The ‘Global Bancassurance Market Analysis, Growth, Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global bancassurance market, assessing the market on the basis of its segments like product, bancassurance models, and region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Bancassurance Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6%
The demand for insurance policies is rising due to the increasing financial uncertainties of modern lifestyles, however, with multiple insurance options available, consumers often prefer bancassurance for greater reliability. A number of top banks and bancassurance firms are concentrating on updating their current policies and funding strategic partnership initiatives to gain access to cutting-edge tools and resources to withstand the escalating market competition. This is leading to a positive outlook for bancassurance market, supported by the strong expansion of the banking, financial services, and insurance (BFSI) sector.
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Bancassurance increases the profitability of both banks and insurance companies which is significantly influencing the expansion of the global market for bancassurance. Banks receive additional commissions from insurance companies on the sale of insurance policies, while insurance companies gain access to a bank’s customer base and can sell policies to that customer base without having to spend money on marketing their own products.
In developing nations, a significant customer base for the bancassurance market, is provided by the expanding number of bank customers. Increasing consumer demand for insurance-related goods and services as well as increased awareness of insurance coverage will likely offer lucrative prospects for the bancassurance market to expand.
Bancassurance Industry Definition and Major Segments
Bancassurance is defined as a mutually beneficial partnership between an insurance company and a bank, with the bank serving as a sales channel for products and services offered by the insurance company. Banks can increase their revenue by selling insurance products, and insurance companies can grow their clientele without expanding their sales teams.
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Based on product, the market is bifurcated into:
• Life Bancassurance
• Non-Life Bancassurance
On the basis of bancassurance models, the market is segmented into:
• Pure Distributor
• Exclusive Partnership
• Financial Holding
• Joint Venture
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Bancassurance Market Trends
The key trends propelling the global bancassurance market expansion are the rapid consolidation of the banking sector and active pursuit of banks towards digital strategies. It is also anticipated that offering of customisable plans and solutions by bancassurance is likely to be a key trend in the market, as customers can choose plans that suit their budgets and goals.
The growing geriatric population globally is a primary factor positively affecting the need for bancassurance solutions, due to their increased demand for retirement policy plans as well as health and life insurance policies. For older customers wishing to take advantage of convenient financial services, bancassurance is able to act as a one-stop shop.
The continuing use of mobile-based services by numerous banks throughout the world, which enables them to increase their digital sales, is encouraging the market expansion of bancassurance. The rising middle-class population, changing consumer buying habits, and the expansion of high-speed internet networks, are also increasing the demand for bancassurance.
Key Market Players
The major players in the global bancassurance market report are:
- Zurich Insurance Company Ltd
- ABN AMRO Bank N.V.
- The ING Group
- Barclays
- Wells Fargo
- Lloyds Bank plc
- Crédit Agricole Group
- HSBC Bank
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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