European bancassurance: Impact of COVID-19 and the next normal

As customers and banks accelerate their digital transformation, bancassurers need to move digital to the core.

Bancassurance is an increasingly important distribution channel for a wide variety of insurance products across many countries in Europe.

Of course, the humanitarian tragedy caused by the COVID-19 pandemic has changed almost every aspect of life and business, and bancassurance is no exception. Lockdowns to limit the spread of the pandemic have led banks to reduce hours and close branches in many European countries, with some only seeing customers by appointment.1 As customers migrated to digital and remote service channels, contact centers saw a huge spike in inbound call volume that peaked in April, with almost triple the average wait time compared with December 2019.2 These effects were more pronounced in countries, such as Italy and Spain, that experienced high infection rates and thus more severe lockdowns.

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Πηγή:mckinsey