The increasing awareness about the importance of insurance is encouraging emerging markets such as China and India to contribute to the rapid growth of the insurance industry. The increase in the number of HNWIs is leading to an improvement in standards of living, especially in developing regions. In addition, the population of middle and high-income groups is also increasing in developing regions. These factors are encouraging insurance companies to offer specialized policies for premium consumers. For instance, Emerald Legacy Life Plan and Life Protect Advantage are two new whole-life plans which were introduced by HSBC Singapore in May 2019. Thus, the increase in number of HNWIs will boost the growth of the bancassurance market during the forecast period.
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As per Technavio, the growing adoption of digitization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Bancassurance Market: Growing Adoption of Digitization
Digital technology is gaining traction in the banking sector as it plays a crucial role in improving insurance business processes such as premium collection, policy issuance, and product consulting. For instance, life insurance company, Generali Vietnam with focus on improving customer service by deploying advanced digital technologies, launched a customer satisfaction survey application, GENPS, in November 2019. Thus, with the growing adoption of digitization, the market for bancassurance is expected to showcase a positive outlook during the forecast period.
“Increase in the number of HNWIs in developing regions and growing number of investors collaborating with InsurTech firms are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Bancassurance Market: Segmentation Analysis
This market research report segments the bancassurance market by product (life bancassurance and non-life bancassurance), and geographic segmentation (APAC, Europe, MEA, North America, and South America).
The APAC region led the bancassurance market in 2019. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing economies, higher penetration of insurance, and a burgeoning middle-class population.
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Some of the key topics covered in the report include:
- Life bancassurance
- Non-life bancassurance
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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