Bancassurance in South Korea: Life, Non-Life and Creditor Insurance is a study and related PartnerBASE™ dataset examining the provision of life, non-life and creditor insurance by banks and other lending institutions in South Korea.
Drawing on the results of a survey of 57 banking entities in South Korea, the study verifies the percentage of organisations investigated that distribute each of the following 13 types of insurance: accident insurance, creditor insurance related to consumer finance, creditor insurance related to credit cards, creditor insurance related to mortgages, critical illness insurance, health / hospital cash plans, household insurance, income protection insurance, investment-related life insurance, medical expenses insurance, personal motor insurance, retirement savings, and risk life insurance.
For those banking entities that are active in one or more of these fields, the reports ascertain the operating models that they use to source the type of insurance in question (e.g. external, joint venture or captive underwriters) and the identity of the specific providers used. This information is then displayed in terms of the weighted share of partnerships of these providers, which takes into account the number of retail customers of the partner banking entities, thus highlighting those insurance companies that hold the distribution relationships that offer the most potential.
You may be able to use this report and the PartnerBASE™ dataset and market data annexes that accompany it in one or more of the following ways:
gain access to a source of information that provides a comprehensive overview of the provision of personal insurance products by all significant banking entities in South Korea;
identify partnership opportunities for the same personal insurance products that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative;
understand which underwriters and other product providers have been successful in establishing distribution relationships with the most important banking entities in South Korea;
assess how the evolving regulatory environment may open up or block opportunities for your organisation to sell through the bank distribution channel;
appreciate the magnitude of the opportunity to sell personal insurance products through banks and other lending institutions in South Korea.
Overall, in a market in which more than 60% of new premiums for life insurance were distributed by banks in 2012, across the 57 banks and other lending institutions researched in South Korea, Finaccord’s research identified 174 bancassurance distribution initiatives for the various types of insurance investigated.
For further information about this research, please access the table of contents and series prospectus by clicking on the corresponding links to the left-hand side of this page, or e-mail [email protected]