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Bancassurance Market to Grow by USD 515.8 Billion from 2024-2028, Rising Insurance Demand Fuels Revenue Growth, Report Highlights AI’s Role in Market Transformation – Technavio

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NEW YORK, Aug. 28, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global bancassurance market  size is estimated to grow by USD 515.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.79%  during the forecast period.  Increased need for insurance is driving market growth, with a trend towards emergence of digital marketing platforms. However, risk to reputation  poses a challenge. Key market players include ABN AMRO Group NV, American Express Co., Australia and New Zealand Banking Group Ltd., AXA Group, Banco Bradesco SA, Banco Santander SA, Barclays PLC, BNP Paribas SA, Citigroup Inc., CNA Financial Corp., Credit Agricole SA, Credit Mutuel, HSBC Holdings Plc, ING Groep NV, Intesa Sanpaolo Spa, Lloyds Banking Group Plc, Metlife Inc., Nordes Bank Abp, Wells Fargo and Co., and Yes Bank Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (Life bancassurance and Non-Life bancassurance), Type (Pure distributor, Joint venture, Excusive partnership, and Financial holding), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

ABN AMRO Group NV, American Express Co., Australia and New Zealand Banking Group Ltd., AXA Group, Banco Bradesco SA, Banco Santander SA, Barclays PLC, BNP Paribas SA, Citigroup Inc., CNA Financial Corp., Credit Agricole SA, Credit Mutuel, HSBC Holdings Plc, ING Groep NV, Intesa Sanpaolo Spa, Lloyds Banking Group Plc, Metlife Inc., Nordes Bank Abp, Wells Fargo and Co., and Yes Bank Ltd.

Key Market Trends Fueling Growth

The global proliferation of the Internet and the widespread use of smart devices have significantly influenced the insurance industry, particularly in the realm of bancassurance. Digital marketing platforms, including social media, have become essential tools for insurance firms to expand their reach and effectively communicate with consumers. In 2021, over 60% of the global population had Internet access, a figure expected to grow further during the forecast period. Social media platforms offer numerous benefits to insurance brokerage firms, such as easy access to product information, quick customer response, a competitive edge, effortless interaction with clients, and strengthened relationships with social media users. These platforms enable firms to address insurance queries, gather customer feedback, and deliver real-time policy updates. For instance, Aon PLC maintains a substantial presence on YouTube, Facebook, Twitter, and LinkedIn. The integration of digital marketing strategies by key market players is anticipated to boost the global bancassurance market’s growth during the forecast period. 

The Bancassurance market is experiencing significant growth, driven by increased profits from insurance policy sales. A strong sales force and brokers play a crucial role in this growth, especially in reaching the middle-class population. Retirement plans are a popular choice, with mobile-based services and digital sales becoming increasingly important. High-speed internet networks enable easy access to bank applications, SMS, and emails for purchasing insurance. Venture capital firms and technology companies are investing heavily in this sector, with funding rounds and valuations reaching new heights. Business operations are becoming more efficient through strategic alliances, joint ventures, and financial holding companies. Cross selling, financial advisory, and awareness campaigns are key to retaining customers and increasing footfall in branches. Both life and non-life insurance policies are seeing growth, with a shift towards the pure distributor model and the joint venture model. Seminars and exhibitions are important platforms for showcasing new offerings and building a strong selling culture in the financial services sector. 

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Market Challenges

Bancassurance partnerships between banks and insurance companies can face reputational risks due to various factors such as misconduct, mismanagement, ethical lapses, poor customer service, inefficient service delivery, and insurance fraud. These issues can lead to a loss of customer trust, resulting in decreased sales and market share for the banks. A bank’s reputation is crucial in building trust between the customer and the institution, and any inefficiencies or delays in service delivery can negatively impact this reputation. Banks act as agents for insurance companies in the bancassurance model, making them responsible for any problems regarding insurance service delivery. Insurance fraud can also seriously damage a bank’s reputation and profitability. These factors are expected to hinder the growth of the global bancassurance market during the forecast period.Bancassurance, the collaboration between banks and insurance companies, offers significant synergies for both parties. However, it comes with challenges. Impacting factors include legislation, developing regions, and consumers’ behavior. Profitability relies on tax-based profits, agent fees, and broker commissions. Private banking and improved products drive customer service and incremental deposits. Financial services, internet penetration, and technological innovations impact the industry. Challenges for Bancassurance include profitability estimations, especially in non-life and health insurance. Domestic business models vary, from pure distributor to exclusive partnerships and joint ventures. Regulations and consumer purchase habits differ per region. Bancassurance models include life and non-life, with products ranging from credit life, pensions, mortgages, annuities, and more. Technological innovations, digital strategies, and the banking industry’s evolving landscape require credible solutions to meet customers’ needs effectively. Non-Bancassurance competitors remain a challenge. Ultimately, success lies in providing customized, profitable financial portfolio solutions for customers.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This bancassurance market report extensively covers market segmentation by

