Analysis of Digitization, IOT and Block chain in Bancassurance

Abstract

Digitisation is the use of digital technologies and advancements in order to achieve new revenue and value-generating prospects by creating advanced technology based business model. In the last decade most of the enterprises have undergo into radical changes and transformation to alter their functions, processes, and operations. The bancassurance is not an exception. Under it, digitisation must be used to counter the changing needs of the customers. Due to worldwide pandemic and lockdowns, most of the people evolve themselves to use technology in day to day work. Therefore, it is a wide open window for banks and insurers to take that opportunity and form a digital model with the use of technological advancements and innovations. The present paper discuss about the digitisation in the field of bancassurance. The study is qualitative in nature and based on secondary source of data. Banks must constantly upgrade and develop new innovative customised packages and services in order to remain competitive. Bancassurance success is heavily reliant on banks maintaining excellent customer relationships with the help of technological advancement. The use of technological innovations and advancements is the core for digitisation which going to make digital bancassurance model a huge success.