Picture
SEARCH
What are you looking for?
Need help finding what you are looking for? Contact Us
Compare

PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1517406

Cover Image

PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1517406

Global Bancassurance Market Size Study, by Product (Life Bancassurance, Non-Life Bancassurance), by Type (Joint Venture, Pure Distributor, Strategic Alliance, Wholly-Owned Insurer/Bank), by End-User (Business, Personal) and Regional Forecasts 2022-2032

PUBLISHED:
PAGES: 200 Pages
DELIVERY TIME: 2-3 business days
SELECT AN OPTION
Unprintable PDF (Single User License)
USD 4950
Printable PDF (Enterprise License)
USD 6250

Add to Cart

Global Bancassurance Market is valued at approximately USD 1039.86 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 7.40% over the forecast period 2024-2032. Bancassurance, a synergistic convergence of banking and insurance services, facilitates a seamless customer experience by offering an array of financial products through a single provider. This amalgamation provides an efficient one-stop solution, fostering enhanced customer convenience, economies of scale, and cross-selling opportunities, thereby driving revenue growth for both banking and insurance institutions. Bancassurance has become an indispensable tool for financial service providers and insurers, extending their reach into both urban and rural markets. However, the integration of bancassurance necessitates addressing operational, performance, and legal risks to ensure effective commercialization and market acceptance. The declining branch networks, along with the competition from Fintechs are hampering the market growth during the estimated period. Moreover, private-sector investments are pivotal in instigating systemic transformations, thereby expanding the utility of bancassurance across diverse geographies.

The life bancassurance segment has seen significant consumer preference due to the broad range of policies offered, including endowment plans, term insurance plans, and unit-linked insurance plans (ULIPs). Life bancassurance provides comprehensive coverage, combining insurance and investment benefits, thus catering to a diverse clientele with varying financial objectives. Endowment plans offer a dual advantage of insurance coverage and savings, paying a lump sum upon maturity or on the policyholder's demise. Term insurance plans provide straightforward financial protection to beneficiaries in case of the policyholder's untimely death during the policy term. ULIPs stand out for their dual benefits of life insurance and investment, allowing policyholders to invest in various funds with potential higher returns and tax benefits.

Strategic alliances among insurers and banks are increasingly favored for providing bancassurance services. Joint ventures are notable for their comprehensive investment and risk-sharing approach, creating new entities that cater to the insurance needs of banking customers. Pure distributor models are optimal for banks focusing on core operations, offering insurance products without underwriting risks. Strategic alliances provide a collaborative framework without the extensive commitments of joint ventures, while wholly-owned models ensure seamless integration and control over product offerings and customer experiences.

Bancassurance solutions are gaining traction among business customers for their comprehensive risk management and financial services. Businesses benefit from commercial lending, cash management, and employee benefits plans, along with specialized advice on risk assessment and management. Personal customers, on the other hand, leverage bancassurance for everyday banking needs, supplemented by insurance products like life, health, auto, and homeowners' insurance.

The key regions considered for the global Bancassurance Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Bancassurance Market in terms of revenue. The market growth in the region is being attributed to factors including strategic partnerships enhancing competitive positioning and customer reach. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by strong bank-insurer collaborations. Also, the region has a stronghold for bancassurance, supported by robust financial advisory services and stringent regulatory oversight, ensuring a secure operational environment.

Major market players included in this report are:

  • HSBC Holdings PLC
  • Citigroup Inc.
  • BNP Paribas S.A.
  • Wells Fargo & Company
  • ING Bank N.V.
  • DBS Bank Ltd.
  • Barclays PLC
  • JPMorgan Chase & Co.
  • American Express Banking Corp.
  • Australia and New Zealand Banking Group Ltd.
  • Intesa Sanpaolo S.p.A
  • Lloyds Bank Group PLC
  • NatWest Group PLC
  • Banco Santander S.A.
  • Manulife Financial Corporation

The detailed segments and sub-segment of the market are explained below:

By Product:

  • Life Bancassurance
  • Non-Life Bancassurance

By Type:

