass'ra"/e #" I"2#a. Ba"4s #/ ere mea"t &or

2e0os#ts6 1oa"s a"2 tra"sa/t#o"s are a11oe2 to 0ro$#2e #"s'ra"/e 0o1#/#es to 0eo01e a"2 t#s

&eat're o& a"4 #s /a11e2 a"/ass'ra"/e5. oe$er to '"2ersta"2 o t#s ta4es 01a/e o"e

o'12 a$e to /o"t#"'e rea2#"3 t#s art#/1e.

Stren't"s

Accurate Customer &etai$s

Te a//'ra/y #" /'stomer 2eta#1s /a" 2o o"2ers. Te 2ata 3e"erate2 y ma"y

so'r/es 1a/4s a//'ra/y. B't te a//'ra/y o& 2ata #s $ery #3 #" a"/ass'ra"/e. T#s

e10s #" tar3et#"3 r#3t se3me"t o& /'stomers &or r#3t 0o1#/y. Te /omm'"#/at#o"

a22ress a"2 0o"e "'mer o& /'stomers are '02ate2 o" t#me a"2 a$o#2s aste o& t#mea"2 reso'r/es #" /omm'"#/at#o".

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Bancassurance

nsurance s Mandatory !or oans

Te a"4 e"e$er o&&ers 1oa" o'"2 to #ss'e a00ro0r#ate /1ass o& #"s'ra"/e too. It #s

1e3a11y ma"2atory &or a a"4 to /1' 1oa" 0ro2'/ts #t re1e$a"t #"s'ra"/e. For

e;am01e6 1#&e #"s'ra"/e #s re8'#re2 &or 0erso"a1 1oa". I" /ase o& 0ro0erty #"s'ra"/e6

re #"s'ra"/e #s ma"2atory. S#m#1ar1y6 &or 2#&&ere"t /1asses s'/ as /att1e #"s'ra"/e6

A3r# #"s'ra"/e et/ 2ema"2e2 #1e se11#"3 te 1oa" 0ro2'/ts &or te same.

Customied Po$icies at o


35/60

Bancassurance

Ser.ices -nder One Roo# #or Customers

Te /'stomer /a" e"9oy /o"$e"#e"/e o& /ore a"4#"3 0ro2'/ts a"2 #"s'ra"/e 0o1#/#es

'"2er o"e roo&. %ter#se te /'stomer "ee2s to r'" aro'"2 #" sear/ o&

2#&&ere"t "a"/#a1 0ro2'/ts to meet #s "ee2s t#me to t#me.

Re$ations"ip Based Business Mode$

Te #"s'ra"/e #s /o"s#2ere2 as /o"/e0t se11#"3. Te sa1es e;e/'t#$e /a""ot e;0e/t

#mme2#ate sa1e /1os're. Ea/ 0ase o& te sa1es 0ro/ess /o"s'mes t#me. Te t#me

ta4e" to &o11o-'0 et/ #s 1e"3ty. Te s'//ess o& #"s'ra"/e sa1es #s 0're1y ase2 o"

re1at#o"s#0 etee" te se11er a"2 te 'yer. Te a"4 em01oyees /a" t'r" te

ra00ort /reate2 as 0o1#/#es.

mportant Source o# ncome

Te &ee-ase2 ser$#/es #"/rease te 0ro2'/t#$#ty o& te em01oyee as e11 as te a"4

ra"/. Te e;#st#"3 reso'r/es /a" e 't#1#7e2 to se11 "a"/#a1 0ro2'/ts. %ter#se te

#"s'ra"/e /om0a"y "ee2s to s0e"2 o" reso'r/es. It #s easy to tra#" te a"4 em01oyees

as tey are 3ra2'ates. Ba"4s 2'e to /om0et#t#o" 1oses 0rot #" /ore a"4#"3 0ro2'/ts

a"2 #t /a" e /om0e"sate2 #" se11#"3 #"s'ra"/e 0ro2'/ts.

>ea+nesses

ac+ o# nitiati.es #rom Ban+ Emp$oyees

Te a"4 em01oyees so'12 se11 #"s'ra"/e #" a22#t#o" to te#r ro't#"e or4s. Tey

0er/e#$e #"s'ra"/e as a 'r2e" o" te#r ea2 #to't /o"s#2er#"3 #ts e"ets. Tey are

"ot #"tereste2 #" atte"2#"3 #"s'ra"/e tra#"#"3 a"2 s'&&er #to't 0ro2'/t 4"o1e23e.

Te #"#t#at#$es to /reate ra00ort #t #"s'ra"/e /om0a"y em01oyees are m#"#ma1.

&ependency on insurer Emp$oyee

Te a"4 em01oyees are so1e1y 2e0e"2#"3 o" a"/ass'ra"/e e;e/'t#$e &or sa1es. Te

sa1es e;e/'t#$e /a" a"2o12 #" te #"#t#a1 t#me 't "ot a1ays. A a"/ass'ra"/e

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Bancassurance

e;e/'t#$e #11 e 3#$e" a"2&'1 o& a"4 ra"/es. It #s 2#&/'1t to ma"a3e a"2 a22ress

a11 te re8'#reme"ts s#m'1ta"eo's1y.

