According to IMARC Group latest published report, titled “Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, Offers a comprehensive analysis of the industry, which comprises insights on bancassurance market report. The market size reached US$ 1,354 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,888 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.
What is Bancassurance
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. With bancassurance, these institutions offer a wide range of banking as well as investment products and services to the consumers, such as health insurance along with mortgage, life insurance, and annuities. These products tend to complement the existing bank products which further leads to additional selling opportunities for both the insurance company and bank.
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Bancassurance Market Trends 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.
List of Major Key Players:
The major players in the market are 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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