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Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1
Bancassurance Models
Around the World
Bancassurance Models Around the World
Presentation at the 14th Asia Conference on
Bancassurance & Alternative Distribution Channels
Jakarta, May15th 2013
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 2
Agenda
 Key factors that shape bancassurance markets
 Importance of bancassurance as a distribution channel
 Operating models worldwide
 Creditor (payment protection) insurance
 Insurance and assistance packaged with banking
products
 Future outlook for bancassurance globally
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 3
Key Factors that Shape Bancassurance Markets
 Regulatory framework: insurance mediation laws (e.g.
marketing of products); insurance shareholding of banks
 Product regulation (e.g. product bundling)
 Market characteristics (e.g. maturity, insurance
penetration)
 National tax systems
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com
0%
20%
40%
60%
80%
100%
BR ES FR IT KR HK ID CN TH MX DE IN UK JP CL VN
Minimum % % range trigger
4
Importance of the bancassurance channel
Estimated distribution share of bancassurance in life insurance, 2012
Source: Finaccord Global Bancassurance Reports
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com
0%
20%
40%
60%
80%
100%
IN CL KR BR ES TH HK ID FR UK DE MX VN IT CN JP
Minimum % % range trigger
5
Importance of the bancassurance channel
Estimated distribution share of bancassurance in non-life insurance in selected countries, 2012
Source: Finaccord Global Bancassurance Reports
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 6
Operating models used in selected countries
'The Southern Europe model' (life and non-life insurance, weighted), 2011/2012
Spain
Italy
Brazil
Mexico
0% 20% 40% 60% 80% 100%
External underwriter Multiple external underwriters Captive underwriter
JV underwriter Other tricker
Source: Finaccord Global Bancassurance Reports
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 7
Operating models used in selected countries
'The multiple underwriters model' (life and non-life insurance, weighted), 2012
China
0% 20% 40% 60% 80% 100%
External underwriter Multiple external underwriters Captive underwriter
JV underwriter Other tricker
Japan
South Korea
Source: Finaccord Global Bancassurance Reports
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 8
Operating models used in selected countries
Asia displays various other market structures (life and non-life insurance, weighted), 2012
0% 20% 40% 60% 80% 100%
External underwriter Multiple external underwriters Captive underwriter
JV underwriter Other tricker
Hong Kong
India
Indonesia
Thailand
Vietnam
Source: Finaccord Global Bancassurance Reports
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 9
Creditor (payment protection) insurance
 Cross-selling product in conjunction with mortgages,
consumer finance and credit cards
 In many countries effectively bundled with the underlying
banking product: near monopoly over distribution
 Improves profitability for lenders
 Abused in the UK: market imploded in recent years
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 10
Creditor (payment protection) insurance
Markets by total value (USD million), selected countries, 2012
7,470.4
6,818.2
5,392.4
3,889.7
3,703.7
804.8
365.3
0 2,000 4,000 6,000 8,000
France
Germany
Japan
Brazil
Spain
Thailand
Indonesia
7,470
6,818
5,392
3,890
3,704
805
365
Source: Finaccord Global Bancassurance Reports
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 11
 Niche and high margin products
 Increase banking customer loyalty
 Can be packaged with payment cards and current
accounts
Packaged insurance and assistance
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 12
Packaged insurance and assistance
Market value split by cover type in 20 European countries (USD million), 2012
Accident /
health, 138
Creditor
insurance -
credit cards,
2,075
Personal /
identity
protection,
1,854
Shopping, 94
Travel, 374
Other, 365
Concierge,
243
Source: Finaccord Global Bancassurance Reports
Total: USD 5,143
million
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 13
Packaged insurance and assistance
Market value split between policies paid for by banks and paid for by customers in 20 European
countries (USD million), 2012
Paid for by
banks, 1,015
Paid for by
customers,
4,127
Source: Finaccord Global Bancassurance Reports
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com
France, 1,346
UK, 1,230
Turkey, 501
Italy, 454
Spain, 282
Other, 1,330
14
Packaged insurance and assistance
Market value split between 20 European countries (USD million), 2012
Source: Finaccord Global Bancassurance Reports
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 15
Future for bancassurance globally
 High growth countries: Latin American countries +
Asian emerging countries
 Low growth countries: Northern European countries +
developed Asian countries + North America
 Problematic countries: Southern European countries +
UK
 Opportunities: African / Middle Eastern countries
Bancassurance Models Around the World
© Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 16
Any questions?