Customer Orientation s ess

Most o& te a"4 em01oyees te"2 to se11 te 0o1#/#es #/ /a" &et/ ma;#m'm

e"ets &or tem #" terms o& /omm#ss#o" $o1'me. B't tey &or3et to &'1 te

/'stomer re8'#reme"ts. Te a"4 em01oyees are a$#"3 0rot or#e"tat#o" "ot

/'stomer or#e"tat#o".

Can On$y Promote Tie8-p nsurer Products

As 0er IRDA 3'#2e1#"es6 a" #"s'rer /a" a$e t#e-'0 #t a"y "'mer o& #"s'rers. B't

a a"4 /a" a$e t#e-'0 #t o"1y o"e 1#&e #"s'rer a"2 o"e "o"-1#&e #"s'rer. T's a a"4

#s restr#/te2 to se11 o"1y o"e a"4 0ro2'/ts a"2 /a""ot se11 m'1t#01e #"s'rers 0ro2'/ts

s#m'1ta"eo's1y.

Opportunities

Gro


37/60

Bancassurance

Te /'stomer o ta4es te #"s'ra"/e 0o1#/y tro'3 a"/ass'ra"/e /a""e1 #s

e;0e/te2 to e"9oy 2'a1 s'00ort. I" oter or2s6 s'00ort &rom a"4 as e11 as

#"s'ra"/e /om0a"y. Te s/o0e &or etter /'stomer ser$#/es #s #3er a"/ass'ra"/e.

Ta9 Payers Can Be Tar'eted

E$ery year 2'r#"3 Mar/6 te sa1e o& 1#&e #"s'ra"/e rea/es #ts 0ea4. At tat t#me

se1e/te2 /'stomers (0re&era1y ta; 0ayers) /a" e tar3ete2 &or s#"31e 0rem#'m

0o1#/#es. I" a "'tse11 te a"4 em01oyees so'12 e 0re0are2 to a11ot t#me &or

#"s'ra"/e #" Mar/.

Sa$es Can Be &ri.en By Ne< Campai'ns

Te #"s'rers /a" 2e$#se "e /am0a#3" to mot#$ate a"4 em01oyees &or se11#"3 te

#"s'ra"/e 0o1#/#es. Te #""er o& ea/ /am0a#3" /a" e aar2e2 #t &ore#3" to'r6

3o126 /as 0r#7es et/. t's te #""er 'r3e to se11 more a"2 #" /a" e #"/rease2.

Scope o# Premium Payment t"rou'" EMDs

As 0er IRDA re3'1at#o"s6 te 0rem#'m &or "o"-1#&e #"s'ra"/e /a""ot e 0a#2 #"

#"sta11me"ts. B't te a"4s /a" 0ay te 0rem#'m to #"s'rer o" ea1& o& te /'stomer

a"2 /a" /o11e/t 0rem#'m &rom /'stomers #" #"sta11me"ts. T's te a"4 /a" e;te"2

te /om&ort o& 0rem#'m #"sta11me"ts to #ts /'stomers

T"reats

nsurance Becomes Additiona$ Responsibi$ity

Te a"4 em01oyees so'12 se11 #"s'ra"/e #" a22#t#o" to /ore a"4#"3 a/t#$#t#es.

D'r#"3 te #"tro2'/tory 0ase te 'r2e" #11 e e;treme &or tem. B't te a"4

em01oyee #11 e more /om&orta1e #" se11#"3 #"s'ra"/e as te t#me 0ro3resses. Te

&r#/t#o" #s more #" te #"#t#a1 0ase o& te a"/ass'ra"/e t#e-'0. Tose s'//ess&'11y

/om01etes te rst 0ase /a" rea11y e;/e1 #" se11#"3 #"s'ra"/e.

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Bancassurance

Rapport Maintenance bet


39/60

Bancassurance

State ban+ o# ndia i#e nsurance

SBI L#&e I"s'ra"/e #s a 9o#"t $e"t're etee" te State Ba"4 o& I"2#a a"2 Car2#&& SA o&

Fra"/e. SBI L#&e I"s'ra"/e #s re3#stere2 #t a" a'tor#7e2 /a0#ta1 o& Rs +*** /rore a"2 a

0a#2 '0 /a0#ta1 o& Rs **/rores. SBI o"s @,H o& te tota1 /a0#ta1 a"2 Car2#&& te rema#"#"3

?H.State Ba"4 o& I"2#a e"9oys te 1ar3est a"4#"3 &ra"/#se #" I"2#a. A1o"3 #t #ts @

Asso/#ate Ba"4s6 SBI more /o'"tr#es. SBI L#&e I"s'ra"/e5s

m#ss#o" #s to emer3e as te 1ea2#"3 /om0a"y o&&er#"3 a /om0ree"s#$e ra"3e o& L#&e

I"s'ra"/e a"2 0e"s#o" 0ro2'/ts at /om0et#t#$e 0r#/es6 e"s'r#"3 #3 sta"2ar2s o& /'stomerser$#/e a"2 or12 /1ass o0erat#"3 e&/#e"/y.SBI L#&e as a '"#8'e m'1t#-2#str#'t#o" mo2e1

39


40/60

Bancassurance

e"/om0ass#"3 Ba"/ass'ra"/e6 A3e"/y a"2


41/60

Bancassurance

SBI Life - Smart Wealth Assure

SBI L#&e - Smart ea1t Ass're #s a !"#t L#"4e2 "o"-0art#/#0at#"3 L#&e I"s'ra"/e

1a". It #s a s#"31e 0rem#'m 01a"6 ere#" yo' a$e to 0ay 0rem#'ms o"/e a"2 yo'

/a" /o"t#"'e to e"9oy te e"ets tro'3o't te 0o1#/y term.

