According to the latest report by IMARC Group, titled “India Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the India bancassurance market size reached US$ 92.6 Billion in 2022. Bancassurance is a strategic alliance between banks and insurance companies in which insurance products and services are sold through bank channels. It comprises the distribution of insurance products by banks and leveraging their extensive customer base and established network of branches. It offers a convenient and time saving one-stop solution for the customers. It allows banks to diversify their product offerings and generate additional revenue streams by earning commissions or fees from insurance sales. It provides a cost-effective distribution channel and access to a wider customer base for insurance companies. As it allows both banks and insurance companies to create value for customers through integrated financial solutions, the demand for bancassurance is rising in India.
India Bancassurance Market Trends:
At present, the rising focus on financial inclusion and customer-centric strategies by both banks and insurance companies represents one of the key factors impelling the growth of the market in India. In line with this, the growing adoption of bancassurance due to the advent of online banking and mobile applications that allow customers to easily access and purchase insurance policies through digital platforms is offering a favorable market outlook in the country. Additionally, there is a rise in the demand for health, lives, and asset insurance among the masses in India. This, coupled with the increasing integration of artificial intelligence (AI) in bancassurance to enhance customer experience and streamline complex operations, is offering lucrative growth opportunities to industry investors. Apart from this, the rising utilization of bancassurance, as it eliminates the need to approach multiple insurance providers and saves time, is supporting the growth of the market. Moreover, the increasing demand for financial and insurance products among unbanked and underbanked individuals is bolstering the growth of the market in the country. Furthermore, the rising need for personalized insurance solutions among individuals is strengthening the growth of the market in India. Looking forward, the market value is projected to reach US$ 140.5 Billion by 2028, expanding at a CAGR of 7.1% during 2023-2028.
- Based on the product type, life bancassurance exhibits a clear dominance in the market, followed by non-life bancassurance.
- On the basis of the model type, the market has been divided into pure distributor, exclusive partnership, financial holding, and joint venture. At present, pure distributor dominates the market, holding the largest share.
- Region-wise, the market has been segmented into North India, West and Central India, East India, and South India. Amongst these, North India enjoys the leading position in the market.
- The competitive landscape of the market has also been examined.
|Base Year of the Analysis
||Product Type, Model Type, Region
||North India, West and Central India, South India, East India
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