  • Joint Venture
  • Pure Distributor
  • Strategic Alliance
  • Wholly-Owned Insurer/Bank

By End-User:

  • Business
  • Personal

By Region:

  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • ROE
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • RoAPAC
  • Latin America
  • Brazil
  • Mexico
  • Middle East & Africa
  • Saudi Arabia
  • South Africa
  • RoMEA

Years considered for the study are as follows:

  • Historical year - 2022
  • Base year - 2023
  • Forecast period - 2024 to 2032

Key Takeaways:

  • Market Estimates & Forecast for 10 years from 2022 to 2032.
  • Annualized revenues and regional level analysis for each market segment.
  • Detailed analysis of geographical landscape with Country level analysis of major regions.
  • Competitive landscape with information on major players in the market.
  • Analysis of key business strategies and recommendations on future market approach.
  • Analysis of competitive structure of the market.
  • Demand side and supply side analysis of the market.

Table of Contents

Chapter 1. Global Bancassurance Market Executive Summary

  • 1.1. Global Bancassurance Market Size & Forecast (2022- 2032)
  • 1.2. Regional Summary
  • 1.3. Segmental Summary
    • 1.3.1. By Product
    • 1.3.2. By Type
    • 1.3.3. By End-User
  • 1.4. Key Trends
  • 1.5. Recession Impact
  • 1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Bancassurance Market Definition and Research Assumptions

  • 2.1. Research Objective
  • 2.2. Market Definition
  • 2.3. Research Assumptions
    • 2.3.1. Inclusion & Exclusion
    • 2.3.2. Limitations
    • 2.3.3. Supply Side Analysis
      • 2.3.3.1. Availability
      • 2.3.3.2. Infrastructure
      • 2.3.3.3. Regulatory Environment
      • 2.3.3.4. Market Competition
      • 2.3.3.5. Economic Viability (Consumer's Perspective)
    • 2.3.4. Demand Side Analysis
      • 2.3.4.1. Regulatory frameworks
      • 2.3.4.2. Technological Advancements
      • 2.3.4.3. Environmental Considerations
      • 2.3.4.4. Consumer Awareness & Acceptance
  • 2.4. Estimation Methodology
  • 2.5. Years Considered for the Study
  • 2.6. Currency Conversion Rates

Chapter 3. Global Bancassurance Market Dynamics

  • 3.1. Market Drivers
    • 3.1.1. Rising Focus on Financial Security
    • 3.1.2. Growing Demand for Integrated Financial Services
    • 3.1.3. Expanding Customer Base
  • 3.2. Market Challenges
    • 3.2.1. Declining branch networks
    • 3.2.2. Competition from Fintechs
  • 3.3. Market Opportunities
    • 3.3.1. Increasing demand for protection products
    • 3.3.2. Technological innovation
    • 3.3.3. Expansion into emerging markets with untapped potential

Chapter 4. Global Bancassurance Market Industry Analysis

  • 4.1. Porter's 5 Force Model
    • 4.1.1. Bargaining Power of Suppliers
    • 4.1.2. Bargaining Power of Buyers
    • 4.1.3. Threat of New Entrants
    • 4.1.4. Threat of Substitutes
    • 4.1.5. Competitive Rivalry
    • 4.1.6. Futuristic Approach to Porter's 5 Force Model
    • 4.1.7. Porter's 5 Force Impact Analysis
  • 4.2. PESTEL Analysis
    • 4.2.1. Political
    • 4.2.2. Economical
    • 4.2.3. Social
    • 4.2.4. Technological
    • 4.2.5. Environmental
    • 4.2.6. Legal
  • 4.3. Top investment opportunity
  • 4.4. Top winning strategies
  • 4.5. Disruptive Trends
  • 4.6. Industry Expert Perspective
  • 4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Bancassurance Market Size & Forecasts by Product 2022-2032

  • 5.1. Segment Dashboard
  • 5.2. Global Bancassurance Market: Product Revenue Trend Analysis, 2022 & 2032 (USD Billion)
    • 5.2.1. Life Bancassurance
    • 5.2.2. Non-Life Bancassurance

