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Bancassurance

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National Westminster Bank, Liverpool

Bancassurance is the term applied to describe the sale of insurance solutions in a bank. The word can be a combination of “banc” and “assurance” signifying that both banking and insurance is supplied by the exact same corporate entity. The usage of your word picked up as banks and insurance coverage organizations merged and banks sought to provide insurance coverage, mainly in markets which have been liberalised not too long ago. It is a controversial notion, and quite a few really feel it provides banks also good a handle more than the financial business.

In some nations, bancassurance continues to be largely prohibited, but it was not too long ago legalized in nations which include the United Sates of America, when the Glass-Steagall Act was repealed immediately after the passage in the Gramm-Leach-Bliley Act.

Wealth management for High Net Worth and Ultra High Net Worth prospects has been pioneered by Lombard International and also the function is called Privatbancassurance.

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