Bancassurance in India: Opportunities, Challenges, and Future Prospects
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The insurance and banking sector of India has witnessed a new opportunity after the opening up of the insurance sector in India in the form of bancassurance which is a practice by which banks are used as the channel of distribution for selling insurance products. This article explores the evolution, opportunities, challenges and prospects of bancassurance. It also contains a comprehensive analysis of the regulatory framework, market trends, and consumer behavior to provide valuable insights into the shaping of the dynamic landscape of the bancassurance business in India. The article also makes recommendations to all the stakeholders for harnessing opportunities and addressing the challenges of the domain.
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