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Bancassurance Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR41208
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The bancassurance market share is expected to increase by USD 354.08 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6%.

This bancassurance market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers bancassurance market segmentation by product (life bancassurance and non-life bancassurance) and geography (APAC, Europe, South America, North America, and MEA). The bancassurance market report also offers information on several market vendors, including American Express Co., Australia and New Zealand Banking Group Ltd., Banco Santander SA, Barclays Bank Plc, BNP Paribas Cardif, Citigroup Inc., Credit Agricole SA, HSBC Holdings Plc, ING Groep NV, and Wells Fargo and Co. among others.

What will the Bancassurance Market Size be During the Forecast Period?

Bancassurance Market Size

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Bancassurance Market: Key Drivers, Trends, and Challenges

The increased need for insurance is notably driving the bancassurance market growth, although factors such as risk to reputation may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the bancassurance industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Bancassurance Market Driver

One of the key factors driving growth in the bancassurance market is the increased need for insurance. In 2018, the total number of natural catastrophes, including droughts, floods, hurricanes, tsunamis, earthquakes, epidemics, and volcanic activity, was nearly 315. In 2020, the world witnessed the outbreak of the COVID-19 pandemic, which led to a global health crisis. The emergence of such natural calamities and health crises led to an increase in the demand for insurance. Several individuals and organizations are proactively adopting insurance to financially protect themselves and their families from unexpected losses and damage due to unforeseen incidences. With the increase in the demand for insurance, the bancassurance market is expected to grow during the forecast period.

Key Bancassurance Market Trend

The industry consolidation through partnerships is another factor supporting the bancassurance market share growth. The bancassurance market has witnessed a significant increase in the number of strategic collaborations and M&A activities. Such initiatives help market participants expand their product portfolio, geographic presence, and distribution network. Moreover, strategic collaboration initiatives also enable companies to gain access to new technologies and resources and improve their market share, which can potentially drive their business growth. Such initiatives bolster the growth of the global bancassurance market during the forecast period.

Key Bancassurance Market Challenge

The risk to reputation will be a major challenge for the bancassurance market during the forecast period. The reputation of banks is an essential element in building trust between the customer and the bank, and word of mouth is one of the key factors to promote banks. Therefore, poor customer service or any inefficiency exhibited in the delivery of services of the bank may tarnish its reputation. As banks act as corporate agents for insurance companies in the bancassurance model, they are held responsible for any problem regarding inefficient or delayed delivery of insurance services to the client, even though the problem may be of the insurance company. Hence, the reputation of the banks is at stake in the event of late or poor service delivery.

This bancassurance market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global bancassurance market as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the bancassurance market during the forecast period.

Who are the Major Bancassurance Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • American Express Co.
  • Australia and New Zealand Banking Group Ltd.
  • Banco Santander SA
  • Barclays Bank Plc
  • BNP Paribas Cardif
  • Citigroup Inc.
  • Credit Agricole SA
  • HSBC Holdings Plc
  • ING Groep NV
  • Wells Fargo and Co.

 

This statistical study of the bancassurance market encompasses successful business strategies deployed by the key vendors. The bancassurance market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • American Express Co. - The company offers specialized health insurance solutions from ICCI Lombard and Bharti AXA General Insurance that cover medical requirements.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The bancassurance market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Bancassurance Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the bancassurance market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the specialized consumer services market includes the following core components:

  • Inputs
  • Operations
  • Delivery and support
  • Connecting and innovating
  • Marketing and sales
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Bancassurance Market?

Bancassurance Market Market segmentation by region

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48% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for bancassurance in APAC. Market growth in this region will be faster than the growth of the market in the European, North American, and MEA regions.

The growing economies, higher penetration of insurance, and a burgeoning middle-class population will facilitate the bancassurance market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

n 2020, the outbreak of the COVID-19 pandemic adversely impacted several sectors in the region, including banking and insurance. The temporary closure of banks and insurance companies in several countries in the region, primarily during the first half of 2020, led to a decline in the growth of the regional bancassurance market. However, the shift of banking and insurance companies in the developing countries in the region toward digitalization recouped the growth of the market in focus. The digital interaction between customers and insurers has increased with the outbreak of the second wave, primarily for seeking medical insurance. Therefore, the gradual shift of customers and vendors toward digitalization will supplement the growth of the bancassurance market in the region during the forecast period.

What are the Revenue-generating Product Segments in the Bancassurance Market?

Bancassurance Market Segmentation

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The bancassurance market share growth by the life bancassurance segment will be significant during the forecast period. With growing awareness, bancassurance providers are witnessing massive growth in demand for life insurance policies.

This report provides an accurate prediction of the contribution of all the segments to the growth of the bancassurance market size and actionable market insights on post COVID-19 impact on each segment.

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Bancassurance Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6%

Market growth 2021-2025

$ 354.08 billion

Market structure

Fragmented

YoY growth (%)

3.45

Regional analysis

APAC, Europe, South America, North America, and MEA

Performing market contribution

APAC at 48%

Key consumer countries

China, France, Germany, Spain, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

American Express Co., Australia and New Zealand Banking Group Ltd., Banco Santander SA, Barclays Bank Plc, BNP Paribas Cardif, Citigroup Inc., Credit Agricole SA, HSBC Holdings Plc, ING Groep NV, and Wells Fargo and Co.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Bancassurance Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive bancassurance market growth during the next five years
  • Precise estimation of the bancassurance market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the bancassurance industry across APAC, Europe, South America, North America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of bancassurance market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Market characteristics
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Life bancassurance - Market size and forecast 2020-2025
    • Non-life bancassurance - Market size and forecast 2020-2025
    • Market opportunity by Product

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption
      • Competitive scenario

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • American Express Co.
      • Australia and New Zealand Banking Group Ltd.
      • Banco Santander SA
      • Barclays Bank Plc
      • BNP Paribas Cardif
      • Citigroup Inc.
      • Credit Agricole SA
      • HSBC Holdings Plc
      • ING Groep NV
      • Wells Fargo and Co.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your sample now!
      Bancassurance Market market growth will increase by $354.08 bn during 2021-2025.
      The bancassurance market market is expected to grow at a CAGR of 6% during 2021-2025.
      Technavio has segmented the bancassurance market market by product (Life bancassurance and Non-life bancassurance) and geography (APAC, Europe, South America, North America, and MEA).
      American Express Co., Australia and New Zealand Banking Group Ltd., Banco Santander SA, Barclays Bank Plc, BNP Paribas Cardif, Citigroup Inc., Credit Agricole SA, HSBC Holdings Plc, ING Groep NV, Wells Fargo and Co. are a few of the key vendors in the bancassurance market market.
      APAC will register the highest growth rate of 48% among the other regions. Therefore, the bancassurance market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      • China
      • France
      • Germany
      • Spain
      • Japan
      The key factors driving the bancassurance market market growth are:
      • increased need for insurance
      • Industry consolidation through partnerships
      The bancassurance market market vendors should focus on grabbing business opportunities from the life bancassurance segment as it accounted for the largest market share in the base year.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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      • Covid-19 impact and recovery analysis
      • Data on revenue-generating market segments
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      • Five-force market analysis

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