LONDON, Feb. 7, 2017 /PRNewswire/ -- Bancassurance refer to selling insurance products and services through banking institutions. This distribution channel includes joint ventures between banks and insurance companies or banks selling insurance policies of companies by charging transaction based commission. These entities charge commission from insurance companies.
The Americas was the x largest geographic region in the bancassurance services market in 2016, accounting for $x billion or x% of the global market. Asia was the x largest geographic market, accounting for $x billion or x% of the global market. Europe was the x largest geographic market, accounting for $x billion or x% of the global market. The Middle East and Africa accounted for x% and $x billion, while Oceania accounted for x% of the global bancassurance market.
Rising Investments in Mobile and Internet Channel Strategies Bancassurance companies are formulating unique mobile and internet strategies as customers are choosing mobile and internet channels for insurance products purchase . Faster communication and the ability to compare products and services being offered by various companies is driving the customers to mobile and internet channels .Rise in investments in the mobile and internet channels is also being driven by increasing internet and smartphone penetration in both developed and developing economies.Brokers, agents, and employees are also using mobile and internet channels for tracking leads,provide quotes to customers,manage accounts and renewals.For example, American Family Dreamvault mobile application's speech to text feature helps customers update their home inventory for insurance purposes,thus indicating high mobile and internet channel adoption among customers and other stakeholders leading to increasing investments in mobile and internet channel strategies.
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