Definition of bancassurance in English:

bancassurance

(also bankassurance)

noun

British
  • [mass noun] The selling of life assurance and other insurance products and services by banking institutions.

    • ‘Of the others, Royal Bank of Scotland and HSBC look the more likely, the former in spite of chairman Sir George Mathewson's scepticism towards bancassurance.’
    • ‘O'Riordian said: ‘We believe there is big margin opportunity in bancassurance if you are offering good quality products.’’
    • ‘With bancassurance untested in the UK, analysts say it is hard to quantify what level of sales could result from CGU's joint venture with the Royal Bank set up in November last year.’
    • ‘Acquiring Dresdner was meant to transform Allianz into a bancassurance powerhouse that would produce big revenues by selling insurance and banking products to the same customers.’
    • ‘But he maintains: ‘Of all the banks, Abbey National has been most successful at bancassurance.’’
    • ‘We are using strong market positions to grow our business organically and are extending our distribution capabilities, in particular by entering into new bancassurance agreements.’
    • ‘Kane sits on the group's bancassurance committee, representing insurance and investments, and he works alongside executive director Peter Ayliffe, who is responsible for retail banking.’
    • ‘Without the bank's total commitment to an insurance strategy, bancassurance might be doomed to fail.’
    • ‘Consider a unit-linked bond, which is available from a number of life and/or bancassurance institutions.’
    • ‘There could also be a boost for bancassurance - selling life and pensions products through banks - which has been slow to take off in the UK.’
    • ‘Charter Life is one of the pioneers of bancassurance in South Africa.’
    • ‘The first hurdle to be overcome in any merger, however, would be APN's institutional investors, which include Australian bank Westpac, fund manager Colonial First State and bancassurance group AMP.’
    • ‘Some IFAs have questioned the logic of the move as they associate the Abbey name with bancassurance - selling savings products over the counter at bank branches.’
    • ‘The Life Insurance Corporation of India is shopping for strategic stakes in commercial banks to put bancassurance to better use.’
    • ‘So-called bancassurance generated 17.1 per cent of total premiums and 28 per cent of new life premiums in 2002, the report said.’
    • ‘One example of retail convergence is the cross-selling of insurance products between banks and insurance companies, known as bancassurance.’
    • ‘Plenty of others have proved that bancassurance does not work very well, at least in the British market.’
    • ‘Against a backdrop of consumer uncertainty towards financial products and a faltering stock market, Kane has his work cut out to create the UK's first successful bancassurance model.’
    • ‘There are also opportunities within bancassurance operations and the new unit will be expected to develop new products.’

Pronunciation:

bancassurance

/ˈbaŋkəˌʃɔːrəns/