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According to the latest report by IMARC Group, titled “Bancassurance Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global bancassurance market size is expected to reach US$ 1802.3 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027.

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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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.

Explore full report with table of contents: http://bit.ly/2AEvGo5

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

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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