Global Bancassurance Market Analysis By Top Key Players ABN AMRO, ANZ, Banco Bradesco, American Express, Banco Santander, BNP Paribas And More

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    Global Bancassurance Market to Reach US
1,571 Billion by 2023

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Report Description and Highlights
Report Description
  Global Bancassurance Market to Reach US 1,571
Billion by 2023 The global bancassurance market
is envisaged to witness a healthy growth in the
near future due to various favourable factors
such as benefits for both insurance companies and
banks, increasing awareness about bancassurance,
ageing population, rising private banking sector
and thriving developing economies. IMARC
Groups latest report, titled Bancassurance
Market Global Industry Trends, Share, Size,
Growth, Opportunity and Forecast 2018-2023,
estimates that the global bancassurance
market reached a value of more than US 1,100
Billion in 2017, registering a CAGR of 6.4
during 2010-2017. 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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Report Description and Highlights
Report Description
Global Bancassurance Market Drivers Selling
insurance through banks is a cost-effective
affair than approaching customers through an
agent. Agents 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. Due to the aforementioned forces, the
market value is anticipated to reach US 1,571
Billion by 2023, exhibiting a CAGR of more than
6 during 2018-2023. Read more here
http//bit.ly/2JfMMvu
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Report Description and Highlights
Report Description

• Global Bancassurance Market Summary
• The market has been bifurcated on the basis of
  product type into life and non-life
  bancassurance. At present, life bancassurance
  accounts for more than three-fourth of the total
  market share. This can be attributed to rising
  awareness about bancassurance among the
  consumers.
• On the basis of type of bancassurance models, the
  market has been categorised into exclusive
  partnership, financial holding, pure distributor,
  joint venture and others. Currently, pure
  distributor represents the most popular model
  type of bancassurance as it offers added sales
  opportunities with minimum investment to both
  banks and insurance companies.
• Region-wise, Europe is the largest market for
  bancassurance, holding a dominant share of the
  global market. This can be ascribed to favourable
  tax structure and initiatives undertaken by
  various governments in the region. Other major
  regions include Asia Pacific, Latin America,
  North America, and the Middle East and Africa.
• The competitive landscape of the market has also
  been analysed in the report with some of the
  major players being ABN AMRO, ANZ, Banco
  Bradesco, American Express, Banco Santander, BNP
  Paribas, ING Group, Wells Fargo, Barclays, Intesa
  Sanpaolo, Lloyds Bank Group, Citigroup, Crédit
  Agricole, HSBC, NongHyup Financial Group, Société
  Générale and Nordea Group.
•  Want more information about this market? Request
  a free report sample
• https//www.imarcgroup.com/request?typereportid
  982flagB

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