Banks best suited to sell insurance products:IRDA
Hyderabad, Apr 6 (UNI) Banks are well suited to sell insurance products to customers, Insurance Regulatory and Development Authority Chairman C S Rao today said.
Distributing certificates to students of pilot training programme ''Bancasurance'' of the Institute of Insurance and Risk Management (IIRM) here, he pointed out that bankers could step up non-interest income through sale of insurance products.
Besides, there is no chance for the banks to incur NPAs associated with loan products.
He stressed the need for banks to upgrade the skills of its employees to efficiently cater to the insurance requirments of customers.
Reminding the bankers that they were selling a ''promise and not merely a product,'' Mr Rao said it was their duty to explain the pros and cons of a particular insurance product to a customer.
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