Global Bancassurance Market
Bancassurance Market valued at US$ 1343.55 Billion in 2022 is expected to reach a value of US$2125.31 Billion by 2030, exhibiting a CAGR of 5.9%.
Bancassurance is a partnership between a bank and an insurance company in which the bank earns additional revenue by selling the insurance company’s products.
It also assists banks in expanding their financial product portfolios, resulting in increased turnover with little or no capital outlay and a good return on equity.
Bancassurance benefits insurance companies by increasing their market reach and expanding their customer base, as banks have become the primary distribution channels for insurance products.
This arrangement is gaining popularity around the world since it can be advantageous for both companies. The bancassurance is divided into two types of business models: integrated and non-integrated. The integrated bank model is solely bank-centric.
This is how the model works.
The continued introduction of mobile-based services by various banks around the world, which allows them to improve their digital sales, is encouraging for the market’s growth. Other factors predicted to drive market expansion over the forecast period include an expanding middle-class population, evolving customer shopping patterns, and the rollout of high-speed internet networks.
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Global Bancassurance Market: Segmentations
Key Players
Based On Type:
Geographical Analysis
The global Bancassurance market is segmented into 4 major countries North America, Europe, Asia-pacific, LAMEA. Where in Asia-pacific is said to witness a significant growth, and become the leading revenue share holder of the market.
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Key Trends Of Global Bancassurance Market:
Increasing Economic Growth:
Increasing economic growth in developing economies is further contributing to the growth of the market. For instance, the MetLife India Insurance Company in India entered into a strategic partnership with Punjab National Bank in 2011. MetLife got access to over 78 million bank customers in India, whereas Punjab National Bank acquired 30% stakes in the company. As the aging population has a greater need for health and life insurance as well as retirement product plans, this global demographic shift will positively impact the bancassurance industry.
Bancassurance is becoming an important factor for the overall growth of financial services due to consolidation in the sector. With rising internet penetration and technological advancements influencing consumer behaviour and their purchasing patterns, the market is expected to witness a continuous rise in its valuation.
Widespread Consolidation In The Banking Sector:
The global market is majorly driven by widespread consolidation in the banking sector. This is supported by the rising proportion of incremental deposits being raised by private banks, which has resulted in banking institutes in providing plans and credible solutions with better service to their customers. Additionally, a considerable rise in the aging population that increasingly needs life and health insurance and lucrative retirement plans is expected to create a positive outlook for the market.
Since this partnership between banks and insurance firms serves as a one-stop-shop solution for numerous financial requirements and offers enhanced convenience to the customers, this is anticipated to gain prominence among the masses, particularly among the elderly customers.
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