Sources and related Finaccord publications:
Creditor Insurance in Latin America
Creditor Insurance in Northern, Central and Eastern Europe
Creditor Insurance in Southern and Western Europe
Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings
Life Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance
Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings
Life Bancassurance in Europe: Protection-Related Life Insurance
Life Bancassurance in Latin America: Protection-Related Life Insurance
Non-Life Bancassurance in Europe: Accident and Health Insurance
Non-Life Bancassurance in Europe: Motor and Household Insurance
Bancassurance country reports (covering 30 different countries in the Asia-Pacific region, Europe and
Latin America)
Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets
Insurance and Assistance linked to Payment Cards and Bank Accounts in Northern and Central Europe
Insurance and Assistance linked to Payment Cards and Bank Accounts in Southern and Western Europe
Card Protection Metrics: Consumer Approaches to Card Protection Insurance in Europe
Creditor Metrics: Consumer Approaches to Payment Protection Insurance in Europe
Life Protection Metrics: Consumer Approaches to Protection-Related Life Insurance in Europe

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Finaccord presentation 2013_bancassurance models around the world_jakarta

  • 1. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Bancassurance Models Around the World Bancassurance Models Around the World Presentation at the 14th Asia Conference on Bancassurance & Alternative Distribution Channels Jakarta, May15th 2013
  • 2. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 2 Agenda  Key factors that shape bancassurance markets  Importance of bancassurance as a distribution channel  Operating models worldwide  Creditor (payment protection) insurance  Insurance and assistance packaged with banking products  Future outlook for bancassurance globally
  • 3. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 3 Key Factors that Shape Bancassurance Markets  Regulatory framework: insurance mediation laws (e.g. marketing of products); insurance shareholding of banks  Product regulation (e.g. product bundling)  Market characteristics (e.g. maturity, insurance penetration)  National tax systems
  • 4. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 0% 20% 40% 60% 80% 100% BR ES FR IT KR HK ID CN TH MX DE IN UK JP CL VN Minimum % % range trigger 4 Importance of the bancassurance channel Estimated distribution share of bancassurance in life insurance, 2012 Source: Finaccord Global Bancassurance Reports
  • 5. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 0% 20% 40% 60% 80% 100% IN CL KR BR ES TH HK ID FR UK DE MX VN IT CN JP Minimum % % range trigger 5 Importance of the bancassurance channel Estimated distribution share of bancassurance in non-life insurance in selected countries, 2012 Source: Finaccord Global Bancassurance Reports
  • 6. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 6 Operating models used in selected countries 'The Southern Europe model' (life and non-life insurance, weighted), 2011/2012 Spain Italy Brazil Mexico 0% 20% 40% 60% 80% 100% External underwriter Multiple external underwriters Captive underwriter JV underwriter Other tricker Source: Finaccord Global Bancassurance Reports
  • 7. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 7 Operating models used in selected countries 'The multiple underwriters model' (life and non-life insurance, weighted), 2012 China 0% 20% 40% 60% 80% 100% External underwriter Multiple external underwriters Captive underwriter JV underwriter Other tricker Japan South Korea Source: Finaccord Global Bancassurance Reports
  • 8. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 8 Operating models used in selected countries Asia displays various other market structures (life and non-life insurance, weighted), 2012 0% 20% 40% 60% 80% 100% External underwriter Multiple external underwriters Captive underwriter JV underwriter Other tricker Hong Kong India Indonesia Thailand Vietnam Source: Finaccord Global Bancassurance Reports
  • 9. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 9 Creditor (payment protection) insurance  Cross-selling product in conjunction with mortgages, consumer finance and credit cards  In many countries effectively bundled with the underlying banking product: near monopoly over distribution  Improves profitability for lenders  Abused in the UK: market imploded in recent years
  • 10. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 10 Creditor (payment protection) insurance Markets by total value (USD million), selected countries, 2012 7,470.4 6,818.2 5,392.4 3,889.7 3,703.7 804.8 365.3 0 2,000 4,000 6,000 8,000 France Germany Japan Brazil Spain Thailand Indonesia 7,470 6,818 5,392 3,890 3,704 805 365 Source: Finaccord Global Bancassurance Reports
  • 11. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 11  Niche and high margin products  Increase banking customer loyalty  Can be packaged with payment cards and current accounts Packaged insurance and assistance
  • 12. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 12 Packaged insurance and assistance Market value split by cover type in 20 European countries (USD million), 2012 Accident / health, 138 Creditor insurance - credit cards, 2,075 Personal / identity protection, 1,854 Shopping, 94 Travel, 374 Other, 365 Concierge, 243 Source: Finaccord Global Bancassurance Reports Total: USD 5,143 million
  • 13. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 13 Packaged insurance and assistance Market value split between policies paid for by banks and paid for by customers in 20 European countries (USD million), 2012 Paid for by banks, 1,015 Paid for by customers, 4,127 Source: Finaccord Global Bancassurance Reports
  • 14. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com France, 1,346 UK, 1,230 Turkey, 501 Italy, 454 Spain, 282 Other, 1,330 14 Packaged insurance and assistance Market value split between 20 European countries (USD million), 2012 Source: Finaccord Global Bancassurance Reports
  • 15. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 15 Future for bancassurance globally  High growth countries: Latin American countries + Asian emerging countries  Low growth countries: Northern European countries + developed Asian countries + North America  Problematic countries: Southern European countries + UK  Opportunities: African / Middle Eastern countries
  • 16. Bancassurance Models Around the World © Finaccord Ltd., 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 16 Any questions? Sources and related Finaccord publications: Creditor Insurance in Latin America Creditor Insurance in Northern, Central and Eastern Europe Creditor Insurance in Southern and Western Europe Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in the Asia-Pacific Region: Protection-Related Life Insurance Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in Europe: Protection-Related Life Insurance Life Bancassurance in Latin America: Protection-Related Life Insurance Non-Life Bancassurance in Europe: Accident and Health Insurance Non-Life Bancassurance in Europe: Motor and Household Insurance Bancassurance country reports (covering 30 different countries in the Asia-Pacific region, Europe and Latin America) Insurance and Assistance linked to Payment Cards and Bank Accounts in Major Global Markets Insurance and Assistance linked to Payment Cards and Bank Accounts in Northern and Central Europe Insurance and Assistance linked to Payment Cards and Bank Accounts in Southern and Western Europe Card Protection Metrics: Consumer Approaches to Card Protection Insurance in Europe Creditor Metrics: Consumer Approaches to Payment Protection Insurance in Europe Life Protection Metrics: Consumer Approaches to Protection-Related Life Insurance in Europe