Banks are deepening their foray into the insurance business through bancassurance, greenfield licences, and acquisitions, riding on strong financial muscles and higher trust from customers, raising the prospects of helping insurers break into new grounds.
The lenders are seeking a pie of the insurance revenue through bancassurance (the sale of policies and other insurance products through banks), in a move that could mark a major disruption in a market dogged by low penetration, customer complaints, and shoestring budgets for many of the underwriters.