Product 1.1 Life bancassurance1.2 Non-Life bancassuranceType 2.1 Pure distributor2.2 Joint venture2.3 Excusive partnership2.4 Financial holdingGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Life bancassurance-  Life bancassurance refers to the sale of life insurance products through banks. A life bancassurance policy offers financial security by providing death benefits to the insured person’s beneficiaries in case of an unexpected death. The advantages of this type of insurance include protection for immediate family members, high-risk life cover, improved cash value from permanent life insurance schemes, high returns on investments, and tax benefits. In emerging economies, the expanding high-net-worth population and growing middle class are expected to fuel demand for life insurance products. However, tight profit margins due to legacy business and regulatory changes pose challenges. To overcome these hurdles, market vendors must simplify products, increase technological capabilities, and form partnerships. For instance, Synapse Financial Technologies Inc.’s collaboration with American Bank showcases this trend. Key growth factors include the increasing average age of the population in North America and Europe, and the frequent occurrence of natural calamities and terrorist attacks. These factors underscore the importance of life bancassurance, making it a promising market segment.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

Bancassurance refers to the sale of insurance products through banks and financial institutions. This business model aims to increase footfall in branches and enhance retention of customers by offering comprehensive financial solutions. Bancassurance encompasses both life and non-life insurance products, including mortgages, annuities, and various investment instruments. The success of bancassurance relies on effective cross-selling and financial advisory services. Legislation plays a crucial role in shaping the bancassurance landscape, particularly in developing regions where internet penetration is low and technological innovations are transforming the industry. Consumers’ behavior and purchase habits continue to evolve, driving the need for banks to adapt and provide personalized offerings. The bancassurance market can be segmented into insurance undertaking, pure distributor model, and non-bancassurance. Profits are generated through the sale of insurance policies, return of equity, and valuation of financial portfolios. Brokers play a vital role in facilitating transactions between banks and customers in the non-Bancassurance segment.

Market Research Overview

Bancassurance refers to the strategic partnership between banks and insurance companies to offer insurance products through the banking channel. This business model aims to increase footfall in branches, enhance cross-selling opportunities, and provide financial advisory services to customers. The impacting factors on Bancassurance include legislation, developing regions, financial services sector’s selling culture, and technological innovations. Bancassurance encompasses both Life and Non-Life insurance offerings, with models ranging from a Pure Distributor model to Strategic Alliances and Joint Ventures. Banks act as financial holding companies, generating tax-based profits from insurance undertakings. Insurance products include health insurance, credit life, pensions, mortgages, and annuities. Bancassurance models offer improved products, customer service, and credible solutions, leading to incremental deposits and profits. Digital strategies, such as mobile-based services and digital sales, cater to the middle-class population’s purchasing patterns and high-speed internet networks. Private banks and venture capital firms invest in Bancassurance, with funding rounds and valuations driving growth. Business operations are further enhanced through seminars, exhibitions, SMS, and bank applications. However, agents and brokers’ fees remain a significant consideration in the profitability of Bancassurance. In summary, Bancassurance is a strategic alliance between banks and insurance companies that offers insurance products through the banking channel, aiming to increase footfall, enhance cross-selling opportunities, and provide financial advisory services. It includes various models, products, and impacting factors, with digital strategies playing a crucial role in its growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductLife BancassuranceNon-Life BancassuranceTypePure DistributorJoint VentureExcusive PartnershipFinancial HoldingGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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FranklinWH Joins Efficiency Maine to Help Homeowners to Earn up to $600 Annually From Home Batteries

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Efficiency Maine Small Battery Program taps residential storage to support grid during peak demand

SAN JOSE, Calif., April 23, 2026 /PRNewswire/ — FranklinWH, a leading provider of whole-home energy management and storage systems, announced today it is participating in the Efficiency Maine Small Battery Program, allowing Maine homeowners to earn up to $600 per battery each year by supplying stored energy to the grid during peak demand periods.

