The success of bancassurance and expectations
regarding future growth rates vary tremendously across regions. In Europe,
the channel is mature, while the United States, despite years of
investment, has a lower penetration rate than China and India. It is these
emerging countries that will continue to see significant expansion of this
channel.
IT has a crucial role in making bancassurance
profitable, but this requires a deep commitment on behalf of both banks
and insurers to the establishment of beneficial partnerships and
significant levels of investment. In a new report, Bancassurance Global
Update: Lessons from Around the World in China, India, Europe, and US,
Celent examines the success of this distribution channel in China, India,
the United States, and Europe and examines some IT best practices.
This report is a useful tool for insurers in
countries such as Japan, China, and India, where bancassurance is an
emerging channel. The sections on IT best practices will help inform
insurers on where to focus their attention. It is also of interest to
insurers in the US and countries in Europe such as the United Kingdom,
where bancassurance has not been as successful as its continental
counterparts. For these insurers, the question is “to be or not to be”
in the bancassurance channel. This distribution channel has been made to
work in these countries, and it is through case studies that some of the
reasons become apparent.
“It’s interesting to look at the key factors
that differentiate a successful bancassurance model from one that just can’t
seem to get off the ground,” says Catherine
Stagg-Macey, co-author of the report and senior analyst with Celent’s
Insurance group. “It’s a mix of macro variables that function
independently of insurers’ actions and elements such as business models
and technology that are very much within their control.”
This report analyses the bancassurance markets in
Europe, the United States, China, and India, drawing on success stories in
several places. It looks at best practice IT approaches that can be used
in the management of this important distribution channel.
The 35-page report contains four tables and 13
figures. A table of contents is
available online.
