Marketing insurance products is a bigger challenge to the marketer. It is very difficult to gain the trust of the insured. Banks have to willingly accept new obligations and adopt a proactive stance while marketing insurance products.

Banks are facing increasing competition from other banks, financial institutions and financial intermediaries, thereby struggling hard to increase their income. Regulatory pressures and their compliance have added to their business cost of operations. Capital requirements of entrepreneurs and customers are now increasingly being met through a variety of non-banking financial products and cross-border financing, reducing the primary lending role of a bank to generate income.

Personal loans that are riskier and more expensive to service are, consequentially, on the rise. Technology has changed the manner of banking operations and their customer reach. Also, the market environment is growing uncertain and riskier by the day. Therefore, exploring ancillary avenues and leveraging the availability of a large customer base for providing other financial services have, therefore, become a compelling necessity.

Marketing insurance products is one notable exciting area for banks to look at. Banks, in the European countries, particularly in France and Spain, have already led the way, and their insurance fee and commission earnings from their captive customer base are rapidly rising. Should Indian banks, therefore, aggressively follow this route? What corporate principles and strategies should they follow to become top-class insurance professionals?

Insurance Chronicle Magazine, Banks Insurance Sellers, Marketing Insurance Products, Non-banking Financial Products, Market Environment, European Countries, Reserve Bank of India, RBI, Corporate Obligations, Banking Service, Marketing Culture, Marketing Life Insurance, Risk Management, Financial Services.