Bancassurance refers to the partnership between a bank and an insurance company, wherein the insurance company is enabled to sell its products by using bank as a distribution channel. This collaboration helps the bank in earning a revenue, apart from the interest, also known as fee-based income. Whereas, the insurance company gets to expand its consumer-base without rising its broker commissions and sales force.
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Market Drivers:
Selling insurance through banks is a cost-effective affair than approaching customers through an agent. Agent's involvement increases labour cost for the insurance company, thereby decreasing its profit margins. As a result, banking sector has appeared to be a potential distribution channel for insurance products. Further, the adoption of advanced technologies by the private sector banks have resulted in superior customer services for an increasingly sophisticated client base. In addition to this, these banks are continuously revising their policies in order to sustain escalating market competition which is expected to boost the market performance in short and medium terms. Moreover, economic growth, expanding middle-class population and inflating income levels in the emerging economies, such as Asia Pacific and Latin America, have created immense growth prospect for the bancassurance market.
Some of the major players operating in the industry include ABN AMRO, ANZ, Banco Bradesco, American Express, Banco Santander, S.A. (SAN), BNP Paribas, ING Group, Wells Fargo, Barclays, Intesa Sanpaolo, Lloyds Bank Group, Citigroup, Credit Agricole, HSBC, NongHyup Financial Group, Societe Generale and Nordea Group.
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Global Bancassurance Market Segmentation:
Market Segmentation by Product:
1. Life Bancassurance
2. Non-Life Bancassurance
Market Segmentation by Bancassurance Models:
1. Pure Distributor
2. Exclusive Partnership
3. Financial Holding
4. Joint Venture
Market Segmentation by Region:
1. Asia Pacific
2. Europe
3. Latin America
4. North America
5. Middle East and Africa
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