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 Position :  Home >>   Corporate Banking>> Financial Institutional Banking Services>> Bancassurance  
 

 

Bancassurance

Definition

Bancassurance is a fee-based business undertaken by BOCOM, which, having accepted the entrusted appointment of insurance companies, provides insurance services such as property and life insurance and takes a handling charge from the insurance companies.

Business scope

(1)      Agency sales of insurance products: including property, life and other insurances.

(2)      Agency premium collection, including entrusted receipt of premium income from individual insurance sales agents as well as entrusted receipt of the initial and subsequent premium installments from policy holders.

(3)      Agency payment of insurance claims, including entrusted payment of insurance compensation on behalf of the insurance companies as well as payment of principal and dividends.

(4)      Agency fund settlement on behalf of insurance companies: provision of fund settlement services through real-time exchange system and electronic exchange system.

(5)      Other services: Providing telephone banking, Bank-Insurance Link and “hypothecated loan-against-insurance policies” services.



 



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