The program reflects a growing use of residential energy storage systems as both backup power sources and grid resources that can generate income while helping stabilize electricity supply.

Homeowners who enroll can allow their systems to discharge energy during peak demand events, typically on weekday evenings, in exchange for annual payments.

“I work from home, so losing power really isn’t an option,” said Brian Duggan, a Maine homeowner who has used the system for four months. “There have been several community-wide outages since we installed our system, and we didn’t even notice. Our power stayed on.” Duggan said the system is a maintenance-free alternative to a generator, pairs with electric vehicle charging, and helps protect his home during winter travel.

“This is where the economics of home energy storage are heading,” said Gary Lam, CEO of FranklinWH. “Homeowners are no longer only consumers of electricity; they’re becoming active participants in the energy system. Programs such as this allow them to receive payments while strengthening the grid in their communities.”

Maine’s virtual power plant (VPP) program is administered by Efficiency Maine, which compensates homeowners for the energy their systems send back to the grid during peak events, creating a new revenue stream tied to system participation.

Efficiency Maine may call up to 60 events per year, typically lasting three hours during peak demand windows. Homeowners receive advance notice through the FranklinWH App and can opt out of individual events or unenroll at any time. During events, a reserve level is maintained to ensure power remains available for household needs.

As utilities and policymakers look for new ways to manage rising demand and grid volatility, VPP programs are expected to expand, positioning distributed home energy systems as a critical part of the solution.

About FranklinWH

FranklinWH Energy Storage is the manufacturer of the FranklinWH System, a next-generation home energy management and storage solution. Headquartered in the San Francisco Bay Area, FranklinWH’s team brings decades of experience across energy system design, manufacturing, sales, and installation. The company is AVL-listed with multiple financial institutions and continues to empower homeowners to achieve true energy freedom. Learn more at franklinwh.com.

Media Contact:
Media@franklinwh.com

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SOURCE FranklinWH Energy Storage Inc.

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Marelli highlights vehicle dynamics technologies as a competitive advantage, elevating safety, comfort and performance, at Auto China 2026

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The company will introduce new advanced suspension solutions such as the new Active Camber and the Electromechanical Lifter, enabling real-time control of wheel angle and vehicle heightAlso in the spotlight, the Hybrid Electromechanical Suspensions, a new architecture combining full-active actuator technology and best-in-class semi-active dampers to deliver a high-end driving experience while maintaining cost efficiency.

SAITAMA, Japan, April 23, 2026 /PRNewswire/ — At Auto China 2026 in Beijing (April 24-May 3), Marelli, a global technology partner to the automotive industry, will highlight how vehicle dynamics and advanced suspension technologies are becoming increasingly central to vehicle safety, performance, user experience, comfort and brand differentiation, also supporting the evolution toward Software-Defined Vehicles.
In this perspective, at booth n. W2B08 in Hall W2 in the New China International Exhibition Center (NCIEC), as a relevant part of its wider portfolio of solutions for different vehicle domains, the company will showcase its latest suspension and chassis innovations, suchas the new Active Camber, the Electromechanical Lifter and the Hybrid Electromechanical suspensions.

Enabled by software control and advanced electromechanical actuators, active suspension systems play a key role in determining vehicles behavior under different driving conditions, with a direct impact on overall user experience, vehicle agility and safety.

“The importance of vehicle dynamics technology spans all propulsion systems, giving automakers a decisive tool to drive vehicle distinctiveness while offering end users a wide range of personalization options.” stated Piero Monchiero, Advanced Innovation VP of Marelli’s Ride Dynamics business. “This is particularly evident in China, where customer expectations for vehicle dynamics and ride comfort continue to rise.”

Active Camber: optimal tire contact with the road to increase drivability and safety
The first relevant innovation is the Active Camber system, designed to enhance vehicle stability by correcting wheel camber in real time, improving vehicle performance and safety while delivering a more comfortable experience.

Camber is the inward or outward tilt of a wheel when viewed from the front of the vehicle. Proper camber ensures optimal tire contact with the road, improving grip for better stability, braking and acceleration, while also supporting more uniform tire wear.

