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Our Bureau

Coimbatore , April 28

INSURANCE industry insiders foresee a lot of change in bancassurance relationships in the years to come.

The CEO and Managing Director of Max New York Life (MNYL), Mr Anuroop Tony Singh, addressing a media summit at Goa recently, said that banassurance was a challenge particularly because most existing relationships were `still early natural partnership'.

Stating that these natural partnerships were driven by existing international relationship, he said that he foresaw a change for the better in this relationship in the coming years, as banks were large stakeholders in insurance joint ventures. (For instance, SBI Life is the largest bancassurance deal with the backing of the bank - SBI).

According to Mr Singh, a lot of these early natural partnerships could go through a review/remarriage, as certain insurance products were in direct conflict with the bank portfolio and the compensation was uncompetitive. "Banks are moving into brokerage as well," Mr Singh added.

Admitting that there were some interesting trends emerging on the product side, the MNYL CEO recalled the present bull run in the unit-linked products, in spite of the keenness for pension products.

MNYL would soon introduce a unit-linked product in the market, he said and observed that one could not get away from offering the unit-linked product.

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