{"id":629908,"date":"2022-12-12T14:06:01","date_gmt":"2022-12-12T14:06:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=629908"},"modified":"2022-12-12T14:06:01","modified_gmt":"2022-12-12T14:06:01","slug":"at-56-cagr-bancassurance-market-size-to-hit-us-1888-billion-globally-by-2028-report-by-imarcgroup","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/at-56-cagr-bancassurance-market-size-to-hit-us-1888-billion-globally-by-2028-report-by-imarcgroup_629908.html","title":{"rendered":"At 5.6% CAGR, Bancassurance Market Size to hit US$ 1,888 Billion, Globally by 2028 – Report by IMARCGroup"},"content":{"rendered":"
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Bancassurance Market Size to hit US$ 1,888 Billion, Globally by 2028 – Report by IMARCGroup<\/div>\n<\/div>\n<\/div>\n
The global bancassurance market is driven by the consolidation in the banking sector<\/div>\n

Bancassurance is a financial agreement between a bank and an insurance institution, wherein the bank earns additional revenue and interest by selling the insurance products and expanding the consumer base of insurance companies. It comprises various insurance plans and policies, including endowment, unit-linked insurance plans (ULIPs), marine, annuities, mortgage, health, and property. It depends on a mutual partnership that benefits the bank, insurance company, and the customers. It helps insurance companies in expanding their geographical presence and increasing their product portfolio. It assists in sales generation, retention of new and existing customers, profit maximization, and product and service customization. Bancassurance also improves the turnover without any capital outlay and provides a high return on equity. At present, it is gaining traction in the banking, financial services and insurance (BFSI) sector across the globe.<\/p>\n

How big is the bancassurance market?<\/strong><\/p>\n

The global bancassurance market size reached US$ 1,354 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,888 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.<\/p>\n

What are the major market drivers in the bancassurance market? <\/strong><\/p>\n

The increasing adoption of health and life insurance and retirement product plans, especially among the geriatric population, represent one of the key factors driving the demand for bancassurance around the world. Furthermore, key players are utilizing innovative technologies to enhance their information technology (IT) base and provide superior customer services to meet the evolving needs and demands of an increasingly sophisticated client base.<\/p>\n

Moreover, the rising collaboration between banks and insurance companies serves as a one-stop solution for numerous financial requirements and offers enhanced convenience to the customers, which is contributing to the market growth. In addition, several banks are introducing mobile applications that enables them to improve their digital sales. This, coupled with the rising penetration of the high-speed internet connection and the continual improvements in digital strategies of insurance companies, is favoring the market growth.<\/p>\n

Request and get a sample brochure for free: <\/strong>https:\/\/www.imarcgroup.com\/bancassurance-market\/requestsample<\/a><\/p>\n

Apart from this, there is an increase in the integration of application programming interfaces (APIs) and cloud computing in mobile bancassurance applications. Along with this, the growing adoption of advanced analytics for digital marketing<\/a><\/strong> and re-engineered insurer-bank collaboration model is influencing the market positively. Furthermore, governing agencies of numerous countries are undertaking measures to provide a regulatory framework for bancassurance activities. Besides this, the growing sales of vehicles on account of the increasing global population, rapid urbanization, and inflating income levels of individuals are catalyzing the demand for bancassurance solutions worldwide. Additionally, the rising number of small- and medium-sized enterprises (SMEs), the growing awareness about the benefits of commercial insurance policies among enterprises, and the increasing need to protect businesses against unexpected losses are other factors driving the demand for bancassurance solutions. <\/p>\n

Impact of COVID-19: <\/strong><\/p>\n

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.<\/p>\n

Ask Analyst for 10% free customized report: <\/strong>https:\/\/www.imarcgroup.com\/bancassurance-market<\/a><\/p>\n

Global Bancassurance Market Segmentation:<\/strong><\/p>\n


Breakup by Product Type:<\/strong><\/p>\n