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Non-Life Bancassurance in Europe: Personal Niche Lines
Finaccord, Oct 2006, Pages: 160
Finaccord’s report titled Non-Life Bancassurance in Europe: Personal Niche Lines is the first ever dedicated study of the distribution of personal niche 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 a range of personal niche policies including boat / pleasure craft insurance, extended warranties, funeral expenses insurance, legal expenses insurance, mobile telephone insurance, non-motor personal liability insurance, pet insurance and travel insurance. In spite of the fact that personal niche insurance policies of the types considered are included within the standard non-life bancassurance portfolio of many banks in Europe this is the first time that a detailed study has ever been published on the subject in a combined market for personal niche insurance estimated to be worth around €16.2 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 personal niche 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 personal niche 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 personal niche insurance that has ever been completed on a published basis at the pan-European level.
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