Blockchain Technology in Digitizing Bancassurance: A Theoretical Perspective of Prospects and Confronts in India

Abstract

Bancassurance was initiated as a supplementary medium for dispensing insurance-related products and services. The proposal was to make certain auxiliary profits for banks exclusive of the necessity to inculcate extra funds in a period when restrictions were under force and credit off take was unresponsive. Insurance firms thus had the time to amplify the market penetration for them. On the other hand, online and cybernetic intrusion in the banking sector and the inception of Bancassurance were nearly associated. The chapter will emphasize the need for a customer-centric approach and recognize the tactic desired for giving a boost to the Bancassurance business model through innovations and intensification of the digital infrastructure of banks. The recommendation is that rather than solely relying on digital, Bancassurance will benefit from the flawless amalgamation of omni channels (digital and physical) to contact customers.