Mckinsey: Bancassurance -It’s time to go digital
As customers and banks shift to digital technologies, bancassurers need to rethink their distribution model.
As a distribution channel for a wide variety of insurance products, bancassurance has seen surges and stalls over the past several years. In the second quarter of 2018, McKinsey hosted its annual global Bancassurance Forum in Rome where it presented new research and data from a comprehensive benchmarking study by Finalta,1 covering banks headquartered in 27 countries.2Overall, the bancassurance industry has seen strong premium growth around the world. From 2011 to 2017, the growth of the bancassurance channel outpaced other channels in both life and non-life products (exhibit). In the past two years, however, growth seems to be slowing in non-life.
