Bancassurance is a partnership between banks and insurance companies that allows banks to sell insurance products to their customers.
The bancassurance market is expected to grow significantly in the coming years, with a projected CAGR of 6.5% from 2020 to 2025.
In 2023, bancassurance is expected to become more customer-centric, with a focus on providing personalized insurance solutions to customers.
Banks will continue to play a key role in the bancassurance market, as they have a large customer base and can leverage their existing relationships to sell insurance products.
Insurance companies will also play a crucial role in the evolution of bancassurance, as they will need to develop innovative products and services to meet the changing needs of customers.
Technology will be a key driver of bancassurance in 2023, with the use of AI, machine learning, and data analytics to provide more personalized insurance solutions to customers.
Overall, the future of bancassurance looks bright, with continued growth and innovation expected in the coming years.