Chapter 6. Global Bancassurance Market Size & Forecasts by Type 2022-2032

  • 6.1. Segment Dashboard
  • 6.2. Global Bancassurance Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
    • 6.2.1. Joint Venture
    • 6.2.2. Pure Distributor
    • 6.2.3. Strategic Alliance
    • 6.2.4. Wholly-Owned Insurer/Bank

Chapter 7. Global Bancassurance Market Size & Forecasts by End-User 2022-2032

  • 7.1. Segment Dashboard
  • 7.2. Global Bancassurance Market: End-User Revenue Trend Analysis, 2022 & 2032 (USD Billion)
    • 7.2.1. Business
    • 7.2.2. Personal

Chapter 8. Global Bancassurance Market Size & Forecasts by Region 2022-2032

  • 8.1. North America Bancassurance Market
    • 8.1.1. U.S. Bancassurance Market
      • 8.1.1.1. Product breakdown size & forecasts, 2022-2032
      • 8.1.1.2. Type breakdown size & forecasts, 2022-2032
      • 8.1.1.3. End-User breakdown size & forecasts, 2022-2032
    • 8.1.2. Canada Bancassurance Market
  • 8.2. Europe Bancassurance Market
    • 8.2.1. U.K. Bancassurance Market
    • 8.2.2. Germany Bancassurance Market
    • 8.2.3. France Bancassurance Market
    • 8.2.4. Spain Bancassurance Market
    • 8.2.5. Italy Bancassurance Market
    • 8.2.6. Rest of Europe Bancassurance Market
  • 8.3. Asia-Pacific Bancassurance Market
    • 8.3.1. China Bancassurance Market
    • 8.3.2. India Bancassurance Market
    • 8.3.3. Japan Bancassurance Market
    • 8.3.4. Australia Bancassurance Market
    • 8.3.5. South Korea Bancassurance Market
    • 8.3.6. Rest of Asia Pacific Bancassurance Market
  • 8.4. Latin America Bancassurance Market
    • 8.4.1. Brazil Bancassurance Market
    • 8.4.2. Mexico Bancassurance Market
    • 8.4.3. Rest of Latin America Bancassurance Market
  • 8.5. Middle East & Africa Bancassurance Market
    • 8.5.1. Saudi Arabia Bancassurance Market
    • 8.5.2. South Africa Bancassurance Market
    • 8.5.3. Rest of Middle East & Africa Bancassurance Market

Chapter 9. Competitive Intelligence

  • 9.1. Key Company SWOT Analysis
  • 9.2. Top Market Strategies
  • 9.3. Company Profiles
    • 9.3.1. HSBC Holdings PLC
      • 9.3.1.1. Key Information
      • 9.3.1.2. Overview
      • 9.3.1.3. Financial (Subject to Data Availability)
      • 9.3.1.4. Product Summary
      • 9.3.1.5. Market Strategies
    • 9.3.2. Citigroup Inc.
    • 9.3.3. BNP Paribas S.A.
    • 9.3.4. Wells Fargo & Company
    • 9.3.5. ING Bank N.V.
    • 9.3.6. DBS Bank Ltd.
    • 9.3.7. Barclays PLC
    • 9.3.8. JPMorgan Chase & Co.
    • 9.3.9. American Express Banking Corp.
    • 9.3.10. Australia and New Zealand Banking Group Ltd.
    • 9.3.11. Intesa Sanpaolo S.p.A
    • 9.3.12. Lloyds Bank Group PLC
    • 9.3.13. NatWest Group PLC
    • 9.3.14. Banco Santander S.A.
    • 9.3.15. Manulife Financial Corporation

Chapter 10. Research Process

  • 10.1. Research Process
    • 10.1.1. Data Mining
    • 10.1.2. Analysis
    • 10.1.3. Market Estimation
    • 10.1.4. Validation
    • 10.1.5. Publishing
  • 10.2. Research Attributes
Have a question?
Picture

Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

Picture

Christine Sirois

Manager - Americas

+1-860-674-8796

Questions? Please give us a call or visit the contact form.
Hi, how can we help?
Contact us!