Te 01a" e10s yo' to e"9oy mar4et re1ate2 ret'r"s a1o"3 #t #"s'ra"/e /o$er6 #t

9'st a s#"31e 0rem#'m.

SBI Life - Saral Maha Anand

SBI L#&e - Sara1 Maa A"a"2 #s a 0ro2'/t /reate2 9'st &or yo'6 #/ #11 01easa"t1y

s'r0r#se yo' #t #ts seer S#m01#/#ty a"2 Co"$e"#e"/eX It #s a '"#t 1#"4e26 "o"

0art#/#0at#"3 1#&e #"s'ra"/e 01a"6 #/ 1ets yo' ma"a3e yo'r #"$estme"ts a//or2#"3to yo'r r#s4 a00et#te6 3#$#"3 yo' te 0oer to rea1#se mar4et re1ate2 ret'r"s o" yo'r

0o1#/y. Yo' /a" /oose yo'r re8'#re2 1#&e #"s'ra"/e /o$er s'9e/t to a m#"#m'm a"2 a

ma;#m'm 1e$e1.

SBI Life - Smart Scholar

L#&e e3#"s a&res e" yo' e/ome a 0are"t. It5s a 9oy yo' "e$er &e1t a"2 a &ee1#"3

yo' "e$er e;0er#e"/e2. e" yo'r /#12 ta4es ay ste0s toar2s yo'6 "ot#"3 seems

more 1#ss&'1.#t t#s 2#$#"e a00#"ess /omes a "e se"se o& res0o"s##1#ty tat5s

/1ose to yo'r eart. Yo' a"t to ma4e yo'r /#125s 1#&e a e2 o& roses or a te"2er

/'s#o".

At SBI L#&e6 e '"2ersta"2 yo'r "ee2s a"2 0ro$#2e yo' #t a &1e;#1e a"2 a11-

e"/om0ass#"3 so1't#o": SBI L#&e - Smart S/o1ar6 a "o" 0art#/#0at#"3 !"#t L#"4e2

41


42/60

Bancassurance

I"s'ra"/e 1a".Se/'re yo'r /#125s &'t're y 3a#"#"3 &rom te "a"/#a1 mar4ets. %'r

s0e/#a11y /ra&te2 Smart S/o1ar 1a" #s as a//ommo2at#"3 as yo' are to yo'r /#12.

SBI Life - Smart Elite

SBI L#&e - Smart E1#te #s a !"#t L#"4e2 I"s'ra"/e 01a" - a" e;8'#s#te1y /ra&te2

0ro2'/t6 e;/1's#$e1y &or s0e/#a1 /'stomers 1#4e yo'. It 3#$es yo' &1e;##1#ty to 0ay

0rem#'m(s) &or 1#m#te2 term or s#"31e 0rem#'m6 #t te &ree2om to stay #"$este2 a"2

0rote/te2 &or 1o"3 term. at5s more6 yo' a$e te 0oer o& /oos#"3 te o0t#o" est

s'#te2 to yo'r "ee2s6 at a $ery /om0et#t#$e rate.

SBI Life - Smart Power Insurance

To a$e a se/'re &'t're6 #/ ta4es /are o& te "a"/#a1 "ee2s o& te &am#1y #" /ase

o& a"y e$e"t'a1#ty a"2 to meet 1#&e5s $ar#o's 3oa1s6 #t #s #m0orta"t tat o"e starts

sa$#"3 ear1y a"2 re3'1ar1y. e 0rese"t to yo'6 SBI L#&e - Smart oer I"s'ra"/e6 a

"o"-0art#/#0at#"3 '"#t 1#"4e2 #"s'ra"/e 01a" #/ ta4es /are o& yo'r #"s'ra"/e as

e11 as #"$estme"t "ee2s. Te 0ro2'/t /omes to yo' at reaso"a1e 0rem#'m a"2 #s #"

t'"e #t te /'rre"t #"$estme"t s/e"ar#o. It #s a &1e;#1e 0ro2'/t6 #/ a1so ta4es

/are o& yo'r 1#8'#2#ty "ee2s. A22#t#o"a1 0rote/t#o" re8'#reme"t6 2'e to /a"3#"3

0erso"a1 a"2or "a"/#a1 /#r/'msta"/es6 #s a1so ta4e" /are y te 0ro2'/t.

