Role of Industry 5.0 in Bancassurance

Abstract

The insurance companies cannot target every customer for selling insurance products as it is not possible for them to target customers at grand level, but banks can reach every customer even in rural or remote areas as well. Therefore, bancassurance as a mode of distribution is an approved and accepted method by all institutions nowadays along with Industry 5.0 concept which has relatively become new trend. Although various studies are available related to bancassurance, there is less discussion on bancassurance along with Industry 5.0. Because digital banking is quite a new concept and especially Industry 5.0 adopted by banks nowadays is an emerging concept therefore association of Industry 5.0 with bancassurance and their implications have been addressed in the present study. The present study will help to provide a comprehensive view of the role of Industry 5.0 in bancassurance and will be helpful to the bankers, government, policymakers, and researchers.