Market Size of Bancassurance in ASEAN Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bancassurance in ASEAN Market Analysis
Bancassurance - combined banks and insurance companies - is a business model for the distribution of a wide variety of insurance products. The prominence of this model lies in the ease of doing the sales part as the bancassurers can provide a full range of financial products as a bundled offering - from traditional banking, through mutual funds to insurance products - in one-stop shopping model.
There are different business models in bancassurance. There seems to be a tendency to move towards exclusive partnerships in recent years, yet a pure distributor model is still more commonly seen. Bank staff plays a primary role in selling products among the responding companies, followed by insurer specialists. Most responders use more than two methods. Generally speaking, unit-linked products are more popular, followed by endowments in selected institutions. Especially in those countries where bancassurance is dominant, there is clear customer demand for savings-type products rather than protection products.
With an internet and social media penetration of 65% and 63% respectively, combined with mobile connectivity of 132%, consumers expect to have transparence in information and immediate gratification in all possible manners. Given the customer preferences, digitization of the existing value chain is crucial to prepare themselves for the digital future. But platform and channel integration can be a major challenge for insurers those who want to deliver a true omni-channel experience.
