Global Bancassurance Market:
Global Bancassurance Market is valued at approximately USD 1103 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 6.42% over the forecast period 2018-2025. The Bancassurance Market is continuously growing on surging rate in global scenario over the upcoming years.
Bancassurance is an agreement between a bank and an insurance company which allow the insurance company to sell its products to the bank’s client. In this agreement, bank staff and tellers an employee of bank who involved in deal directly with the customers become the point of sale and point of contact for the customer. Bank earn additional revenue by selling the products of insurance companies and insurance companies expand their consumer base without increasing their sales strength or by paying commission to the agents and brokers.
Substantial driving factors of global Bancassurance market include enhancement in product portfolio of banks, higher economic growth and increasing middle class population. In addition, increase in mobile surfing and mounting penetration of internet are also anticipated to fuel the growth of market over the forecast years. Bancassurance offers various benefits to customers such as enhanced convenience, one stop shops for all financial needs, innovative and better products range and more credible solutions. It also offers enriched customer environment, revenue diversification, increase in volume and profit, improved brand equity and establish sales-oriented culture and so on.
These benefits are also aiding the growth of bancassurance across the world. The restraining factors of global Bancassurance market are risk associated with reputation of banks and stringent rules and regulation across some regions.
Key regions considered for the regional analysis of global bancassurance market includes Asia Pacific, Europe, North America, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share. Europe also contributes a satisfactory growth in the global Bancassurance market due to growing investment by European banks. North America is also anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025 due to improving product portfolios of banks and growing internet penetration in the region. The Latin America and Africa also witnessing significant growth in the upcoming years.
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The market players included in this report are:
- American Express
• BNP Paribas Cardiff
• Banco Santander
• Lloyds Bank Group
• Citigroup
• Credit Agricole
• ING
• Wells Fargo
• ABN AMRO
• Intesa Sanpaolo
• ANZ
• Banco Bradesco
• Barclays
• Credit Mutual
• HSBC
The objective of the study is to define market size of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market.
Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
1.Life Bancassurance
2. Non-Life Bancassurance
By Application:
1.Old
2. Adults
3.Children
By Regions:
1.North America
2. U.S.
3. Canada
4. Europe
5.UK
6.Germany
7.Asia Pacific
8.China
9.India
10.Japan
11.Latin America
12.Brazil
13.Mexico
14.Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Bancassurance Market in Market Study:
1.Key Consulting Companies & Advisors
2. Large, medium-sized, and small enterprises
3. Venture capitalists
4.Value-Added Resellers VARs
5. Third-party knowledge providers
6.Investment bankers
7.Investors
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