C"i$d P$ans

SBI Life - Smart Power Insurance

42


43/60


44/60

Bancassurance

D'e to #3er 2#s0osa1e #"/omes a"2 rea4tro'3 #" me2#/a1 s/#e"/es6 1o"3e$#ty as

#"/rease2 to a 3reat e;te"t. e are a11 1#$#"3 1o"3er a&ter ret#reme"t.Ret#reme"t may

so'"2 2#sta"t to yo' at te mome"t. oe$er6 #t /o'12 s0a" as 1o"3 as o"e-&o'rt o&

o'r 1#&et#me a"2 #s e$er #"/reas#"3G a"2 "ot ma"y o& 's a$e rea11y "ot#/e2 or e$e"

to'3t ao't tat.Moreo$er6 ma"y 0eo01e '"2erest#mate o m'/ tey "ee2 to sa$e

&or ret#reme"t. T's6 &or /reat#"3 a ret#reme"t /or0's6 systemat#/ 2#s/#01#"e2

#"$estme"t #s re8'#re2 2'r#"3 o"e5s ear"#"3 years.e 0rese"t to yo'6 SBI L#&e - Ret#re

Smart6 a "o"-0art#/#0at#"3 '"#t 1#"4e2 0're 0e"s#o" 01a"6 #/ 3'ara"tees yo'

m#"#m'm o& +*+H o& a11 0rem#'ms 0a#26 e" 0o1#/y #s #" &or/e6 o" Mat'r#tyVest#"3G

t's te 2o"s#2e r#s4 #" te mar4et #s 0rote/te2 to a 3reat e;te"t.

SBI Life - Annuity Plus

SBI L#&e - A""'#ty 1's6 a tra2#t#o"a16 "o"-0art#/#0at#"3 #mme2#ate a""'#ty 01a"6 #/

o&&ers a /om0ree"s#$e ra"3e o& a""'#ty o0t#o"s a1o"3 #t #"'#1t &1e;##1#t#es. It

0ro$#2es a" o00ort'"#ty to yo' to ma#"ta#" yo'r sta"2ar2 o& 1#$#"3.

Protection p$ans

SBI Life - Smart Shield

44


45/60

Bancassurance

SBI L#&e - Smart S#e12 #s a tra2#t#o"a1 "o"-0art#/#0at#"3 0're term 01a"6 #/ #s a

o"e sto0 so1't#o" tat meets a11 yo'r #"s'ra"/e "ee2s. #t %0t#o"s a"2 e"ets

s0e/#a11y ta#1ore2 &or tose o a"t est "a"/#a1 0rote/t#o" at a" a&&or2a1e /ost6

t#s #s te 0er&e/t 01a" &rom yo'r 0re&erre2 #"s'ra"/e 0ro$#2er. No yo'r &am#1y stays

0rote/te26 e$e" e" yo' are "ot aro'"2.

SBI Life - Saral Shield

SBI L#&e - Sara1 S#e12 #s a tra2#t#o"a1 "o"-0art#/#0at#"3 0're term I"s'ra"/e 01a". At

a" a&&or2a1e /ost6 SBI L#&e Sara1 S#e12 0ro$#2es /o$er &or yo'r &am#1y a"2 e"s'res

tat a 0ro0er sa&ety "et #s /reate2. T's6 #t 3'ara"tees tat tere #11 e "o

/om0rom#se o" yo'r 2reams a"2 am#t#o"s &or yo'r 1o$e2 o"es.

SBI Life - eShield

SBI Life - eShield is an Individual, Nn Lin!ed, Nn "ar#ici$a#in% $ure

#er& $lan, 'i#h $#ins and (ene)#s s$eciall* #ailred fr #hse 'h

'an# #he (es# )nancial $r#ec#in a# an a+rda(le cs#

SBI Life - Grameen Bima

Te o9e/t#$e o& t#s 0ro2'/t #s to 0ro$#2e 1#&e /o$er to te 2e0r#$e2 se/t#o"s o& te

so/#ety at a&&or2a1e /osts terey a#2#"3 tem t#2e o$er 2#&/'1t t#mes #" /ase o& a"

'"&oresee" e$e"t.SBI L#&e -


46/60

Bancassurance

Sa.in's p$ans

SBI Life - Smart Money Back Gold

SBI L#&e - Smart Mo"ey Ba/4


47/60

Bancassurance

SBI L#&e - Sara1 Sa2a" #s a" I"2#$#2'a16 "o"-1#"4e26 "o"-0art#/#0at#"36 term

ass'ra"/e 0ro2'/t #t ret'r" o& 0rem#'m. T#s 0ro2'/t 3#$es yo' a e2 1#&e /o$er

tro'3o't te 0o1#/y term a1o"3 #t a 3'ara"tee2 mat'r#ty e"et.

SBI Life - $le%i Smart Plus

SBI L#&e - F1e;# Smart 1's #s I"2#$#2'a16 art#/#0at#"36 Var#a1e I"s'ra"/e ro2'/t6

#/ e10s yo' #" &'1#"3 yo'r 2reams. It a1so 3#$es yo' &1e;##1#ty to a2a0t to yo'r

e$er-/a"3#"3 "ee2s6 #1e ass'r#"3 3'ara"tee2 e"ets to ta4e /are o& yo'r sa$#"3s.

Group p$ans

Corporate so$utions:

62 Retirement so$utions

SBI Life - &alyan 'LIP Plus


48/60

Bancassurance

&1e;##1#ty o& 0ay#"3 #" yo'r 0rem#'m at a"y t#me 2'r#"3 te year a//or2#"3 to s/eme

r'1es.

SBI Life - (a)Assure Gold

T#s #s a $ar#a1e6 "o"-1#"4e2 "o"-0art#/#0at#"3 &'"2 ase2 3ro'0 #"s'ra"/e 0ro2'/t.

