BAGIC boost core CX, builds peripheral services

Alpana Singh, Senior President & Head - Bancassurance - PSUS, RRBs & Co-Banks at Bajaj Allianz General Insurance shares the benefits of collaborations with fintechs, insurtechs, EV makers and others:

Ravi Lalwani: What do you see as the impact of the budget on the bancassurance business and partnerships for the insurance sector?

Alpana Singh: The budget has shown a pertinent and continued focus on SMEs as well as infrastructure projects which will encourage the growth of the bancassurance business. Credit and availability of credit have always been given a lot of focus in the industry. This budget also seems to be pointing in that direction making it easier for the customers to avail credit and where insurance companies through their bancassurance channel can fulfil the insurance requirements of customers.

What are some of the notable contributions by fintechs and insurtechs in the bancassurance space?

The future of bancassurance is exciting and transformative, especially with the growing collaborations with fintechs and insurtechs, which will help augment CX. When it comes to fintechs, we often do not talk about payment banks. I think they are a great medium for understanding customer behavior basis which relevant products can be offered by collaborating with them.

However, some fintech start-ups that serve customers well are also open to partnering with bancassurance channels offering a considerable amount of understanding of the customer's needs that will help insurers build customized products and sachet products that can be offered on these platforms. Apart from this, if you look at the mainstream fintech players, they are also dedicatedly looking at insurance as a business channel and hence tying up with various players.