The global Bancassurance Market is presently valued at US$ 1343.55 Billion and is expected to reach a value of US$2125.31 Billion by 2030, exhibiting a CAGR of 5.9% over the forecast duration.
Bancassurance refers to an arrangement signed between a bank and an insurance firm which allows the latter to sell its schemes to the bank’s customer base. In order words, both the entities work together to offer insurance benefits to their clients. In this form of agreement, the tellers and bank staffs turn into the point of sale and point of contact for the clients. This partnership arrangement enhances the profitability of both the organizations.
Key growth determinants and challenges of this marketplace
The primary factors augmenting the outlook of this business sphere are rapid increase in the number of brokers and agents and technological advancements in the financial sector. Alongside, widespread economic developments across major regions and growing cognizance regarding the benefits of insurance policies are positively swaying the market dynamics.
Furthermore, rising integration of digital marketing techniques in the BFSI sector, surging internet penetration coupled with the increase in geriatric population which is accelerating the need for favorable retirement and health insurance plans are creating lucrative expansion opportunities for the industry.
Also, increase in disposable income of the masses and rise in the number of private banks are adding momentum to the overall market progression. Besides, surging focus of venture capital firms on adopting innovative technologies to help banks in enhancing their overall operations is aiding the industry expansion.
However, rise in fraudulent activities pertaining to insurance schemes is hindering the remuneration scope of the market place.
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:
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Global Bancassurance market- Segmental assessment
Key Players
- ABN AMRO Bank N.V.
- American Express Company
- Banco Bradesco SA
- Banco Santander, S.A.
- Barclays plc
- BNP Paribas
- Citigroup, Inc.
- Crédit Agricole
- HSBC Group
- ING Group
- Intesa Sanpaolo Group
- Lloyds Banking Group
- Mitsubishi UFJ Financial Group Inc.
- Mizuho Financial Group, Inc.
- NongHyup Financial Group
- Nordea Bank
- Royal Bank of Canada
- Societe Generale
- Wells Fargo
Based on product type
- Life bancassurance
- Non-life bancassurance
The life bancassurance segment is poised to amass notable gains owing to the rising prevalence of long term ailments like cancer.
By holding type
- exclusive partnership
- financial holding
- joint venture
- pure distributer
The joint venture segment is slated to garner significant returns over 2022-2030 attributing to the rising instances of strategic partnership deals between banks and insurance firms.
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Expounding the geographical landscape and competitive hierarchy of the market
North America, Middle East & Africa, Asia Pacific, Europe, and Latin America are the major regions influencing the geographical trends of this business sphere. Among these, Asia Pacific is projected to capture a substantial revenue share over 2022-2030. This is credited to the rise in geriatric population, increase in disposable income levels, and surge in the number of private banks.
The prominent players defining the competitive terrain of global bancassurance market are Wells Fargo, ABN AMRO Bank N.V., Banco Bradesco S.A., ING Group, American Express Company, Credit Agricole, Banco Santander S.A., Citigroup, Inc., BNP Paribas, Lloyds Banking Group, Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group, Inc., NongHyup Financial Group, Nordea Bank, Royal Bank of Canada, Societe Generale, Agricultural Bank of China, Ltd., HSBC Group, and Intesa Sanpaolo Group.
Notably, in May 2021, Amount, Inc., announced to have secured a fund of USD 99 million in a Series D funding round led by Westcap Group, LLC.
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