Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Riaz Maniyar, Founder & CEO at easy2lend.com
- Mr. Aneesh Khanna, Former Executive Vice President, NSDL Payment Bank Ltd
- Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
Have you heard about TPP? What is it? TPP refers to Third Party Products like Insurance and Mutual funds not created from the bank and sold to customers which are where retail banks make lots of money. Banks have tie-ups with insurance companies that is Bancassurance wherein insurance products are being offered to the bank’s customers by the banks. The insurance companies provide required training to the bank staff relating to marketing product information.
One of the FIAKS community members viewpoint on How there’s disruption in TPP business-
Banks fee-based income from TPP is drastically going to reduce as Insurance like Companies dependency on the Bank as a partner is NOT required. Insurance companies earlier felt it was a must to tie up with strong banking partner to do businesses. But now, digitalization can get the scale and business which took decades earlier. This is the biggest disruption. For instance, a company called Go Digit. It’s a B2B digital-only insurance company – promoted by Fairfax. They are the newest entrant to digital insurance – DIGIT Insurance. They claim themselves to be the fastest-growing insurance company in the world. In this case, Lombard (Fairfax group company) had partnered with ICICI earlier. They have achieved a premium collection in their 1st year what might have taken 10 years even with a banking partner.
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