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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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SOURCE Technavio

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GlobalTix Partners with Mavic to Help Attractions Grow with AI-Powered Marketing

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Partnership gives GlobalTix partners access to AI-powered tools and marketing support designed to help teams create more, move faster and drive demand.

SINGAPORE, Oct. 22, 2026 /PRNewswire/ — GlobalTix, Asia-Pacific’s leading reservation and distribution platform for attractions, tours and activities, today announced a partnership with Mavic, an AI brand marketing platform, giving its partners new capabilities to market their experiences and reach travellers more effectively.

The partnership is part of GlobalTix’s broader commitment to support partners’ growth, including building demand before a booking happens.

GlobalTix works with businesses of all sizes, from major attractions with dedicated marketing teams to independent operators managing bookings, operations and marketing all at once. For smaller businesses especially, keeping up with social media, content and changing traveller trends can be challenging.

Mavic is designed to make modern marketing more accessible, going beyond AI content generation to bring the entire marketing workflow together — from planning and creating on-brand images, videos and copy to publishing across social channels, tracking performance and optimising results.

For smaller operators, this offers a more accessible way to build a consistent digital presence without a large marketing team. For established teams, AI can take on more day-to-day workload, freeing them to focus on higher-value work. Businesses needing more support can also tap Mavic’s managed marketing services.

“Attractions should be focused on what they do best — creating great experiences for their guests, not worrying about their next social media post,” said Chan Chee Kong, COO of GlobalTix. “Through our partnership with Mavic, we want to take the complexity out of marketing, using AI to help our partners reach more travellers and grow their businesses without adding to their workload.”

“AI should make marketing easier, not give businesses another tool to manage,” said Jess Tang, Founder & CEO of Mavic. “We’ve built Mavic to take care of the heavy lifting, from understanding what content works to creating, publishing and optimising it. That means attractions can stay focused on delivering great experiences, while AI helps them stay visible, engage travellers and drive demand.”

The partnership is now available to GlobalTix partners. Those interested in exploring Mavic’s AI-powered marketing solutions can get in touch with their GlobalTix account manager to learn more.

For multi-media assets, please refer to this link.

About GlobalTix

GlobalTix is Asia-Pacific’s leading reservation and distribution platform, providing end-to-end solutions for attractions, tours, and activities while connecting operators with travel sellers worldwide. GlobalTix supports more than 180,000 experiences and over 15,000 reseller partners.

Visit www.globaltix.com.

About Mavic

Founded in 2023 and headquartered in Singapore, Mavic is an AI brand marketing platform that makes brand-quality marketing accessible to every business. Mavic turns a company’s brand into an AI-ready system that plans, creates, publishes and optimises on-brand marketing, with access to leading AI models in one place and managed services for teams that need extra support. Mavic has powered almost 10,000 brands worldwide.

Visit www.mavic.ai.

Media contact: partners@mavic.ai 

 

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SOURCE Mavic.ai

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Samsung: Australian The Frame TV Owners Consume Almost 60 Million Hours of Art from Home in Six Months

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The Frame owners in NSW and Victoria display more living-room masterpieces than all other Australian states combined[1].

The Northern Territory is Australia’s fastest-growing base for The Frame lovers with Art Store[2] bringing the best of The Louvre to the Aussie outback[3].

Samsung Australia is offering up to 1,300 one year Samsung Art Store Vouchers for eligible The Frame or The Frame Pro purchases between 9.00am AEDT 22 October and 11.59pm AEDT 18 November 2026. Conditions apply[4]. 

SYDNEY, Oct. 22, 2026 /PRNewswire/ — As Australia continues to rank among the top five countries in the world for The Frame TV consumption per capita[5], new insights from Samsung reveal Australians have a preference for the classics. Vincent van Gogh, Claude Monet, and Winslow Homer collections are highly popular artists amongst Australian The Frame owners[6] while Leonardo Da Vinci’s Mona Lisa is amongst new works added via an expanded Louvre Collection.

According to Simon Howe, Director – Visual Display, Samsung Australia, Samsung’s Art Store has helped make world-class art a meaningful part of everyday life for Australians, with The Frame TV owners across the nation, spending close to 60 million hours displaying art on their TVs in the first half of 2026 alone[7].

“It is no secret that Australians love art, however our continent’s geographic size and distance from many of the world’s leading cultural institutions can make accessing the classics challenging. Even within Australia, many people live considerable distances from the museums and galleries that bring significant international collections to our shores. Via The Frame and Art Store[8], Samsung has spent almost a decade helping to close that accessibility gap by giving Australians on-demand access to a curated collection of works, from world renowned galleries direct to their homes via their TV,” said Mr Howe.