Te 0ro2'/t o'12 e o&&ere2 o"1y to em01oyer em01oyees 3ro'0s #.e. to te

em01oyers tr'stees State 3o$er"me"ts Ce"tra1 3o$er"me"t S!s o a"t SBI

L#&e to ma"a3e te#r em01oyees5 3rat'#ty6 1ea$e e"/asme"t a"2 s'0era""'at#o"

e"et s/emes. Te "at're o& te s/emes may e De"e2 Be"et (DB) or De"e2

Co"tr#'t#o" (DC) or yr#2.T#s #s a" #2ea1 01a" #/ /aters to te "ee2s o& te

3ro'0 a2m#"#strators em01oyers tr'stees State 3o$er"me"ts Ce"tra1 3o$er"me"t

S!s o a"t to &'"2 3ro'0 memers5 ret#reme"t e"ets a"2 oter e1&are

e"ets.

SBI life - Swarna *ee"an

SBI L#&e I"s'ra"/e #"tro2'/es SBI L#&e - Sar"a Jee$a" a


49/60

Bancassurance

SBI Life - Gaura" *ee"an

SBI L#&e I"s'ra"/e #"tro2'/es SBI L#&e -


50/60

Bancassurance

No"-Em01oyer Em01oyee omo3e"o's 3ro'0s o #"te"2 to 0ro$#2e 1#&e /o$er to

3ro'0 memers &or a e2 term.

Group $oan protection p$ans

SBI Life - Ri!n Raksha

Te 2ream o'se6 te est e2'/at#o" &or yo'r 4#2s6 te 1atest /ar6 a" o$erseas

&am#1y $a/at#o" a"2 m'/ more. To &'1 tese as0#rat#o"s6 most o& 's 2o"5t

es#tate to a$a#1 1oa"s. No6 #t SBI L#&e - R#N" Ra4sa6 a 3ro'0 /re2#t 1#&e

#"s'ra"/e 01a"6 yo' /a" rest ass're2 tat yo'r &am#1y #11 a1ays e"9oy te

assets6 #/ yo' so 1o$#"31y a/8'#re26 #to't orry#"3 ao't a"y 1#a#1#t#es. I"

oter or2s6 1#$e 1#&e 5Det- Free5X

Group micro #inance p$ans

SBI Life - Grameen Shakti

Te 0'r0ose o& t#s 0ro2'/t #s to 0ro$#2e 1#&e #"s'ra"/e 0rote/t#o" to te ea4erse/t#o"s o& te so/#ety6 1#4e 0eo01e o are &'"2e2 y M#/ro F#"a"/#a1 I"st#t't#o"s or

N


51/60

Bancassurance

SBI Life - Grameen Su)er Suraksha

Te 0'r0ose o& t#s 0ro2'/t #s to 0ro$#2e #"s'ra"/e /o$er at a&&or2a1e /ost toe/o"om#/a11y ea4er se/t#o"s o& so/#ety6 s'/ as 3ro'0 o& #"2#$#2'a1s &'"2e2 y

M#/ro F#"a"/e I"st#t't#o"s or N r2 o& te 0rem#'m #"/ome #" e;0e/te2 to /ome y ay o& a"/ass'ra"/e

a"2 te rest &rom te tra2#t#o"a1 a3e"/y /a""e1 as e11as t#es '0 #t /or0orate a3e"ts

(S'"2aram F#"a"/e). SBI as a1so #"tro2'/e2 3ro'0 #"s'ra"/e to some e11 ma"a3e2

/or0orate sta&&s.

SBI L#&e I"s'ra"/e Com0a"y #s te rst amo"3 te +, 1#&e #"s'ra"/e /om0a"#es #" te

0r#$ate se/tor to 0ost a "et 0rot #" **-*?.Tere are 1#&e #"s'ra"/e 01ayers m'/ more

a33ress#$e ta" SBI a"2 tey a$e st#11 "ot ee" a1e to rea4 te re/or2 o& SBI. Te#r

s'//ess #s 1ar3e1y o" te /a""e1 strate3y a"2 0ro2'/t strate3y. A"oter as0e/t #s te#r

s'0er#or #"$estme"t 0er&orma"/e. Tey a$e /o"s#ste"t1y6 o$er te 1ast to years6 3e"erate2

++-+ 0er /e"t ear"#"3s &rom te #"$estme"ts.SBI L#&e I"s'ra"/e #s '"#8'e1y 01a/e2 as a

0#o"eer to 'ser a"/ass'ra"/e #"to I"2#a. Te /om0a"y o0es to e;te"s#$e1y 't#1#7e te SBI


52/60

Bancassurance

+** m#11#o" a//o'"ts 0ro$#2es a $#ra"t ase to '#12 #"s'ra"/e se11#"3 a/ross e$ery re3#o"

a"2 e/o"om#/ strata #" te /o'"try.

BANCASS-RANCE TE -P N N&A

i#e nsurance Tie ups:

Pri.ate Sector Companies:

+. Ba9a9 A11#a"7 L#&e I"s'ra"/e Co.Lt2.

. B#r1a S'" L#&e I"s'ra"/e Co. Lt2.

>. DFC Sta"2ar2 L#&e I"s'ra/e Co. Lt2.

,. ICICI r'2e"t#a1 L#&e I"s'ra"/e Co. Lt2.

. IN< Vysya L#&e I"s'ra"/ Co. $t. Lt2.

?. SBI L#&e I"s'ra"/e Co. Lt2

@. Saara I"2#a L#&e I"s'ra"/e Co. Lt2.

