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Non-Life Bancassurance in Europe: Motor and Household Insurance
Finaccord, Oct 2006, Pages: 140
Finaccord’s report titled Non-Life Bancassurance in Europe: Motor and Household Insurance is a dedicated study of the distribution of motor and household insurance by European retail banks. The research is based on a survey of 670 retail banks and other lending institutions serving consumers in ten territories in Europe: Austria, Belgium, France, Germany, Italy, the Netherlands, the Nordic region (comprising Denmark, Norway and Sweden), Portugal, Spain and the UK / Republic of Ireland. By means of this investigation, the report sheds unprecedented light on the extent of involvement of banks across Europe in the distribution of motor and household insurance, clarifies the operating models that they use to compete in this market and identifies the external underwriters and brokers with which they work to source motor and household insurance where they are not using a captive or joint venture underwriting entity or internal brokerage unit. In spite of the fact that over 60% of Finaccord’s sample of 670 retail banks promote household insurance, and with the equivalent percentage for motor insurance lying at over 40%, this is the first time that a detailed study has ever been published on the subject in a combined market for personal motor and household insurance estimated to be worth in excess of €108.0 billion in gross written premiums in 2005 across the territories covered by the research.
Furthermore, in the light of the increasing popularity of Internet banking, which means that bank web sites are among those most commonly visited by consumers, there are growing opportunities for banks to leverage both their Internet traffic and their brands to act as more effective distributors of motor and household insurance. However, to achieve this, some banks may need to re-consider the tied agency distribution models to which they adhere and which risk becoming obsolete in the wake of the growing popularity of web-based aggregator, broker and price comparison services. In addition, the PartnerBASE™ database which accompanies the publication offers a thorough means of researching current practice in bank-oriented distribution of motor and household insurance on a bank-by-bank, country-by-country or product-by-product basis. As such, this report and the associated PartnerBASE™ database constitute the most detailed research into the strategy of banks in motor and household insurance that has ever been completed on a published basis at the pan-European level.
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