Almost a decade on from landing in the first Australian living room[9], Samsung’s original Art TV, The Frame, continues to grow in demand. New South Wales and Victoria are Australia’s art capitals, collectively accounting for over half of Australia’s entire The Frame fleet[10]. Demand for The Frame is growing fastest in the Northern Territory, home to Art Store Gurindji Waanyi artist, Sarrita King[11], who is bringing uniquely Australian pieces to homes spanning from the Australian outback across the world.

“Our partnerships with leading galleries and institutions are central to this experience. We work closely with them to ensure artworks are reproduced with a high degree of fidelity, while Samsung’s glare-free certified[12] displays work to minimise reflections, maintain colour, and depict canvas texture even in the brightest of Australian living spaces. The experience comes remarkably close to how you would see the work in a gallery.”

With Samsung’s 2026 The Frame available in 43-inches to 98-inches[13], Australians may even experience the art on a near-lifelike sized digital canvas in their home. For example, Vincent van Gogh’s The Starry Night (1889) which hangs in MoMA, New York measures 73.7 x 92.1 cm – approximately three inches larger than a 43-inch The Frame[14]. Storm at Sea off the Norwegian Coast (1815–1910) by Andreas Achenbach which hangs in Städel Museum, Frankfurt measures 179 × 272 cm – with a 98-inch TV covering approximately two-thirds of the canvas’ width and size[15].

These new insights land as Samsung offers up to 1,300 one-year Samsung Art Store Vouchers to Australians who make an eligible purchase of a new The Frame or The Frame Pro between 9.00am AEDT 22 October and 11.59pm AEDT 18 November 2026[16]. 

The Samsung Art Store offers access to more than 5,000 artworks from over 800 of the world’s leading artists[17] and is now accessible beyond The Frame and The Frame Pro, via Samsung Micro RGB, OLED S95H, Neo QLED, QLED, Mini LED, and Movingstyle ranges. Via The Art Store, Australians can explore and display art from renowned institutions, including The Metropolitan Museum of Art, the Museum of Modern Art (MoMA), and Musée d’ Orsay.

For more information on Samsung’s range of TVs and the Samsung Art Store, please visit https://www.samsung.com/au/.

ENDS

About Samsung Electronics Co., Ltd.

Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, digital signage, smartphones, wearables, tablets, home appliances and network systems, as well as memory, system LSI and foundry. Samsung is also advancing medical imaging technologies, HVAC solutions and robotics, while creating innovative automotive and audio products through Harman. With its SmartThings ecosystem, open collaboration with partners, and integration of AI across its portfolio, Samsung delivers a seamless and intelligent connected experience. For the latest news, please visit the Samsung Newsroom at news.samsung.com.

[1] Based on Samsung insights. The two states account for 57% The Frame TV fleet in Australia, as measured between January – June 2026.

[2] Stream complimentary curated art or additional artworks available via subscription. Internet connection required. Offering 30 refreshed artworks monthly through Art Store Streams. Collections on the Art Store are subject to change.

[3] Based on Samsung insights, measured between January – June 2026.

[4] Entrants must purchase an eligible Samsung Frame or Frame Pro TV from a participating retailer or online store between 9:00am AEDT 22 October 2026 and 11:59pm AEDT 18 November 2026, then register at https://www.samsung.com/au/offer/tv-art-store-coupon-promotion/ by 11:59pm AEDT 2 December 2026 to receive a 1-year Samsung Art Store voucher (valued at $59.90). Limited to the first 1,300 registrations. Registrations will close once 1,300 have been received, which may occur before 2 December 2026. Registration does not guarantee a voucher. Proof of purchase is required and all registrations are validated. Successful entrants will receive their code by the end of the validation period on 31 December 2026. T&Cs apply, see https://www.samsung.com/au/offer/tv-art-store-coupon-promotion/.

[5] As at August 2026 based on Samsung Electronics sales data.

[6] As at 31 June 2026.

[7] Based on Samsung insights. Includes all TVs where the Art Store was used for 15 minutes or more from Jan to Jun 2026.

[8] Stream complimentary curated art or additional artworks available via subscription. Internet connection required. Offering 30 refreshed artworks monthly through Art Store Streams. Collections on the Art Store are subject to change.

[9] The Frame launched in Australia in 2017

[10] Based on data from Samsung Australia as at August 2026.

[11] Based on data from Samsung Australia as at August 2026.

[12] Select Samsung TVs have been independently verified as Glare Free: Reflection Glare UGR <10, Discomfort Glare UGR <22, Disability Glare UGR <34 by UL LLC. (UL Solutions). Certificates available on request

[13] The Frame is available nationwide in sizes 43”, 55”, 65”, 75”, 85”, 98”.

