Banking + Insurance = Bank assurance
Emergence of private players has certainly brought about a paradigm shift in the Indian banking industry. Certainly, the move of introducing FDI (Foreign Direct Investment) in the Indian banking industry paid off and all of a sudden 'privatization' looked like infusing life in every procrastinated sector of the economy.
With the inception of the 'privatization' concept in the Indian economy, banking, which once was the most sluggish sector in India suddenly became the most advanced and the most smoothly run sector of all. The credit of this tremendous face lift went to private players who wanted to gain a strong foothold in the potentially-rich Indian banking industry. Emergence of private players in the industry provided the banking industry the much-needed cutting edge which was required by it to carve a space for itself in the economy and also in the hearts of customer base. Soon, a parallel banking industry got erected under the private banners. The progressive round of events suddenly seem to got to public-sector banking which in turn were forced to change their work-methodology, thus beneficing the customers in return.
ICICI Lombard, ABN AMRO, HDFC Bank and all others are example of the mutiny that threw the entire Indian banking industry in turmoil and eventually proved as a 'blessing in disguise' for the industry and also for the customer base from all walks of life.
The mutiny not only broke the ages-old banking shackles but also gave a crashing jolt to dull banking dogmas & practices thus giving space for a new structural formation. However, with changing times, needs and business strategies of the banking organization both private as well as public have undergone a radical makeover. Banks simply have converted into a multi-dimensional organization that provides every kind of assistance right from loans to deposit solutions, credit card services and performs advisory function for their clientèle. Modern-day business strategies coupled with cut-throat competition have been pushing banking organizations to foray into more and more business domains. Incidentally, insurance business is one of them.
Today almost every bank in Indian dominion offers insurance solution or has tied up with a certain organization to provide the same to the customers. The move has paid rich dividends as it has effected enormous expansion in their respective customer base. Today, these same banking bodies all sort of insurance solution and not alone life only. Heath insurance, travel insurance, general insurance, two-wheeler insurance and many others. ICICI Lombard health insurance is rated as one of the best health insurance solutions provider while Axis Bank is famous for its travel and auto insurance products. Other than these players there are many others who are being hailed for their excellent insurance services.
Today entrance of private players and daring initiatives of government backed banking organizations has revamped the entire banking industry and has fused insurance into banking domain in an amicable manner which in turn has only benefited the customers. Privatization has definitely made banking players understand the importance of planning and they certainly seem to have been working in that direction now. Today, banking sector in India is the most organized and efficient sector of all and the credit goes to the futuristic policy seeded by visionary leaders who recognized the importance of FDI in early times.
Today eminent corporate players like ICICI Lombard (thanks to their health insurance) and others have managed to carve a niche in the industry only because of the broad-minded policy framers who wished India to be seen as a 'developed country' and not as a 'developing nation'.
With the inception of the 'privatization' concept in the Indian economy, banking, which once was the most sluggish sector in India suddenly became the most advanced and the most smoothly run sector of all. The credit of this tremendous face lift went to private players who wanted to gain a strong foothold in the potentially-rich Indian banking industry. Emergence of private players in the industry provided the banking industry the much-needed cutting edge which was required by it to carve a space for itself in the economy and also in the hearts of customer base. Soon, a parallel banking industry got erected under the private banners. The progressive round of events suddenly seem to got to public-sector banking which in turn were forced to change their work-methodology, thus beneficing the customers in return.
ICICI Lombard, ABN AMRO, HDFC Bank and all others are example of the mutiny that threw the entire Indian banking industry in turmoil and eventually proved as a 'blessing in disguise' for the industry and also for the customer base from all walks of life.
The mutiny not only broke the ages-old banking shackles but also gave a crashing jolt to dull banking dogmas & practices thus giving space for a new structural formation. However, with changing times, needs and business strategies of the banking organization both private as well as public have undergone a radical makeover. Banks simply have converted into a multi-dimensional organization that provides every kind of assistance right from loans to deposit solutions, credit card services and performs advisory function for their clientèle. Modern-day business strategies coupled with cut-throat competition have been pushing banking organizations to foray into more and more business domains. Incidentally, insurance business is one of them.
Today almost every bank in Indian dominion offers insurance solution or has tied up with a certain organization to provide the same to the customers. The move has paid rich dividends as it has effected enormous expansion in their respective customer base. Today, these same banking bodies all sort of insurance solution and not alone life only. Heath insurance, travel insurance, general insurance, two-wheeler insurance and many others. ICICI Lombard health insurance is rated as one of the best health insurance solutions provider while Axis Bank is famous for its travel and auto insurance products. Other than these players there are many others who are being hailed for their excellent insurance services.
Today entrance of private players and daring initiatives of government backed banking organizations has revamped the entire banking industry and has fused insurance into banking domain in an amicable manner which in turn has only benefited the customers. Privatization has definitely made banking players understand the importance of planning and they certainly seem to have been working in that direction now. Today, banking sector in India is the most organized and efficient sector of all and the credit goes to the futuristic policy seeded by visionary leaders who recognized the importance of FDI in early times.
Today eminent corporate players like ICICI Lombard (thanks to their health insurance) and others have managed to carve a niche in the industry only because of the broad-minded policy framers who wished India to be seen as a 'developed country' and not as a 'developing nation'.
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