7. What is Bancassurance?
Bancassurance also sometimes known as the bank insurance model (BIM) or allfinanz, is the partnership or relationship between a bank and an insurance company, or a single integrated organization arrangement which allow insurance company can sell its products to the bank's client base. This partnership arrangement can be profitable for both companies. Banks can earn additional revenue by selling the insurance products, while insurance companies are able to expand their customer bases without having to expand their sales forces or pay commissions to insurance agents or brokers.
