Global Bancassurance Market 2015-2019
Bancassurance, or bank insurance model (BIM), refers to an arrangement wherein insurance products are sold through banking channels via tie-ups. This is the result of the amalgamation of a bank and an insurance company aiming to reach out to a wider customer base. The concept originated in Europe in the 1980s and has now become popular the world over. Consolidation in the financial services sector is resulting in bancassurance becoming vital to the growth of the overall financial services market.
Technavio's analysts forecast the global bancassurance market to grow at a CAGR of 6.16% over the period 2014-2019.
Covered in this report
In this report, Technavio covers the present scenario and growth prospects of the global bancassurance market for the period 2015–2019. To determine the market size, we use the total value of premiums collected by banks for the insurance policies sold to their customers. The market can be segmented into two: life bancassurance and non-life bancassurance.
Technavio's report, Global Bancassurance Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers APAC, Europe, Latin America, MEA, and North America; it also covers the landscape of the global bancassurance market and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.Key regions
Technavio Announces the Publication of its Research Report – Global Bancassurance Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Bancassurance Market: Crédit Agricole, ING Groep, BNP Paribas Cardif, HSBC, Santander UK, Citigroup, Wells Fargo and American Express
Other Prominent Vendors in the market are: ABN AMRO, ANZ, Banco Bradesco, Barclays, Crédit Mutuel, Intesa Sanpaolo, Lloyds Bank Group, NongHyup Financial Group, Nordea Group, and Société Générale
Commenting on the report, an analyst from Technavio’s team said: “Emerging markets such as China and India are exhibiting high growth potential for bancassurance. The regulatory authorities have recognized the potential of the bancassurance model in these countries and have relaxed their norms to encourage private insurance players to integrate with banks.”
According to the report, the bancassurance model helps banks to increase their financial product portfolio and cross-sell insurance products. As insurance is an integral part of financial planning for an individual or enterprise, the addition of insurance products to the product portfolio creates income streams and enhances the banks' revenue.
Further, the report states that it is difficult for banks to position themselves to sell insurance products, especially in countries where the market penetration of banks is already low. Therefore, market positioning and branding to promote banks as a potential insurance distributor is crucial in bancassurance. However, it is expensive and requires huge effort.
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