The India Bancassurance Market is projected to grow at a 7% CAGR from 2021 to 2026, driven by strategic bank-insurance partnerships and digital innovations.
According to the latest report by IMARC Group, titled “India Bancassurance Market Share: Industry Trends, Size, Growth, Opportunity and Forecast 2021-2026,” the India bancassurance market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group is expected the India bancassurance market to grow at a CAGR of around 7% during 2021-2026. Bancassurance is an arrangement between insurance companies and banks, which enables the bank to earn additional revenue by selling products of the insurance company. It assists in expanding the financial product portfolio of banks and improving their turnover with little or no capital outlay. As it also aids in profit maximization, customization of products and services, sales generation, and retention of existing and new customers, bancassurance is gaining popularity in India.
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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.
There is a rise in the number of banks across India, which are engaging in strategic partnerships to strengthen their market presence. This represents one of the key factors positively influencing the market. Besides this, considerable expansion of the banking, financial, services and insurance (BFSI) sector is also contributing to market growth. Furthermore, leading market players operating in the country are continuously improving their digital strategies. This, along with the rising presence of commercial banking networks and foreign insurance companies, is creating a favorable market outlook.
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The article discusses the growth and forecast of the India Bancassurance Market from 2021 to 2026.
Market growth is driven by strategic partnerships, BFSI sector expansion, and digital strategy improvements.
Bancassurance is an arrangement where banks sell insurance products, earning additional revenue.
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