The way forward

The open insurance paradigm significantly alters the traditional bancassurance model.

To remain relevant and hold their competitive position in the bancassurance space, banks must define and implement a holistic roadmap to realize the vision of ecosystem-connected bancassurance. While the transition will come with its own set of challenges, it is well worth the effort given its potential for generating new revenue streams and enhancing customer experience. Quick action is imperative, and banks that move fast will benefit significantly from the first-mover advantage.

About The Authors

Indra Chourasia

Indra Chourasia is an Industry Advisor in the Analytics and Insights unit of TCS’ Banking, Financial Services, and Insurance (BFSI) business unit.

Krishnakumar Gopalakrishnan

Krishnakumar Gopalakrishnan is an Enterprise Architect and heads European growth and transformation initiatives in TCS’ Banking, Financial Services, and Insurance (BFSI) business unit.

Prab Pitchandi

Prab Pitchandi is the Vice President and Global Head of the Analytics and Insights unit within TCS’ Banking, Financial Services, and Insurance (BFSI) business unit.