Unveiling the Future: Bancassurance as India's New Financial Frontier

Authors

  • Soumendra Roy H.O.D. (Academics) Brij Mohan Institute of Management & Technology Jhajjhar

DOI:

https://doi.org/10.33516/maj.v59i6.61-66p

Keywords:

No Keywords.

Abstract

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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Published

2024-06-24

How to Cite

Roy, S. (2024). Unveiling the Future: Bancassurance as India’s New Financial Frontier. The Management Accountant Journal, 59(6), 61–66. https://doi.org/10.33516/maj.v59i6.61-66p

Issue

Section

Cover Story

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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