Bancassurance
A plain-English definition from the DeployIT insurance technology glossary.
In short: The distribution of insurance products through banks. The bank acts as a corporate agent for insurer partners, selling through branches, relationship managers and digital banking channels. In India, IRDAI rules let a bank tie up with up to nine insurers per line of business.
Related terms
- Corporate Agent
- An IRDAI-registered entity (often a bank or NBFC) licensed to distribute insurance for up to nine insurers per line of business.
- Specified Person (SP)
- The certified employee of a corporate agent who is authorized to solicit insurance.
- IRDAI
- Insurance Regulatory and Development Authority of India.
See it in practice
See this concept working in software
DeployIT puts quoting, issuance, renewals, claims and commissions on one platform built for Indian insurance distribution.