Latest News- Bancassurance Market: Life bancassurance is expected to lead the Product segment during 2025-2029

The Bancassurance Market is being driven by Increased need for insurance

The Bancassurance Market is expected to grow at a CAGR of 8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 568.7 billion. Digital marketing platforms, including social media, play a pivotal role in expanding brand reach and facilitating effective communication with consumers in the bancassurance market. With over 60% of the global population having Internet access in 2023, as reported by The World Bank Group, and this number projected to grow, insurance firms are increasingly leveraging social media to promote their diverse product offerings. This digital shift not only broadens market presence but also contributes significantly to the revenue growth of key market players. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Life bancassurance
  • Non-life bancassurance
• Type
  • Pure distributor
  • Joint venture
  • Excusive partnership
  • Financial holding
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Spain
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased need for insurance
• Growth in number of HNWIs in developing regions
• Increasing government regulations on mandatory insurance coverage in developing countries

However, the market also witnesses some limitations, which are as follows:

• Risk to reputation
• Lack of analyzing customer data
• Rigorous regulatory environment for insurance players

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Market Scope in Bancassurance Market Research Report

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Research Analysis Overview

In the Bancassurance market, retaining customers is crucial for foot traffic in branches. Cross-selling financial products, including life and non-life insurance, mortgages, annuities, and financial advisory services, is a key strategy. Awareness and legislation drive the demand for bancassurance in developing regions. Technological innovations and internet penetration influence consumers' behavior and purchase habits. Bancassurance is a profitable model for financial services, with insurance undertakings offering a return of equity through profits from insurance policies. Valuation of bancassurance businesses involves assessing the value of non-bancassurance and pure distributed channels, as well as brokers and ancillary services like mortgages and annuities.

Market Research Overview

The Bancassurance market encompasses the revenue generated by financial institutions offering insurance products, including life and non-life insurance, through their branches and digital channels. According to Technavio, the global Bancassurance market size is determined by the revenues of various players in the sector, such as those employing a pure distributor model, strategic alliance model, or joint venture model with financial holding companies. Key growth drivers include customer retention through cross-selling financial advisory services, increasing footfall in branches, and market awareness initiatives. The report excludes revenues from insurance providers classified under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/