The new solution presented in Beijing features an electronically controlled smart actuator with integrated sensors that continuously monitor the road surface. An intelligent control unit processes data every millisecond and automatically adjusts wheel angles in real time, adapting to driving conditions. This reduces body movement and increases grip, resulting in more precise handling and safer cornering. The solution provides a smoother experience in different conditions and contributes to extend tire life through a more even wear.

Electromechanical Lifter, smartly adapting vehicle height
Another innovation within Marelli’s suspension showcase in Beijing will be the Electromechanical Lifter, a fully electromechanical device integrated into the shock absorber that adjusts vehicle height in some specific situations. The system uses a smart actuator to deliver automatic leveling functionality, maintaining vehicle balance across varying conditions. The solution is suitable in particular for vehicle segments like sport and performance cars and sporty SUVs, addressing different use cases. Regarding sport and performance cars, it can lift the vehicle to manage garage ramps, speed bumps or snowy roads. On sporty SUVs, this technology can adjust the vehicle setup within a certain level of speed, in order to improve aerodynamics by minimizing drag. The system also facilitates easier vehicle entry and exit. The solution is oil-free, lightweight and ensures easy integration for carmakers.

New active electromechanical suspension solutions to elevate onboard experience
Designed to drive affordable innovation, the new Hybrid Electromechanical Suspension is a new suspension architecture that combines full-active actuator technology and best-in-class semi-active dampers to deliver a high-end driving experience while maintaining cost efficiency. Controlled by an Electronic Control Unit, the system integrates full-active electromechanical actuators applied to the front suspension, which provide optimal damping or self-generate reactive forces to minimize roll, pitch, yaw and vibration. These are paired with semi-active rear shock absorbers and optimize vertical dynamic response. The result is smoother driving, improved stability and enhanced safety in a variety of conditions.

This system draws from the experience of the Fully Active Electromechanical Suspension, which will also be on display at Marelli’s booth in Beijing. This oil-free solution uses four electronically controlled actuators which modulate each wheel’s suspension and damping parameters in real time, actively defining the best behavior of each vehicle’s suspension, for optimal handling and ride comfort balance. Data is processed in milliseconds to determine, through a smart algorithm, the actions required to adapt to road irregularities and driving situations, providing a “magic carpet” experience for vehicle occupants.

By enhancing stability and comfort, these two active electromechanical suspension solutions help reduce motion sickness, especially during activities like reading or using a laptop, which are expected to become more common with the rise of autonomous driving. They are also designed to recover kinetic energy, ensuring up to 80% energy efficiency compared to passive or semi-active systems.

Marelli’s booth at the Beijing Auto Show will be themed “Rooted in innovation, everywhere”, which illustrates the company’s ‘distributed’ model for high-speed innovation, to support customers wherever they need, with localized design, development, sourcing and manufacturing in China and across different regions. This approach combines local expertise and global reach to deliver affordable, scalable solutions at speed, that accelerate customers’ time-to-market. The company showcase will feature innovative solutions in several technology domains, including automotive lighting, electronics, interiors, propulsion, thermal systems, alongside a comprehensive portfolio of advanced suspension innovations.

About Marelli
Marelli is a global mobility technology supplier to the automotive sector. With a strong and established track record in innovation and manufacturing excellence, our mission is to transform the future of mobility through working with customers and partners to create a safer, greener, and better-connected world. With around 40,000 employees worldwide, the Marelli footprint includes over 150 sites globally.

Photo – https://mma.prnewswire.com/media/2964531/Marelli_Photo_1.jpg
Photo – https://mma.prnewswire.com/media/2964532/Marelli_Photo_2.jpg

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Oklahoma City Turns to ASAP Service to Speed Emergency Response

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Oklahoma City Police Department 911 Communications announced that it has gone live with ASAP Service, a standards-based solution developed by The Monitoring Association (TMA).

OKLAHOMA CITY, April 23, 2026 /PRNewswire-PRWeb/ —  Oklahoma City Police Department 911 Communications announced that it has gone live with ASAP Service, a standards-based solution developed by The Monitoring Association (TMA). ASAP Service automatically and digitally delivers prioritized alarm notifications to the computer-aided dispatch (CAD) systems used by emergency communications centers (ECCs) across the country. The expected results of this initiative are faster, better-informed emergency response, fewer communication errors, improved data accuracy, and reduced stress for citizens and 911 telecommunicators.

“Once ASAP Service is integrated with our CAD system, we no longer will need to dedicate a telecommunicator to monitoring the web portal,” said Katherine Underwood, the agency’s management specialist.