[14] “Starry Night” canvas measures 73.7 x 92.1 cm or 46.4″ diagonally. This is approx. 3.4″ difference to 43″ The Frame TV.

[15] Storm at Sea off the Norwegian Coast (1837) measures 179 × 272 cm or 128″ diagonally. This is closest to a 98″ The Frame TV.

[16] Entrants must purchase an eligible Samsung Frame or Frame Pro TV from a participating retailer or online store between 9:00am AEDT 22 October 2026 and 11:59pm AEDT 18 November 2026, then register at https://www.samsung.com/au/offer/tv-art-store-coupon-promotion/ by 11:59pm AEDT 2 December 2026 to receive a 1-year Samsung Art Store voucher (valued at $59.90). Limited to the first 1,300 registrations. Registrations will close once 1,300 have been received, which may occur before 2 December 2026. Registration does not guarantee a voucher. Proof of purchase is required and all registrations are validated. Successful entrants will receive their code by the end of the validation period on 31 December 2026. T&Cs apply, see https://www.samsung.com/au/offer/tv-art-store-coupon-promotion/.

[17] Stream complimentary curated art or additional artworks available via subscription. Internet connection required. Offering 30 refreshed artworks monthly through Art Store Streams. Collections on the Art Store are subject to change.

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SOURCE Samsung Australia

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Forrester’s 2027 Asia Pacific Predictions: One In Three Large Enterprises Will Face A Shadow AI Agent Governance Problem

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As AI deployments transcend organizational, geopolitical, and human boundaries, APAC leaders must strengthen governance to scale AI responsibly

SINGAPORE, Oct. 22, 2026 /PRNewswire/ — According to Forrester’s (Nasdaq: FORR) 2027 Asia Pacific predictions, one in three large Asia Pacific (APAC) enterprises will uncover at least 10 employee-built shadow AI agents for every officially sanctioned agent. The rapid proliferation of shadow AI, combined with embedded SaaS capabilities, business-funded experiments, and locally selected AI platforms, will outpace institutional controls and create a new class of AI-driven technical debt: unmanaged risk, weakened governance, duplicated capabilities, and undocumented dependencies.

In 2027, the defining imperative for APAC leaders will be to shift their focus from how quickly they can deploy AI to how effectively they can control it, govern it, and remain accountable for its use. Forrester’s Predictions reports offer forward-looking insights into trends to help executives and their teams anticipate change, reduce uncertainty, and make confident decisions ahead of market shifts. Key predictions for APAC in 2027 include:

One in five large, regulated enterprises will approve Chinese open-weight models. Minimum viable sovereignty is expanding beyond data residency to model and inference control. More visibility into model weights and biases gives enterprises more control over where and how AI runs. As a result, a self-hosted Chinese model will gain approval because it meets operational sovereignty requirements, even as its provenance raises broader geopolitical concerns.An employee’s personal AI agent will trigger an incident at a Fortune 500 company. As consumer AI adoption accelerates, employees will increasingly bring personal AI agents into the workplace, blurring the lines between personal and professional boundaries to access corporate devices, credentials, and data to perform work-related tasks. Since existing security controls verify identity and access rather than intent, an agent pursuing a benign task could misuse its access or expose sensitive company information.Ten of APAC’s largest consumer-facing brands will differentiate on human assurance. To deliver personalized experiences in an AI-led world, leading brands will make human oversight the norm in high-consequence interactions involving financial risk, emotional vulnerability, or complex decisions. In high-trust industries such as financial services and healthcare, brands will continue to pair AI-powered experiences with access to human experts and licensed advisors.

“In 2027, the challenge for Asia Pacific organizations will be to establish AI governance protocols in a region with distinctly diverse markets, regulatory requirements, and levels of AI readiness,” said Frederic Giron, vice president and senior research director at Forrester. “Organizations that adapt their governance to local sovereignty requirements while investing in building long-term trust and resilience with their customers will be better positioned to capture AI’s value.”

Resources:

Register to attend Forrester’s Predictions 2027 APAC webinar covering technology and security topics.Download Forrester’s 2027 Predictions guides for B2B go-to-market leaders; B2C marketing, CX, and digital leaders; and technology and security leaders.Visit Forrester’s Predictions 2027 hub to access additional complimentary resources.

About Forrester

Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We empower leaders in technology, customer experience, digital, marketing, revenue, and product functions to make confident decisions in an AI-driven world and accelerate growth through customer obsession. Our unique research and continuous guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence. To learn more, visit Forrester.com.

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SOURCE Forrester

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