. A$#$a L#&e I"s'ra"/e Co. I"#a $t. Lt2.

=. Kota4 Ma#"2ra %! M't'a1 L#&e I"s'ra"/e Co. Lt2.+*. Ma; Ne Yor4 L#&e I"s'ra"/e Co. Lt2.

++. Met L#&e I"2#a I"s'ra"/e Co. $t Lt2.

+. Re1#a"/e L#&e I"s'ra"/e Co. Lt2.

+>. Sr#ram L#&e I"s'ra"/e Co. Lt2.

+,. Bart# A;a L#&e I"s'ra"/e Co. Lt2.

+. Tata A#3 L#&e I"s'ra"/e Co. Lt2.

Pub$ic Sector Company:

+. L#&e I"s'ra"/e Cor0orat#o" %& I"2#a.

Non i#e nsurance Tie ups:

Pri.ate Sector companies:

+) Roya1 S'"2aram A11#a"7 I"s'ra"/e Co. Lt2.

) Tata A#3


53/60

Bancassurance

) ICICI Lomar2 ) !"#te2 I"2#a I"s'ra"/e Co. Lt2.

,) Te %r#e"ta1 I"s'ra"/e Co. Lt2

) E;0ort Cre2#t


54/60

Bancassurance

To #" ea1t #"s'ra"/e se/tor

EC


55/60

Bancassurance

Ba"4#"3 a"2 #"s'ra"/e a$e stro"3 s#m#1ar#t#es tat m#3t a$e /o"tr#'te2 to te#r

ra00ro/eme"t6 LIC a"2 oter #"s'ra"/e /om0a"#es a$e 2e$e1o0e2 a ra"3e o& 0ro2'/ts6 tat

a$e 2#re/t /o"&1#/t #t tra2#t#o"a1 a"4 o&&er#"3 or 0ro2'/ts.

Ne /om0a"#es #" L#&e I"s'ra"/e se/tor o'12 e 1oo4#"3 &or /ost e&&e/t#$e /a""e1s &or

2#str#'t#o" #/ 0ro$#2e 1o"3 rea/. Be/a'se o& te e;#st#"3 e;te"s#$e o$#o's1y emer3e2

as te 0re&erre2 1o /ost 2#str#'t#o" /a""e1. T#s o'12 a1so 3#$e te o12 to6 #"s'ra"/e

/om0a"#es #" te r'ra1 areas6 t's 0ro$#2#"3 a" o00ort'"#ty to ta te $#r3#" mar4et.

Ba"4s a$e 1ar3e /1#e"t ase a"2 /ross se11#"3 s're1y 0ro$#2es #t a" o00ort'"#ty &or

o0t#m'm 't#1#7at#o" o& te#r e;#st#"3 /'stomer re1at#o"s#0 t's e&&e/t#$e1y /reat#"3 a #"-

#" s#t'at#o" /om0a"y a"2 te o0erat#o"a1 2#&/'1t#es at 3ro'"2 1e$e1 a$e to e ma"a3e2

a"2 o"e o& te s'33este2 ays #s to restr'/t're te a"4 /om0e"sat#o" str'/t're o" te 1#"es

o& #"s'ra"/e /om0a"#es.

Last 't "ot te 1east6 te #ss'e o& /o"s'mer 0rote/t#o" #11 a$e to e s'#ta1y a22resse2 y

Re3'1ators a"2 /o"s'mers temse1$es. Co"s'mers to'3 a$e /o"s'mer rote/t#o" A/t to

#"##t a"4s a"2 #"s'ra"/e /om0a"#es to so mo"o0o1#st#/ 0ro0ert#es or 'se tem as a" arm

t#st#"3 te/"#8'es. To'3 a11 sa#2 a"2 2o"e6 Re3'1ators ot IRDA a"2 RBI so'12 9o#"t1y

&orm'1ate a 0o1#/y a"2 0ro/ess "ot to a$o#2 te /o"&1#/t o& #"terest.

Measures to mpro.e Bancassurance in ndia:

Fa/tors tat are /r#t#/a1 &or s'//ess #"/1'2e strate3#es /o"s#ste"t #t Ba"4s $#s#o"64"o1e23e o& tar3et /'stomers 2e"e2 sa1es 0ro/ess &or #"tro2'/#"3 #"s'ra"/e

ser$#/es6 s#m01est yet /om01ete 0ro2'/t o&&er#"3s6 stro"3 ser$#/e 2e1#$ery me/a"#sm6

8'a1#ty a2m#"#strat#o"6 sy"/ro"#7e2 01a""#"36 a11 's#"ess 1#"es a"2 s's#2#ar#es6

/om01ete #"te3rat#o" o& #"s'ra"/e #t oter 's#"ess 0ro2'/ts a"2 ser$#/es6

e;0e"s#$e a"2 #3-8'a1#ty tra#"#"3 o& sa1es 0erso""e1.

A"oter /r#t#/a1 0o#"t to e ta/41e2 #s /'stomer ser$#/e(CRM). Ba"4 so'12

#m01eme"t C'stomer Re1at#o"s#0 Ma"a3eme"t(CRM) strate3#es to a"21e te

/'stomers ta/t&'11y.

55


56/60

Bancassurance

Ba"4 so'12 a/t as "a"/#a1 a2$#ser to te /'stomers #" te 0ort&o1#o 2e/#s#o"s a"2

a1so ass#st tem #" ear1y /1a#m sett1eme"t.