The first phase of the initiative deployed the solution through ASAP View, a web-based portal that reduced the city’s implementation timeline by roughly 50 percent. “Once we had the opportunity to review our call volume and processes, the value of having all the information upfront was clear,” said Katherine Underwood, the agency’s management specialist. “We moved forward with View because it was easy to implement and use, and we believe it will reduce call handling times and overall call volume. Ultimately, the benefits outweighed the manual effort, since we would have had to build those calls either way.”

However, to realize the full potential of ASAP Service — for example, address pre-verification — the city plans to integrate ASAP with its CAD system as part of phase two. CentralSquare, the agency’s CAD-system vendor, is developing an application programming interface (API) for this purpose. The API will connect to the GovCloud-hosted version of ASAP, delivering scalability, reliability, and superior data security, as well as compliance with the Criminal Justice Information System (CJIS) security standards for handling criminal-justice information.

“Once ASAP Service is integrated with our CAD system, we no longer will need to dedicate a telecommunicator to monitoring the web portal,” Underwood said.

The agency’s ECC serves about 702,000 residents and provides 911 call-taking and dispatch services for law-enforcement, fire/rescue and emergency-medical incidents. In 2025, the center received 1.48 million calls for service, plus nearly 40,000 residential and business alarm notifications, the vast majority of which pertained to law-enforcement incidents.

Regarding alarm notifications, multiple voice calls typically are needed between 911 telecommunicators and alarm-monitoring-center personnel to verify the information needed to effectively dispatch emergency response. It is a time-consuming process — industry estimates indicate that it adds from two to eight minutes to response times, an eternity when lives and property are at risk. Because telecommunicators need to type the captured information into their CAD systems, the process also is prone to miscommunications, misinterpretations, and transcription errors.

ASAP Service is architected to resolve these issues. It was developed by TMA in collaboration with the Association of Public-Safety Communications Officials (APCO). The solution is built on two TMA-developed standards, the Automated Secure Alarm Protocol (ASAP) and the Alarm Verification Scoring Standard (AVS-01). Both are accredited by the American National Standards Institute (ANSI).

Of all the benefits that ASAP Service will provide, the one that resonates most with Underwood is the anticipated dramatic decrease in call volume for the center’s telecommunicators. Fewer calls mean telecommunicators will be free to focus on higher-priority incidents that require their unique skills and experience. They’ll also have more time to decompress between calls. “They’ll have time to breathe, which will reduce their stress,” Underwood said.

Further, Underwood predicted that citizens requiring emergency assistance will encounter fewer instances of being placed in queue and will experience shorter hold times when they are. “Our residents no longer will be competing with alarm companies to talk with one of us,” she said. “There’s nothing more frustrating than dialing 911 and getting the ‘all lines are busy, please hold and don’t hang up’ message when your house is burning down.”

As of go-live, the following alarm-monitoring companies are transmitting alarm notifications via ASAP Service to Oklahoma City Police Departments 911 Communications: Quick Response, CPI, Alert 360, Affiliated Monitoring, JCI, United Central Control, Allstate Security, Security Central, Rapid Response Monitoring, Everon/Protection One, Vector Security, Vivint, Guardian Protection, and Becklar.

Learn more about how TMA’s ASAP Service is saving lives every day nationwide at asap911.org.

About The Monitoring Association

The Monitoring Association (TMA), formerly the Central Station Alarm Association (CSAA), is an internationally recognized nonprofit trade association that represents professional monitoring companies, security systems integrators, and providers of products and services to the industry. Incorporated in 1950, TMA represents its members before Congress and regulatory agencies on the local, state and federal levels, and other authorities having jurisdiction (AHJ) over the industry. Learn more online at https://tma.us/about-tma/.

About TMA’s ASAP Service

Launched in 2011 as a public-private partnership, TMA’s Automated Secure Alarm Protocol (ASAP) Service enables direct electronic dispatch of emergency calls for service from alarm companies to emergency communications centers. Increasing the accuracy and efficiency of dispatches, ASAP Service utilizes American National Standards Institute (ANSI)-accredited protocols developed cooperatively by TMA and the Association of Public-Safety Communications Officials (APCO).

Media Contact

Julie Howerter, ASAP Service, 1 815-501-5832, rscarpino@pipitone.com, https://asap911.org/

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