Market Overview:
The global bancassurance technology market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for cloud-based solutions, big data analytics, and other technologies by banks and insurance firms. North America is expected to hold the largest share of the global bancassurance technology market in 2018, followed by Europe and Asia Pacific. However, Asia Pacific is projected to witness the highest CAGR during the forecast period owing to rising adoption of innovative technologies in banking and insurance sectors in this region.
Product Definition:
Bancassurance technology is the term used for the systems and processes that banks use to offer insurance products to their customers. The importance of bancassurance technology is that it allows banks to offer a wide variety of insurance products to their customers, which can help them meet the needs of their customers. It also allows banks to manage and administer these products efficiently and effectively.
Cloud:
Cloud is a collection of on-demand resources that can be remotely accessed. It includes virtual servers, storage, and networking. The technology helps in reducing the cost of IT infrastructure and offers flexibility to the enterprises for storing their data which is expected to drive its demand over the forecast period.
Big Data:
The global big data is expected to reach up to 200 zettabyte (ZB) by 2020. The term “big data” was first used in the IT industry for large volume and complex type of information. However, as technology advances, it is being applied to various other areas such as oil & gas, retail and manufacturing among others.
Application Insights:
The banks segment dominated the global bancassurance technology market in 2017. The segment is expected to retain its dominance over the forecast period owing to factors such as increasing adoption of these services by large and medium-sized banks, growing emphasis on digital transformation, and an increase in demand for innovative products from customers. Furthermore, technological advancements are further driving growth through innovations such as smart contracts.
Bancassurance solutions help financial institutions reduce counterparty risk by providing customized credit offerings based on big data analytics that enable them to offer more personalized services to their customers while reducing operational costs at the same time. These solutions also help financial institutions enhance their revenue generating capabilities by offering a wide range of investment opportunities with different risks attached across various geographies thereby widening customer reach and enhancing profitability at the same time.
Regional Analysis:
North America is expected to be the fastest-growing regional market over the forecast period. The growth can be attributed to increasing adoption of technology in U.S. and Canada, which has led to a significant increase in demand for international trade finance solutions across all industries and companies, thereby driving demand for global banking services worldwide.
Asia Pacific is anticipated to emerge as the fastest-growing region during the forecast period owing to increased adoption of bancassurance by retail banks operating across emerging economies such as India.
Growth Factors:
- Increasing demand for customer centricity and digital delivery channels: The banking sector is increasingly focusing on customer centricity to drive growth. This has led to the increased demand for technologies that can help banks deliver a better customer experience. At the same time, there is also an increasing demand for digital delivery channels such as mobile banking and online banking. Technologies that can help banks meet these demands are likely to see strong growth in the Bancassurance Technology market.
- The need for improved risk management and fraud prevention: Banks are under pressure from regulators to improve their risk management capabilities, especially with regards to fraud prevention. In order to meet these requirements, banks are increasingly turning towards technologies such as big data analytics and machine learning which can help them identify risks quickly and effectively prevent frauds from happening. These technologies are likely to see strong growth in the Bancassurance Technology market in the coming years.
Scope Of The Report
Report Attributes
Report Details
Report Title
Bancassurance Technology Market Research Report
By Type
Cloud, Big Data, Others
By Application
Banks, Insurance Firms
By Companies
Agile Financial Technologies, BSB, E&Y, HP, BM, Oracle
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
141
Number of Tables & Figures
99
Customization Available
Yes, the report can be customized as per your need.
Global Bancassurance Technology Market Report Segments:
The global Bancassurance Technology market is segmented on the basis of:
Types
Cloud, Big Data, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Banks, Insurance Firms
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Agile Financial Technologies
- BSB
- E&Y
- HP
- BM
- Oracle
Highlights of The Bancassurance Technology Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud
- Big Data
- Others
- By Application:
- Banks
- Insurance Firms
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Bancassurance Technology Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Bancassurance technology is a financial technology that helps banks and other financial institutions to provide insurance products and services. It allows these institutions to offer their customers a variety of insurance products, including life, health, property, casualty (P&C), and auto insurance. Bancassurance also allows these institutions to offer banking services such as loans and deposits.
Some of the key players operating in the bancassurance technology market are Agile Financial Technologies, BSB, E&Y, HP, BM, Oracle.
The bancassurance technology market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Bancassurance Technology Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Bancassurance Technology Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Bancassurance Technology Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Bancassurance Technology Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Bancassurance Technology Market Size & Forecast, 2018-2028
4.5.1 Bancassurance Technology Market Size and Y-o-Y Growth
4.5.2 Bancassurance Technology Market Absolute $ Opportunity
Chapter 5 Global Bancassurance Technology Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Bancassurance Technology Market Size Forecast by Type
5.2.1 Cloud
5.2.2 Big Data
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Bancassurance Technology Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Bancassurance Technology Market Size Forecast by Applications
6.2.1 Banks
6.2.2 Insurance Firms
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Bancassurance Technology Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Bancassurance Technology Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Bancassurance Technology Analysis and Forecast
9.1 Introduction
9.2 North America Bancassurance Technology Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Bancassurance Technology Market Size Forecast by Type
9.6.1 Cloud
9.6.2 Big Data
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Bancassurance Technology Market Size Forecast by Applications
9.10.1 Banks
9.10.2 Insurance Firms
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Bancassurance Technology Analysis and Forecast
10.1 Introduction
10.2 Europe Bancassurance Technology Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Bancassurance Technology Market Size Forecast by Type
10.6.1 Cloud
10.6.2 Big Data
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Bancassurance Technology Market Size Forecast by Applications
10.10.1 Banks
10.10.2 Insurance Firms
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Bancassurance Technology Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Bancassurance Technology Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Bancassurance Technology Market Size Forecast by Type
11.6.1 Cloud
11.6.2 Big Data
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Bancassurance Technology Market Size Forecast by Applications
11.10.1 Banks
11.10.2 Insurance Firms
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Bancassurance Technology Analysis and Forecast
12.1 Introduction
12.2 Latin America Bancassurance Technology Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Bancassurance Technology Market Size Forecast by Type
12.6.1 Cloud
12.6.2 Big Data
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Bancassurance Technology Market Size Forecast by Applications
12.10.1 Banks
12.10.2 Insurance Firms
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Bancassurance Technology Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Bancassurance Technology Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Bancassurance Technology Market Size Forecast by Type
13.6.1 Cloud
13.6.2 Big Data
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Bancassurance Technology Market Size Forecast by Applications
13.10.1 Banks
13.10.2 Insurance Firms
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Bancassurance Technology Market: Competitive Dashboard
14.2 Global Bancassurance Technology Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Agile Financial Technologies
14.3.2 BSB
14.3.3 E&Y
14.3.4 HP
14.3.5 BM
14.3.6 Oracle
