Bancassurance: A Potential Project in the Life Insurance Sector of Pakistan to achieve Consumer Trust and Awareness

The study focuses on bancassurance which is a globally developing concept in both banking and insurance sectors around the world. The study includes the concept of insurance, components of bancassurance and performance of life insurance and banking sector in this business. The study examines the approach of bank sales staff towards insurance products that is directly related to the success of bancassurance activity and also highlights awareness of life insurance with customers through the bancassurance channel. The study also evaluates the potential of bancassurance in the light of the findings of the study. The findings are aimed at improving bancassurance performance of banks and service provided to customers. This survey is to draw attention towards bancassurance which has much more important role in a financially unstable world with a lot of risks to hedge. This paper provides insight to managerial positions of banks and also describes the significance of bancassurance distribution through value added customer services for the banking sector as well as life insurance service providers in Pakistan.Keywords: Bancassurance; Bank Insurance Management; Bank Performance; Banking Sector; Insurance Marketing