The ‘Global Bancassurance Market Share, Size, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the global bancassurance market, assessing the market on the basis of its segments like product, bancassurance models, and region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Bancassurance Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
• Forecast CAGR (2024-2032): 7.70%
Growing demand for insurance policies due to escalating health concerns is a key driver aiding the growth of the global bancassurance market as insurance plans aid in paying for hospitalisation, medical emergencies, and during illnesses. The diversified product range offered by banks to cater to the needs of a broader customer base which is another factor boosting the purchase of insurance policies through banking channels.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/bancassurance-market/requestsample
The trust and reliability offered by banks along with existence of pre-established relationships is another factor driving the growth of the global bancassurance market. Customers are more likely to buy insurance policies from banks with which they already have an existing working relationship as they believe that the bank will offer reliable insurance solutions. The intricate network of banks allows them to communicate with consumers who might not have insurance brokers and agents. Banks are also able to tap into the previously untapped rural customer base through their existing relationships with village officials and seniors, among others.
Increasing vehicle and home ownerships are also projected to drive the growth of the global bancassurance market. Accumulation of such assets is bolstering the requirement for insurance policies to safeguard them against natural and man-made disasters such as earthquakes, thefts, and accidents.
Bancassurance Industry Definition and Major Segments
Bancassurance refers to sales of insurance policies through banks where banks function as a distribution channel to sell insurance, allowing banks and insurance providers to gain profits while providing reliable insurance to customers. The basic aim of this relationship is to offer insurance products and benefits to the customers of the bank.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/bancassurance-market
On the basis of product, the market is bifurcated into:
• Life Bancassurance
• Non-Life Bancassurance
Based on bancassurance models, the market is segmented into:
• Pure Distributor
• Exclusive Partnership
• Financial Holding
• Joint Venture
On the basis of region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Bancassurance Market Trends
Continuous functional and structural advancements in private banking have resulted in strengthening of information technology base in the sector that allows for superior customer service output. Additionally, the establishment of private banks have increased, resulting in continuous revision of insurance policies to survive the rising competition. Strategic collaborations and mergers and acquisitions between the key players of the market are anticipated to propel the growth of the global bancassurance market in the upcoming years.
A crucial trend fuelling the growth of the market for bancassurance includes digital transformation of the insurance buying process. The adoption of digital platforms and technologies enables customers to compare, manage, and purchase insurance policies online, enhancing their convenience and improving the availability of the policies. Online portals and mobile banking apps simplify the process of policy selection as well as aid in management of deductions and timely payments.
Increasing availability of tailored and personalised insurance plans is another key trend positively impacting the growth of the market for bancassurance. Banks offer customers insurance products aligning with customer requirements and preferences, and the availability of customised financial products is also attracting various customers. Market liberalisation and regulatory changes in various countries around the globe is further bolstering the growth of the market for bancassurance, as various governments are easing restrictions, allowing banks to offer insurance products to their customers.
Key Market Players
The major players in the global bancassurance market report are:
- Zurich Insurance Company Ltd
- ABN AMRO Bank N.V.
- The ING Group
- Barclays
- Wells Fargo
- Lloyds Bank plc
- Crédit Agricole Group
- HSBC Bank
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
Related Reports:
Engineering Services Outsourcing Market: https://www.expertmarketresearch.com/reports/engineering-services-outsourcing-market
Fly Ash Market: https://www.expertmarketresearch.com/reports/fly-ash-market
Wellness Tourism Market: https://www.expertmarketresearch.com/reports/wellness-tourism-market
Brushless DC Motor Market: https://www.expertmarketresearch.com/reports/brushless-dc-motor-market
Anatomic Pathology Market: https://www.expertmarketresearch.com/reports/anatomic-pathology-market
About Us:
Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.
EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.
Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective, and intelligent business strategies and ensure their leadership in the market.
Media Contact:
Company Name: Claight Corporation
Contact Person: John Walker, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com
