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Life Bancassurance in Europe: Protection-Related Life Insurance
Finaccord, Nov 2011
Finaccord's report titled Life Bancassurance in Europe: Protection-Related Life Insurance offers fresh and valuable insights into the distribution by banks and other lending institutions of risk life, critical illness and income protection insurance in 20 European countries: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the UK.
Drawing on the results of a survey of nearly 1,200 banking entities, the study verifies that 45.5% offer at least one of the types of protection-related life insurance researched, giving a total of 890 initiatives in the three fields combined. Hence, given that the aggregate market for protection-related life insurance across the 20 countries, excluding creditor cover, is worth around EUR 41.6 billion, it is clear that banks and other lending institutions can intermediate a significant volume of business in this sector.
In addition to identifying the schemes for distribution of protection-related life insurance through the bancassurance channel, the research also classifies and analyses these according to the operating model used, distinguishing, for example, between captive, joint venture and external underwriters. Furthermore, it also calculates the weighted share of partnerships of the underwriters and other product providers involved, thereby illustrating not only which competitors hold which partnerships but also which competitors hold the most significant distribution deals.
KEY BENEFITS
You may be able to use this report and the PartnerBASE™ dataset that accompanies it in one or more of the following ways:
- gain access to a source of information that provides a comprehensive overview of the provision of risk life insurance, critical illness insurance and income protection insurance by a majority of significant banking entities in Europe;
- identify partnership opportunities for protection-related life insurance that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative;
- understand which underwriters and other product providers have been successful in establishing distribution relationships with the most important banking entities;
- assess the background to the most significant bancassurance deals, differentiating between those that originate from long-term or strategic objectives and those that are more transient;
- appreciate the magnitude of the opportunity to sell protection-related life insurance through banks and other lending institutions in Europe.
WHO SHOULD BUY THIS REPORT
The information provided by this research will be useful to:
1. Insurance underwriters: this study is a uniquely comprehensive guide to a key segment within Europe's bancassurance market that can be used to identity partnership opportunities and to monitor competitor activity;
2. Banks and other lending institutions: the research will help banking entities to understand how their bancassurance strategy compares to that of other comparable institutions both in their domestic market and across Europe as a whole;
3. Management consultancies: are you helping an insurance company or bank with its bancassurance strategy in the specific field of protection-related life insurance? Understand the current status of bank distribution of these two product categories in Europe, saving time and effort on researching the subject yourself;
4. Investment banks and private equity companies: with banking institutions under financial pressure in many European countries, this research may be useful to understanding where there is scope for them to divest captive or joint venture underwriters in order to raise capital.
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