Bancassurance Market: Overview
The bancassurance market is expected to witness substantial growth owing to the increasing economic growth in several countries across the globe. The implementation of the bancassurance concept for upselling insurance plans by various banks across the world may create immense growth opportunities for the bancassurance market during the forecast period of 2021-2031.
Bancassurance is a financial agreement between insurance companies and banks to add value to the revenue generation aspect through the sale of insurance policies. This arrangement helps in increasing the turnover of the bank and offers high returns on equity. The insurance companies are gaining huge profits and have increased their sales due to the expansion of their customer base worldwide.
The bancassurance market can be segmented into life bancassurance and non-life bancassurance based on the product type. By model type, the market can be classified into the joint venture, exclusive partnership, financial holding, and pure distributorship. The life bancassurance segment may show promising growth owing to the rising awareness regarding insurance policies across the world. Furthermore, the pure distribution segment may show excellent growth on account of the sales opportunities provided to the banks and insurance firms.
The research team at TMR Research analyses the market scenario and prepares an all-important report on the growth trajectory of the bancassurance market. The various aspects such as current trends, latest developments, competitive landscape, segmentation, and regional dynamics are studied thoroughly. A clear understanding of the market operations and revenue generation is possible due to the deep insights into the market. The stakeholders can make proper decisions regarding investments and plan strategies accordingly. The impact of the COVID-19 pandemic on market growth will also be included in this report.
Bancassurance Market: Key Drivers and Opportunities
The rising demand for life insurance policies and retirement plans by the geriatric population across the globe has created new growth avenues for the bancassurance market. The rising economy of developing countries has proved to be a revenue generator for the growth of the bancassurance market. The penetration of the internet and technological innovations have been important in influencing consumer behavior and understanding of the importance of insurance policies. All these aspects may bring substantial growth to the bancassurance market during the forecast period.
Bancassurance Market: Competitive Analysis
The leading market players operating in the bancassurance market are working hard on the development of new exciting plans and offers which may prove to be beneficial to all the age groups. The special plans developed for the senior population with retirement benefits are lucrative and may bring immense growth to the bancassurance market.
The promotional activities and advertisement campaigns are creating awareness about various insurance plans available in the market. Furthermore, the new offerings by various insurance companies and banks may act as a growth booster for the bancassurance market. Strategic collaborations with various organizations may generate good revenue for the market.
The key players functional in the bancassurance market are Credit Agricole Group, Citigroup Inc, Intesa Sanpaolo S.p.A, HSBC Holdings Plc., Banco Santander, S.A, BNP Paribas S.A, and The American Express Company.
Bancassurance Market: Regional Dynamics
The global market can be segmented into Europe, North America, Latin America, and the Middle East and Africa based on the regions. Asia Pacific is anticipated to be at the forefront on account of favorable norms related to financial planning and insurance. Furthermore, the increase in disposable income of individuals in developing countries such as Japan, China, and India has led to increase in investments in the insurance policies in this region. All these acts act as growth propellers for the bancassurance market. North America may follow Asia Pacific in the growth trajectory owing to the rising awareness regarding benefits provided by insurance policies and the advantages of covers provided by the companies.
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