engleski

Is Bancassurance New Drive for European Insurance Market?

Insurance companies nowadays are operating in dynamic environment that is reflected in facing increasing competition, changes in regulatory framework, introducing coverage for new risks etc. This forces insurance companies to seek for means how to enhance their performance since the companies that do not grow and develop cannot survive in the market. One of the ways to increase sales can be found in usage of different distribution channels with bancassurance playing an important role. Having the benefits for all parties involved, with banks earning additional commission and with insurance companies broadening their sales network, this distribution channel has been gaining importance over the years having 29.6% share among other distribution channels. Since distribution schemes are varying across Europe adapting to different cultures and consumers’ needs and preferences, the author will provide an overview of bancassurance development across EU insurance markets both in life and non-life segment.

insurance, innovation, bancassurance

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