Ba"4 a"2 #"s'ra"/e /om0a"y so'12 or4 9o#"t1y toar2s a mo2e1 31oa1 reta#1

"a"/#a1 #"st#t't#o" o&&er#"3 a #2e array o& 0ro2'/ts #/ 1ea2s to /reat#o" o& o"e-

sto0 so0 &or mort3a3es6 0e"s#o"s6 a"2 #"s'ra"/e 0ro2'/ts.

Conc$usion

Tra2#t#o"a11y a"4s tra"s&orm sort-term 1#a#1#t#es #"to 1o"3-term assets. T#s 3e"erates

/re2#t r#s4 o" asset s#2e a"2 1#8'#2#ty r#s4 o" te 1#a#1#t#es s#2e. Te mat'r#ty m#smat/

etee" assets a"2 1#a#1#t#es e;0oses a"4s to #"terest rate r#s4 a"2 ma4es tem more

$'1"era1e. Te a"4 /a" a22ress t#s s0e/#/ #ss'e y e"ter#"3 #"to #"s'ra"/e 's#"ess. A"

#"s'ra"/e a/t#$#ty a//'m'1ates s'sta"t#a1 amo'"t as 0rem#'m re/e#0t. #t te 1o"3-term

&'"26 a"4s /a" 2e/rease te 0oss##1#ty o& 1#8'#2#ty a"2 so1$e"/y 0ro1ems. E$e" #& a"4#"3

a"2 #"s'ra"/e are /arr#e2 o't as se0arate e"t#ty6 tro'3 a o12#"3 arra"3eme"t6 te #"s'ra"/e

o'tt /a" a&&or2 a 0ote"t#a1 so'r/e o& 1#8'#2#ty &or te 0are"t.

A11 o$er te or126 3o$er"me"ts are 4"o" to #"ter$e"e #" te #"s'ra"/e 's#"ess tro'3

re3'1at#o"s to ma4e #"s'ra"/e a /ata1yst o& so/#a1 2e$e1o0me"t. Te I"2#a" 3o$er"me"t as

a1so #ss'e2 2eta#1e2 3'#2e1#"es re3ar2#"3 t#s. IRDA as ma2e #t ma"2atory &or e$ery #"s'rer

o starte2 's#"ess a&ter te /omme"/eme"t o& IRDA A/t6 +=== to e"s're te 0res/r#e2

1e$e1s o& 's#"ess &rom r'ra1 a"2 so/#a1 se/tors. Te 3'#2e1#"es #" t#s /o""e/t#o" #"2#/ate tat

te 1#&e #"s'rer m'st /o$er a m#"#m'm r'ra1 's#"ess o& $e 0er /e"t #" te rst "a"/#a1

yearG se$e" 0er /e"t #" te se/o"2 "a"/#a1 year6 te" 0er /e"t #" t#r2 "a"/#a1 yearG te1$e

0er /e"t #" te &o'rt "a"/#a1 year a"2 &tee" 0er /e"t #" te &t year o& tota1 0o1#/#es

r#tte" 2'r#"3 tat year. I" res0e/t o& a 3e"era1 #"s'rer6 te 0res/r#e2 1#m#t #s - to 0er /e"t

#" rst "a"/#a1 year6 tree 0er /e"t #" se/o"2 "a"/#a1 year a"2 $e 0er /e"t terea&ter o&

tota1 3ross 0rem#'m #"/ome o& tat year. I" res0e/t o& so/#a1 se/tor a11 #"s'rers are s'00ose to

/o$er $e to'sa"2 1#$es #" te rst "a"/#a1 year6 se$e" to'sa"2 $e '"2re2 1#$es #"

se/o"2 "a"/#a1 year6 te" to'sa"2 1#$es #" t#r2 "a"/#a1 yearG &tee" to'sa"2 1#$es #"

&o'rt "a"/#a1 year a"2 te"ty to'sa"2 1#$es #" te &t "a"/#a1 year.

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Tese r'ra1 a"2 so/#a11y 2#sa2$a"ta3e2 se/tors are $ery 2#&/'1t to ser$#/e. Tey are s/attere2

3eo3ra0#/a11y #" sma11 #"2#3e"o's so/#a1 3ro'0s. It #s $ery 2#&/'1t to #2e"t#&y te#r "ee2 a"2

2es#3" 0ro2'/ts tat are $#a1e as e11 as a//e0ta1e to tese se3me"ts. I" &a/t6 te rea1 #ss'e

#s /ost e&&e/t#$e"ess. Tese tar3et /1#e"te1es /a" e a22resse2 y s0e"2#"3 s'sta"t#a1 amo'"t

o& mo"ey y ay o& mar4et#"3 resear/ to #2e"t#&y te#r "ee2s a"2 0romot#o"a1 meas'res to

rea/ tem. Te /om#"3 to3eter o& a"4s a"2 #"s'ra"/e /a" 0ro$#2e s'sta"t#a1 sy"er3y

ere. Te a"4s a1rea2y a$e a mass#$e #"&rastr'/t're s0rea2 a/ross te #2t a"2 rea2t o&

te /o'"try. Ba"4s 0ossess a $ast array o& mar4et #"te11#3e"/e #"/1'2#"3 r'ra1 a"2

