Emergence of Bancassurance in Developing Countries

Bancassurance is a model of insurance distribution that allows insurance products to be sold and bought through the financial institutions (banks). It is an initiative that has gained the global attention in the world of insurance and financial institutions. Analysts have claimed that it is a phenomenon responsible for the availability of insurance policies/activities around the world, even to the vulnerable communities in the developing countries through its models and variety of products designed to suit customers’ needs. It is against this backdrop that this paper examines the existence and importance of bancassurance in the developing countries, considering its models and benefits that have aided its development in the developed countries like France and Spain.

Keywords:

Bancassurance , Insurance , Bank , Developing countries