What's the difference between buying insurance sold by banks and insurance sold by insurance companies?

Bank insurance is to sell insurance through bank counters or wealth management centers, and to sell insurance through various bank card business or bank consumer credit business. The main business entity of bank insurance products is still insurance companies, not banks. As an agency, banks are only responsible for sales, and after-sales and claim settlement services are provided by insurance companies.

The differences between the two are as follows:

1. The biggest difference between bank products and insurance companies is that bank insurance products mainly absorb deposits, supplemented by guarantees. The goal of insurance companies is to guarantee first, and then have the function of saving.

2. The insurance sold by banks is generally life insurance that only protects life and death, and it is also biased towards investment, and the payment is biased towards wholesale payment (one-time payment). Insurance company's insurance is guaranteed and investment-oriented, and the payment is more flexible.

3. The insurance sold by banks is a kind of savings dividend insurance, which is relatively simple in design and easy for consumers to understand. The products commonly used by insurance companies, such as health insurance and long-term life insurance, need to be carefully studied, and it is difficult to see them on the bank counter.

4. Insurance products sold by bancassurance channel are essentially the same as ordinary insurance products, but the functional design of products will be somewhat different due to different customer groups. Although they are all insurance, the insurance products of the bancassurance channel can only be sold through banks, and the agents of insurance companies are not allowed to sell them.

Tips: The above information is for reference only.

Reply time: 202 1-07-06. Please refer to the latest business changes announced by Ping An Bank in official website.

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