increased need for insurance is driving the Bancassurance Market

Latest News:- Bancassurance Market: Life bancassurance is expected to lead the Product segment during 2024-2028

Technavio analyzes that the Bancassurance Market is expected to grow at a CAGR of 7.79% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 515.8 billion.There are various factors that contribute to the growth of the market. The Bancassurance market is experiencing significant growth due to the increasing recognition of the importance of insurance coverage. With the rising awareness of financial risks and the need for risk mitigation, more individuals and businesses are turning to banks for their insurance needs. Bancassurance allows for convenient and seamless integration of insurance products into banking services, making it an attractive option for customers seeking to manage their financial affairs in one place. This trend is expected to continue as the demand for comprehensive financial solutions increases.

In the developing financial services sector, bancassurance - the sale of insurance products through banks - is experiencing significant growth. This trend is driven by several factors, including the increasing internet penetration in emerging economies, technological innovations, and evolving consumer behavior and purchase habits. Bancassurance offers numerous advantages for insurance customers, such as protection for immediate family members, high-risk life cover, death benefits, improved cash value through permanent life insurance schemes, and tax benefits. As the high-net-worth population and middle class expand in emerging economies, the demand for life insurance products is expected to surge, making bancassurance an attractive investment opportunity for both banks and insurance companies. 

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Bancassurance Market Segmentation

• Product
  • Life bancassurance
  • Non-Life bancassurance
• Type
  • Pure distributor
  • Joint venture
  • Excusive partnership
  • Financial holding
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• ABN AMRO Group NV
• American Express Co.
• Australia and New Zealand Banking Group Ltd.
• AXA Group
• Banco Bradesco SA
• Banco Santander SA
• Barclays PLC
• BNP Paribas SA
• Citigroup Inc.
• CNA Financial Corp.
• Credit Agricole SA
• Credit Mutuel
• HSBC Holdings Plc
• ING Groep NV
• Intesa Sanpaolo Spa
• Lloyds Banking Group Plc
• Metlife Inc.
• Nordes Bank Abp
• Wells Fargo and Co.
• Yes Bank Ltd.

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Research Analysis Overview

Bancassurance refers to the sale of insurance products through banks and financial institutions. The retention of customers is crucial in this market, leading to an increase in footfall at branches. Cross-selling of life and non-life insurance, financial advisory services, mortgages, annuities, and other financial products is a key strategy. Awareness and legislation play a role in driving business in developing regions. Technological innovations, internet penetration, and consumers' behavior and purchase habits influence market trends. Bancassurance is an insurance undertaking that distinguishes it from non-Bancassurance. Profits are generated through the sale of insurance policies, return of equity, and valuation of financial portfolios. Pure distributor models, such as brokers, also exist in the market. Legislation and technological advancements continue to shape the future of Bancassurance.

Market Research Overview

The Bancassurance market encompasses the revenue generated by financial institutions offering insurance products, both life and non-life, to their customers. According to Technavio, this market is segmented into various models such as the pure distributor model, strategic alliance model, and joint venture model, with financial holding companies acting as the parent entities. The report focuses on the revenue generated by specialized providers of financial advisory, cross-selling, and insurance services, excluding those classified under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services. The key drivers of growth in the Bancassurance market include customer retention through increased footfall in branches and the provision of comprehensive financial advisory services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
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