According to the latest report by IMARC Group, titled “Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global bancassurance market size reached US$ 1.2 Billion in 2019. Bancassurance refers to the arrangement between a bank and an insurance company that allows selling of insurance products, such as health and life insurance, annuities and mortgage, via the bank. Through this partnership, the bank earns a profitable sum of income. The insurance company, on the other hand, gets the opportunity to expand its consumer base without investing in sales agents or incurring broker commissions. The use of banks as a distribution channel also aids in improving their financial product portfolio while offering a high return on equity.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Bancassurance Market Trends:
The global market is primarily driven by consolidation in the banking sector. This, along with the growing proportion of incremental deposits being raised by private banks, has led banking institutes to offer lucrative plans and credible solutions with better customer service. Furthermore, banks are continually evolving their digital strategies to provide mobile-based services that are increasing their digital sales at an accelerated pace. Significant growth in the geriatric population is also expected to provide a thrust to the market growth. This demographic shift has contributed to the increasing need for lucrative retirement plans, life and health insurance policies. The partnership between banks and insurance firms provides a one-stop-shop solution for various financial requirements that offer enhanced convenience to the users, particularly to elderly customers. Some of the other factors, such as the growing middle-class population and improving economy, along with increasing high-speed internet penetration in the daily lives, are also expected to contribute to the market growth. On account of the aforementioned factors, the market is projected to reach a value of US$ 1.8 Billion by 2025.
Market Summary:
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