SBI to go for One Bank, One Insurer model

I dont agree to those who dont believe in financial planning.

I never admire to bias selling,

Companies representatives always sell the products of their compaines .because they are to achieve their target.

If banks are working with varity of products , I dont see any thing wrong with this things because I think they can serve their customer better via this

This is what the sub brokers for the insurance companies are already doing. What difference the State bank is going to make. You will say State bank will take only those insurance cos who are good financially. My answer to this is all these things are sub brokers are already doing. If the customer is not informed and does not ask the advisor about the credibility of the companies than it means the customer is illinformed. Evem if all the products of different companies are under one roof only those products of only those companies will get promoted which are easy to sell. Nobody will take the pains to sell those products which are slightly complicated to understand and sell.

hi ! wont it be better if it is a 'financial shoppe' providing the all possible avenues in matters relating to finance akin to a shopping mall wherein one can have all that, mostly, a house needs?

It's all about business and making money in the business.Spreading your eggs across different baskets and offering more diverse products (rather than relying on 1 product PROVIDER).

To summarize whatever fetches good business should prevail and chances of coming closer to todays mantra "faster;better& cheaper"is possiblr through non reliance on one.

World over the Successful Bancassurance Models are one bank one Insurer models , however a Bank can successfully sell products of more than one Insurer if the total number is restricted to not more than 3 to 4 Life Insurers.

I support Nirnajan Meena's argument. There are two clear cut benefits: 1. Competition 2. Choice for the customer. These market forces will force the banks/insurers to take care of the servicing aspects.

SBI Life will naturally oppose, it is out of the insecurity feeling.

THEY SHOULD ACT AS DISTRIBUTORS AND NOT SOLE AGENT.WHEN SOLE AGENCY COMES MISS SELLING BECOMES HIGH AND VERY HARDLY PUSHED.DISTRIBUTION REDUCES THAT RISK, LEAVES LOT OF OPTION AND FINALY THE INVESTOR CAN MAKE HIS OWN CHOICE.WHERE S WITH SOLE AGENCY SUCH OPTIONS ARE ZERO AND ARISES HIGH RISK.

Now the time is like that we want all things at one roof so its good if we get all insurance products at 1 bank so that the person can get the knowledge of all the products which are available in the market and can chouse the best product out of the list which he have to chouse.

One bank,Multiple insurer option is crucial especially when its the case for Micro insurance where the Poor and people BPL are its beneficiaries . These population donot afford to pay higher premium to cover their risks which are much higher than the risks encountered by a VIP who could be anyone like a film actor, politician, a model etc and who can afford to pay huge premium. Since many development organisations like NGOs and MFIs[Microfinance institutions] are coming forward to extend this services to the poor if they have multiple insurance players from a single bank this will surely serve their purpose of providing quality product without consuming much time in selecting the players since consuming time will reflect in not able to manage the poor people's risks in right time. 

I fully agree that banks should be allowed to sell products of different insurance companies but only well trained staff shold be there to guide the customers since thru my expeirence i have found thay the banks selling life insurance policies do not have the requisite product knowledge and are just selling insurance to meet the targets assigned to them in addition to their routine banking job.The banking staff is not equipped with expertise of selling insurance products and in some cases the customer buys life insurance products from its banker only under obligation which is not good business practice.Moreover, since life insurance policy is for long term relationship after sale servicing of the policies sold by banks needs to be regulated.