Unveiling the Future: Bancassurance as India's New Financial Frontier
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This article describes the rapidly evolving bancassurance sector in India, impressing on its growth, challenges, and the way forward. It succinctly brings out how banks partner with insurance companies to increase penetration by the application of new technologies like AI and blockchain for more customer service and efficiency. It also discusses the regulatory and operational hurdles including the strategic role of Cost and Management Accountants (CMAs) in compliance and planning and provides some strategic and policy recommendations aimed at further empowering the development of the sector, thereby giving the stakeholders some useful insight into realizing bancassurance potential to the maximum.
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References
Kumar, A., & Singh, S. (2023). The evolution of bancassurance in India: Opportunities and challenges. Journal of Financial Services in India, 15(2), 45-59.
Patel, R., & Desai, N. (2022). Integrating blockchain technology in bancassurance. Insurance Technology Review, 7(1), 112-128.
Sharma, P. (2023). The role of AI in transforming customer experiences in Indian bancassurance. Indian Journal of Banking and Finance, 18(4), 204-220.
Gupta, V., & Chatterjee, M. (2022). Cost management and strategic financial planning in bancassurance: The role of CMAs. The Accountant, 89(3), 58-74.
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