Strategic Alliances: Mapping the Growth of Bancassurance in India

Indian insurance industry has undergone a spectrum of changes since its liberalization, in terms of the distribution system and the diversity of products. The wave of financial deregulation paved the way of emergence and expansion of Bancassurance Channel in insurance industry. The present study intends to measure the growth of Bancassurance channel in India. The data has been figured out from 2014- 15 to 2021-22. For this purpose growth under four segments namely Individual life Insurance business, Group Life Insurance business, General Insurance business and Health Insurance business have been evaluated through compound annual growth rate (CAGR). To compare the mean growth of these four segments, study implements the One-Way ANOVA and Post Hoc test. Study also examines the impact of Bancassurance premium on the Insurance Industry premium with regression model.