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Unleashing the Power of Collaboration: Insurance, InsurTech and Banks


Amol Dethe
(By The Economic Times)


Sanjiv Roy
Country Head - Third Party Products,
YES Bank
Anup Seth
Chief Distribution Officer and Chief of Diversity and Inclusion,
Edelweiss Tokio Life Insurance
Saurabh Jain
MD and Head of Wealth Management,
Standard Chartered Bank India
Maneesh Ajmani
Head Preferred Banking, NRI, Investment Services & Bancassurance,
RBL Bank
Jagadish Ramadugu
Managing Director & CEO,
Pragati Finserv Pvt. Ltd.

In the contemporary landscape marked by the convergence of industries and a heightened emphasis on collaboration, Bancassurance has emerged as a notable phenomenon in India, propelled by a surge in insurance awareness and its inherent convenience. Bancassurance, the integration of banking and insurance services, has become increasingly popular due to its ability to provide customers with a one-stop solution for their financial needs.

The rise of Bancassurance in India is closely intertwined with the broader shift towards digitization and technological innovation in the financial services sector. This trend has been further accelerated by the growing awareness and demand for insurance products among the population. As a result, the intersection of banking and insurance has become a strategic avenue for both sectors to expand their reach and cater to the evolving preferences of consumers.

An integral aspect of this transformation is the role played by InsurTechs, technology-driven startups and companies specifically focused on revolutionizing the insurance industry. InsurTechs are positioned as key players in enabling the digital shift within the Bancassurance model. Leveraging advanced technologies such as artificial intelligence, data analytics, and blockchain, InsurTechs are driving innovation in the insurance space and enhancing the overall customer experience.

The panel discussion on this subject brought together influential voices from the Banking, Insurance, and InsurTech sectors. These experts delved into the growth potential of the Bancassurance model in the context of the expanding digital landscape. The dialogue revolved around the increasing adoption of digital channels and platforms, reshaping how financial services are delivered and consumed.

The discourse emphasized the transformative role of InsurTechs as primary enablers for this digital shift. InsurTechs are not merely disruptors; they are facilitators of collaboration between traditional banking and insurance entities, helping them navigate the complexities of the digital era. By fostering innovation, streamlining processes, and enhancing customer interactions through digital solutions, InsurTechs contribute significantly to the evolution of Bancassurance.

The panellists discussed how InsurTechs are instrumental in developing and implementing cutting-edge technologies that optimize various facets of the Bancassurance model. These may include advancements in customer onboarding, personalized product offerings, risk assessment, and claims processing. Moreover, the panel might explore the role of partnerships between traditional financial institutions and InsurTechs in co-creating solutions that align with the changing dynamics of the market.

In summary, the panel discussion served as a platform for thought leaders to analyze and forecast the trajectory of Bancassurance in the digital age. By addressing the collaborative efforts between the Banking, Insurance, and InsurTech sectors, the discussion sheds light on the synergies that drive growth, innovation, and improved customer experiences in India’s evolving financial services landscape.


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