The Japan bancassurance market reached a value of US$ XX Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Bancassurance refers to an agreement between an insurance company and a bank that allows them to collaborate in a partnership to sell insurance services and financial products via the banking institutions. This setup results in improved profitability, sales generation, and retention of existing and new customers through strategic alliances and joint ventures.
The market in Japan is primarily driven by significant growth in the banking, financial, services and insurance (BFSI) sector. Along with this, multiple key players in the country are also engaging in strategic partnerships to expand their presence in the market. Moreover, banks are launching new customer-centric products and strengthening their bancassurance businesses using advanced financial services and product development expertise. This is expected to positively influence the market growth. Also, market players are engaging in partnership to boost their bancassurance sales, which, in turn, is further providing an impetus to the market growth. Some of the other factors contributing to the market growth include continual technological advancements across the banking sector, such as the increasing adoption of application programming interfaces (APIs) and cloud computing.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Japan bancassurance market, along with forecasts at the country and regional level from 2021-2026. Our report has categorized the market based on product type and model type.
Breakup by Product Type:
- Life Bancassurance
- Non-Life Bancassurance
Breakup by Model Type:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Breakup by Region:
- Kanto Region
- Kinki Region
- Central/ Chubu Region
- Kyushu-Okinawa Region
- Tohoku Region
- Chugoku Region
- Hokkaido Region
- Shikoku Region
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Product Type, Model Type, Region
||Kanto Region, Kinki Region, Central/ Chubu Region, Kyushu-Okinawa Region, Tohoku Region, Chugoku Region, Hokkaido Region, Shikoku Region
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Key Questions Answered in This Report:
- How has the Japan bancassurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Japan bancassurance market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the model type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Japan bancassurance market and who are the key players?
- What is the degree of competition in the industry?