Bancassurance market size to grow by USD 404.89 billion from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio

NEW YORK , Dec. 20, 2022 /PRNewswire/ -- Technavio categorizes the global bancassurance market as a part of the specialized consumer services market, which covers revenue generated by consumer service providers, including residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services.

The global bancassurance market size is estimated to increase by USD 404.89 billion. The market's growth momentum will be progressing at a CAGR of over 6.66%.

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Global Bancassurance market - Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity
• For detailed insights into the market study, Buy the report!

Global Bancassurance market – Vendor Analysis
Vendor Landscape - The global bancassurance market is fragmented due to the presence of numerous players. Moderate exit barriers and intense competition among market players are some of the factors that increase the competition among vendors during the forecast period. The dominance of major market players decreases the probability of new players entering the market. Stringent regulations further limit the entry of new players. However, the growing demand and higher growth rate of the market will attract new players during the forecast period.

A few prominent vendors in the market are ABN AMRO Group NV, American Express Co., Australia and New Zealand Banking, AXA Group, Banco Bradesco SA, Banco Santander SA, Barclays PLC, BNP Paribas SA, Citigroup Inc., CNA Insurance Corp., Credit Agricole SA, Credit Mutuel, HSBC Holdings Plc, ING Groep NV, Intesa Sanpaolo Spa, Lloyds Banking Group Plc, Metlife Inc., Nordes Bank Abp, Wells Fargo and Co, and Yes Bank Ltd. and others.

Vendor Offerings -

• American Express Co. - The company bancassurance solutions from Future Generali India and PNB MetLife.
• Australia and New Zealand Banking - The company bancassurance solutions such as Home and contents insurance, Landlord insurance.
• Banco Bradesco SA - The company bancassurance solutions through its subsidiary Grupo Bradesco Seguros.
• Banco Santander SA - The company bancassurance solutions through its subsidiary CNP Santander Insurance Europe DAC.

Bancassurance market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type, product (life bancassurance and non-life bancassurance), type (pure distributor, joint venture, excusive partnership, and financial holding), and geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• By product, the market growth will be significant in the life bancassurance segment during the forecast period. The segment is driven by the growing consumer awareness about the benefits of having life insurance. In addition, the expansion of the high-net-worth and middle-class population is supporting the growth of the segment.

Geography Overview
By geography, the global bancassurance market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global bancassurance market.

• APAC will account for 53% of the market's growth during the forecast period. The growth of the regional market can be attributed to factors such as growing economies, higher penetration of insurance, and a burgeoning middle-class population. Also, increasing disposable incomes and rising customer expectations in terms of innovative insurance products and digitally-enabled business models are driving the growth of the bancassurance market in APAC.

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Global Bancassurance Market – Market Dynamics

Leading Drivers – 

The market is driven by the increased need for insurance. The number of natural catastrophes, including droughts, floods, hurricanes, and other natural calamities has increased significantly over recent years. In addition, the outbreak of the COVID-19 pandemic, which led to a global health crisis, resulted in an increased demand for insurance. Besides, several organizations are proactively adopting insurance to financially protect their people from unexpected losses and damage due to unforeseen incidences. All these factors are increasing the demand for life, medical, accidental, and vehicle insurance. This, in turn, is driving the growth of the market in focus.

Key Trends – 

The emergence of digital marketing platforms is a major trend in the market. The rapid penetration of the internet and smart devices has increased the number of users on social media. Insurance companies are leveraging such platforms to create awareness about the multiple products offered by them. This is helping them in attracting new customers and increase revenue generation. This trend is expected to have a positive impact on the growth of the global bancassurance market during the forecast period.

Major challenges – 

The risk of reputation loss is the major challenge in the market. Reputation is essential in building trust between the customer and the bank. However, poor customer service or any inefficiency exhibited in the delivery of services of the bank may tarnish the reputation. Also, incidences of insurance fraud can risk the reputation of banking firms. Such challenges will reduce the growth potential in the market.

Driver, Trend, and Challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this bancassurance market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the bancassurance market between 2023 and 2027
• Precise estimation of the size of the bancassurance market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the bancassurance market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of bancassurance market vendors

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Related Reports:

• The homeowners insurance market is estimated to grow at a CAGR of 4.18% between 2022 and 2027. The size of the market is forecast to increase by USD 57.01 billion. The rising number of natural disasters and man-made hazards are notably driving market growth, although factors such as vulnerability to cybercrime may impede the market growth.
• The reinsurance market size is expected to increase by USD 328.62 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.1%. The increasing awareness of insurance products in emerging markets is notably driving the reinsurance market growth, although factors such as vulnerability to cybercrimes may impede the market growth.

Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global bancassurance market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global bancassurance market 2017 - 2021 ($ billion)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Life bancassurance - Market size and forecast 2022-2027
• Exhibit 34: Chart on Life bancassurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Life bancassurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Life bancassurance - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Life bancassurance - Year-over-year growth 2022-2027 (%)

• 6.4 Non-Life bancassurance - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Non-Life bancassurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Non-Life bancassurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Non-Life bancassurance - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Non-Life bancassurance - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 42: Market opportunity by Product ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 43: Chart on Type - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 Pure distributor - Market size and forecast 2022-2027
• Exhibit 47: Chart on Pure distributor - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Data Table on Pure distributor - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Chart on Pure distributor - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Pure distributor - Year-over-year growth 2022-2027 (%)

• 7.4 Joint venture - Market size and forecast 2022-2027
• Exhibit 51: Chart on Joint venture - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Joint venture - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Joint venture - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Joint venture - Year-over-year growth 2022-2027 (%)

