India Bancassurance Market 2023-2028: Size, Top Insurance Companies Share, Future Forecast, Research Report

According to the latest report by IMARC Group, titled "India Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the India bancassurance market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The India bancassurance market size reached US$ 92.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 140.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.

Bancassurance refers to the process of selling life assurance and other insurance products and services by banking and financial institutions. It is a relationship between an insurance company and a bank to offer insurance products or benefits to the bank's customers. The bank staff and tellers are the points of sale and contact for the bank's customers. Bank staff and tellers are advised and supported by the insurance company via wholesale product details, marketing campaigns, and sales training. The banks get a commission when they sell life assurance and other insurance products. Banks earn additional revenue this way, while insurance companies expand their customer base without increasing their sales force.

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India Bancassurance Market Trends:

The market in India is majorly driven by the increasing consolidation in the banking industry. In line with this, the rising digital strategies aggressively pursued by banks significantly contribute to market growth. Furthermore, the escalating demand for lucrative health and life insurance and retirement plans is positively influencing the market. Apart from this, the introduction of mobile-based services by various banks across the country allows them to improve their digital sales and catalyzes market growth.

Moreover, the higher insurance penetration and the growing middle-class population are propelling the market. Besides, the significant growth in the banking, financial services, and insurance (BFSI) industry is creating a positive outlook for the market. Additionally, the rising demand for life insurance products due to the growing awareness about their benefits among consumers across the country is providing a boost to the market.

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Key Market Segmentation:

Breakup by Product Type:

• Life Bancassurance
• Non-Life Bancassurance

Breakup by Model Type:

• Pure Distributor
• Exclusive Partnership
• Financial Holding
• Joint Venture

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.