According to the latest report by IMARC Group “United States Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The United States bancassurance market reached a value of US$ XX Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
Bancassurance refers to an affiliation between a bank and insurance firm that permits the organization to offer various insurance plans, products, and services. It is widely employed in the banking, financial services, and insurance (BFSI) industry for improving the overall sales, profit, and product portfolios offered by a firm. Bancassurance can be differentiated into two approaches, including integrated and non-integrated models. Amongst these, the integrated model is associated with banks whereas, the non-integrated model is joint with the official financial service.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Numerous initiatives undertaken by the Federal Government of the United States to improve the BFSI industry infrastructure are majorly driving the United States bancassurance market. The rising requirement for effective insurance policies amongst the geriatric population is further contributing the market growth. Other than this, the increasing utilization of smart devices across different financial institutions, such as smartphones, computers, and laptops, is increasingly influencing consumer purchasing patterns, which is creating a positive outlook for the market across the country.
Breakup by Product Type:
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Life Bancassurance
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Non-Life Bancassurance
Breakup by Model Type:
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Pure Distributor
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Exclusive Partnership
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Financial Holding
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Joint Venture
Breakup by Region:
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Northeast
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Midwest
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South
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West
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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