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Study: Bancassurance Model Helps Banks to Increase Their Financial Product Portfolio and Cross-Sell Insurance Products

Fast Market Research announces the availability of Technavio's new report "Global Bancassurance Market 2015-2019" on their comprehensive research portal


Boston, MA -- (SBWIRE) -- 08/14/2015 -- Bancassurance, or bank insurance model (BIM), refers to an arrangement wherein insurance products are sold through banking channels via tie-ups. This is the result of the amalgamation of a bank and an insurance company aiming to reach out to a wider customer base. The concept originated in Europe in the 1980s and has now become popular the world over. Consolidation in the financial services sector is resulting in bancassurance becoming vital to the growth of the overall financial services market.

Technavio's analysts forecast the global bancassurance market to grow at a CAGR of 6.16% over the period 2014-2019.

Get More Details on this Report and a Full Table of Contents at Global Bancassurance Market 2015-2019

Commenting on the report, an analyst from Technavio's team said: "Emerging markets such as China and India are exhibiting high growth potential for bancassurance. The regulatory authorities have recognized the potential of the bancassurance model in these countries and have relaxed their norms to encourage private insurance players to integrate with banks."

According to the report, the bancassurance model helps banks to increase their financial product portfolio and cross-sell insurance products. As insurance is an integral part of financial planning for an individual or enterprise, the addition of insurance products to the product portfolio creates income streams and enhances the banks' revenue.

Further, the report states that it is difficult for banks to position themselves to sell insurance products, especially in countries where the market penetration of banks is already low. Therefore, market positioning and branding to promote banks as a potential insurance distributor is crucial in bancassurance. However, it is expensive and requires huge effort.

The key players in the Global Bancassurance Market are Crédit Agricole, ING Groep, BNP Paribas Cardif, HSBC, Santander UK, Citigroup, Wells Fargo and American Express while other prominent vendors include ABN AMRO, ANZ, Banco Bradesco, Barclays, Crédit Mutuel, Intesa Sanpaolo, Lloyds Bank Group, NongHyup Financial Group, Nordea Group, and Société Générale

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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