2#sa2$a"ta3e2 se/t#o" o& te so/#ety. T#s #"&ormat#o" /a" e 1e$era3e2 to 2es#3" a00ro0r#ate

0ro2'/ts &or te s0e/#/ re8'#reme"ts o& tar3et 0o0'1at#o". Te #2es0rea2 ra"/ "etor4

/a" e 'se2 as a mar4et#"3 /a""e1 #to't #"/'rr#"3 s#3"#/a"t amo'"t o& mo"ey. De"#te1y

/o11aorat#o" etee" a"4s a"2 #"s'ra"/e /om0a"#es /a" e o& 3reat e"et to ser$#/e t#s

tar3et 3ro'0 #" a /ost-e&&e/t#$e a"2 "a"/#a11y $#a1e ma""er. I" &a/t6 #t may e "ote2 #" t#s

/o""e/t#o" tat 3e"era11y #"s'ra"/e /om0a"y s'&&er &rom s'sta"t#a1 amo'"t o& 1osses #" te

ear1y years o& te#r o0erat#o". %"e o& te /o"tr#'tory &a/tors #" t#s re3ar2 #s so/#a1

o1#3at#o"s ma"2ate2 y te 3o$er"me"t. I"ter"at#o"a1 e;0er#e"/e sos tat e$e" #"

re1at#$e1y 2e$e1o0e2 /o'"tr#es #t ta4es a 1o"3 0er#o2 o& t#me to rea/ o't to 1ess 0r#$#1e3e2

re3#o"s a"2 se3me"ts o& 0o0'1at#o". %$#o's1y6 #" I"2#a te 0ro1em #s m'/ 1ar3er a"2 more

/om01e;. Ba"/ass'ra"/e #s a" a00ro0r#ate strate3y #" t#s /o""e/t#o".

I" a ser$#/e #"2'stry s'/ as #"s'ra"/e6 #/ o&&ers 0rom#ses #" ret'r" &or 0ayme"t '0&ro"t6

re2em0t#o" o& /omm#tme"ts as to e 0er&e/t. Te /1a#ms sett1eme"t ser$#/e #s most1y

a&&e/te2 y 0ro1ems #" 2e/#s#o"-ma4#"36 /a's#"3 e"ormo's 2e1ays. A3a#"st t#s a/43ro'"26

9o#"#"3 o& a"2s etee" a"4s a"2 #"s'ra"/e o&&ers 2o'1e-e23e2 so1't#o". Te e;#st#"3

tra/4 re/or2 o& a"4s #" 0ro$#2#"3 sat#s&a/tory ser$#/es as ee" 2#sma1 to say te 1east. I"

a22#t#o"6 a "'mer o& a"4s a2 to o&&er VRS to se2 te e;/ess ma"0oer a"2 #"tro2'/e

te/"o1o3y #"to te#r ser$#/e o0erat#o"s. St#116 a #s0er o& "e;t ro'"2 o& VRS /a" e ear2 #"

te a"4#"3 se/tor. I" s'/ s/e"ar#o6 #& a"4s e"ter #"to "e a"2 &ast 3ro#"3 se/tor 1#4e

#"s'ra"/e te 0ro1em o& e;/ess sta&& /a" e o$er/ome #to't /om0rom#s#"3 te mora1e o&

te or4&or/e. %& /o'rse6 a"4#"3 0erso""e1 "ee2 r#3oro's tra#"#"3 to a2a0t to #"s'ra"/e

's#"ess. I" t#s /o"te;t6 o"e $#e0o#"t #s tat te a"4 em01oyees y te#r 0ast tra/4 re/or2

/a""ot e tr'ste2 to e/ome /'stomer-&r#e"21y o$er"#3t. B't #& e 1oo4 at te 2e$e1o0me"ts

ta4#"3 01a/e o$er te 1ast &e years6 e /a" say #t /o"e"/e tat a"4 em01oyees #" te

0'1#/ se/tor a$e res0o"2e2 #" a $ery e"/o'ra3#"3 ma""er to te /a11e"3es tro" at tem

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tro'3 /om0et#t#o" y 0r#$ate se/tor a"4s. It #m01#es tat 3#$e" te /a"/e a"2 re8'#s#te

tra#"#"36 tey /a" a1so e/ome s'//ess&'1 #" #"s'ra"/e se/tor.

Bib$io'rap"y

tt0:0'1#/at#o"s.m#11#ma"./omresear/1#&e-rrar/#$e02&sNe-Tre"2s-I"-or12-

Ba"/ass'ra"/e-RR-+*-*+-*,.02&

.a"4"et#"2#a./om"a"/ea"/ass'ra"/e_s#3ma.tm1

.tooste0./om2eatea"/ass'ra"/e-#"-#"2#a--s'//ess-or-&a#1're

.#ra/st.or3#9/m0a0ers$o1>"o>*+,>$o1>"o>.02&

.s/r#2./om2o/?*+Ba"/ass'ra"/e-A"-I"2#a"-ers0e/t#$e

tt0:.a"4"et#"2#a./om"a"/e#a"/.tm

tt0:.34to2ay.#"r#e&-#story-o&-a"4#"3-#"-#"2#a

."00ar#as/ar2#&./om

.st'2ymo2e./om

.a/a2em#a.e2'

.s#1#&e./o.#"

58
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