• 7.5 Excusive partnership - Market size and forecast 2022-2027
• Exhibit 55: Chart on Excusive partnership - Market size and forecast 2022-2027 ($ billion)
• Exhibit 56: Data Table on Excusive partnership - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Chart on Excusive partnership - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Excusive partnership - Year-over-year growth 2022-2027 (%)

• 7.6 Financial holding - Market size and forecast 2022-2027
• Exhibit 59: Chart on Financial holding - Market size and forecast 2022-2027 ($ billion)
• Exhibit 60: Data Table on Financial holding - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Chart on Financial holding - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Financial holding - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Type 
• Exhibit 63: Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 France - Market size and forecast 2022-2027
• Exhibit 93: Chart on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Spain - Market size and forecast 2022-2027
• Exhibit 101: Chart on Spain - Market size and forecast 2022-2027 ($ billion)
• Exhibit 102: Data Table on Spain - Market size and forecast 2022-2027 ($ billion)
• Exhibit 103: Chart on Spain - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Spain - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027
• Exhibit 105: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 106: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 107: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 ABN AMRO Group NV 
• Exhibit 116: ABN AMRO Group NV - Overview
• Exhibit 117: ABN AMRO Group NV - Business segments
• Exhibit 118: ABN AMRO Group NV - Key offerings
• Exhibit 119: ABN AMRO Group NV - Segment focus

• 12.4 American Express Co. 
• Exhibit 120: American Express Co. - Overview
• Exhibit 121: American Express Co. - Business segments
• Exhibit 122: American Express Co. - Key offerings
• Exhibit 123: American Express Co. - Segment focus

• 12.5 Australia and New Zealand Banking 
• Exhibit 124: Australia and New Zealand Banking - Overview
• Exhibit 125: Australia and New Zealand Banking - Business segments
• Exhibit 126: Australia and New Zealand Banking - Key offerings
• Exhibit 127: Australia and New Zealand Banking - Segment focus

• 12.6 Banco Bradesco SA 
• Exhibit 128: Banco Bradesco SA - Overview
• Exhibit 129: Banco Bradesco SA - Business segments
• Exhibit 130: Banco Bradesco SA - Key offerings
• Exhibit 131: Banco Bradesco SA - Segment focus

• 12.7 Banco Santander SA 
• Exhibit 132: Banco Santander SA - Overview
• Exhibit 133: Banco Santander SA - Business segments
• Exhibit 134: Banco Santander SA - Key offerings
• Exhibit 135: Banco Santander SA - Segment focus

• 12.8 Barclays PLC 
• Exhibit 136: Barclays PLC - Overview
• Exhibit 137: Barclays PLC - Business segments
• Exhibit 138: Barclays PLC - Key news
• Exhibit 139: Barclays PLC - Key offerings
• Exhibit 140: Barclays PLC - Segment focus

• 12.9 BNP Paribas SA 
• Exhibit 141: BNP Paribas SA - Overview
• Exhibit 142: BNP Paribas SA - Business segments
• Exhibit 143: BNP Paribas SA - Key offerings
• Exhibit 144: BNP Paribas SA - Segment focus

• 12.10 Citigroup Inc. 
• Exhibit 145: Citigroup Inc. - Overview
• Exhibit 146: Citigroup Inc. - Business segments
• Exhibit 147: Citigroup Inc. - Key offerings
• Exhibit 148: Citigroup Inc. - Segment focus

• 12.11 Credit Agricole SA 
• Exhibit 149: Credit Agricole SA - Overview
• Exhibit 150: Credit Agricole SA - Product / Service
• Exhibit 151: Credit Agricole SA - Key offerings

• 12.12 Credit Mutuel 
• Exhibit 152: Credit Mutuel - Overview
• Exhibit 153: Credit Mutuel - Business segments
• Exhibit 154: Credit Mutuel - Key offerings
• Exhibit 155: Credit Mutuel - Segment focus

• 12.13 HSBC Holdings Plc 
• Exhibit 156: HSBC Holdings Plc - Overview
• Exhibit 157: HSBC Holdings Plc - Business segments
• Exhibit 158: HSBC Holdings Plc - Key news
• Exhibit 159: HSBC Holdings Plc - Key offerings
• Exhibit 160: HSBC Holdings Plc - Segment focus

• 12.14 ING Groep NV 
• Exhibit 161: ING Groep NV - Overview
• Exhibit 162: ING Groep NV - Business segments
• Exhibit 163: ING Groep NV - Key offerings
• Exhibit 164: ING Groep NV - Segment focus

• 12.15 Lloyds Banking Group Plc 
• Exhibit 165: Lloyds Banking Group Plc - Overview
• Exhibit 166: Lloyds Banking Group Plc - Business segments
• Exhibit 167: Lloyds Banking Group Plc - Key offerings
• Exhibit 168: Lloyds Banking Group Plc - Segment focus

• 12.16 Metlife Inc. 
• Exhibit 169: Metlife Inc. - Overview
• Exhibit 170: Metlife Inc. - Business segments
• Exhibit 171: Metlife Inc. - Key offerings
• Exhibit 172: Metlife Inc. - Segment focus

• 12.17 Wells Fargo and Co 
• Exhibit 173: Wells Fargo and Co - Overview
• Exhibit 174: Wells Fargo and Co - Business segments
• Exhibit 175: Wells Fargo and Co - Key offerings
• Exhibit 176: Wells Fargo and Co - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

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