Open architecture distribution model for banks can double life insurance market in 5 yrs

Nippon Life says that the opening up of the bancassurance channel was crucial to expand insurance penetration in the Indian market

According to media reports, Nippon Life on Monday said that an open architecture distribution model for banks has the potential to double the life insurance market in India in the next five years,

Under the open architecture model, banks will act as insurance brokers for more than one insurer. The banks are permitted to sell policies of multiple insurers. They can sell policies of one life insurer, one general insurer and a standalone health insurer.

Kazuhide Toda, Asia-Pacific Head of Nippon Life Insurance Business, said that the opening up of the bancassurance channel was crucial to expand insurance penetration in the Indian market. Nippon Life owns 26% stake in Reliance Life Insurance Company.

Curated From  : Open architecture distribution model for banks can double life insurance market in 5 yrs – indiainfoline

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