IMARC Group’s 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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Global Bancassurance 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. 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.
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Global Bancassurance Market Summary:
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