Agbo, Elias Igwebuike and Nwankwo, S.N.P (2020) BANCASSURANCE IN AFRICA: AVENUE FOR INSURANCE INCLUSION. Business Management and Entrepreneurship Academic Journal, 2 (9). pp. 44-56. ISSN 5345 – 3327
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Abstract
In the recent times, bancassurance has been effective in several advanced countries. Under this platform, banks and insurance companies partner together for mutual benefit. It is an arrangement that brings the insurance companies closer to the rural market through the strong network of the bank branches. Although extensive research has been carried out on bancassurance in the European markets, such activity is relatively limited and sluggish in Africa. This paper attempts to review the evolution of bancassurance so as to unravel the challenges responsible for its slow progress in Africa. The study finds that the challenges faced by the banks and the insurance company while implementing the bancassurance models in Africa generally include the restrictive controls imposed by public authorities based on the fear of abuses and lack of awareness and trust by customers,among others.Further, it notes that there are too many insurance intermediaries and numerous unregistered insurance brokers and agents.Consequently, the paper recommends some restructuring and reshaping of the distributive system of selling insurance in Africa.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences > HJ Public Finance |
| Divisions: | Faculty of Management and Social Sciences |
| Depositing User: | mrs chioma hannah |
| Date Deposited: | 05 Nov 2020 14:43 |
| Last Modified: | 05 Nov 2020 14:43 |
| URI: | http://eprints.gouni.edu.ng/id/eprint/2832 |
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