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The United States bancassurance market size reached US$ 41.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 57.6 Billion by 2027, exhibiting a growth rate (CAGR) of 5.47% during 2022-2027.
Bancassurance refers to the arrangement between a bank and an insurance company that enables the bank to sell insurance products and benefits to its customers. The insurance company uses banks as a medium to sell their products under distribution contracts, which enables the bank to earn additional profits and further its market reach. This setup aids in sales generation, profit maximization, retention of existing and new customers and customization of products and services. Some of the commonly available bancassurance services include endowment and unit-linked, health, marine and property insurances.
The market in the United States (US) is primarily driven by the widespread consolidation in the banking sector. In addition to this, there has been a significant rise in the geriatric population in the country that increasingly requires life and health insurance policies, along with lucrative retirement plans, which is anticipated to provide an impetus to the market growth. As this setup between banks and insurance firms serves as a convenient one-stop solution for multiple financial requirements, this is creating a positive outlook for the market. Furthermore, the rapid digitization of several bancassurance services in the US has provided a significant boost to the online sales. Some of the other factors contributing to the market growth include continual improvements in the digital strategies adopted by numerous key players.
IMARC Group provides an analysis of the key trends in each sub-segment of the United States bancassurance market report, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on product type and model type.
Breakup by Product Type:
Breakup by Model Type:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis||2021|
|Segment Coverage||Product Type, Model Type, Region|
|Region Covered||Northeast, Midwest, South, West|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Insurance Software Market by Type (Life Insurance, Accident and Health Insurance, Property and Casualty Insurance, and Others), Deployment Mode (Cloud-based, On-premises), End User (Brokers, Agencies, Insurance Companies), and Region 2023-2028
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