what is bancassurance

Bancassurance is a type of business model in which banks and insurance companies come together to provide customers with both banking and insurance services. For example, a customer may be able to get a loan, open a savings account, and buy insurance all in one place with one company. This makes it easier for customers to get the services they need, and it also helps the banks and insurance companies make more money. An example of bancassurance is when a bank and an insurance company partner up to offer customers a variety of services. For instance, a customer may be able to get a loan, open a savings account, and buy insurance all from the same company. This makes it easier for customers to get the services they need, and it also helps the companies make more money. Stats show that bancassurance is growing in popularity. According to a report by McKinsey, the global bancassurance market is expected to grow from $165 billion in 2017 to $200 billion by 2022. An analogy that can help explain bancassurance is like going to a grocery store. Just like at a grocery store, when you use bancassurance you can get multiple things in one place. You can go to the bank for a loan, the insurance company for insurance, and the investment company for investments, all without having to go to multiple places. A fun fact about bancassurance is that banks are not always the ones partnering up with insurance companies. In some cases, insurance companies have partnered up with other companies like car dealerships, retail stores, and even airlines.