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United Kingdom Bancassurance Market Share, Size, Growth, Trends, Forecast: By Product Type: Life Bancassurance, Non-Life Bancassurance, Others; By Business Models: Pure Distributor, Exclusive Partners, Financial Holdings, Joint Venture, Others; By Age-Group; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
United Kingdom Bancassurance Market Outlook
The United Kingdom bancassurance market is projected to grow at a CAGR of 5.20% in the forecast period between 2024 and 2032, driven by the growing client base of banks and increasing awareness of the advantages of insurance.
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Key Trends in the Market
Bancassurance is defined as a setting or arrangement or a collaboration between a bank and an insurance company which enables the insurance company to reach out to the client base of the bank and sell insurance-based products and schemes. This agreement is usually profitable for both the entities by expanding the customer base and increasing customer loyalty.
- The United Kingdom bancassurance market is being driven by the increased accessibility to insurance coverage that bancassurance provides. In addition, some of the critical advantages of bancassurance include high regulatory standards, closer relationship of customers with the bank, and convenient and easy management of money, among others.
- The rising geriatric population in the country is leading to a strong emergence of life insurance policies and schemes and other insurance policies aimed towards improving the financial conditions of retired senior citizens.
- The technological advancements in bancassurance and banking sector, which include the increasing penetration of artificial intelligence (AI), are a key trend in the United Kingdom bancassurance market. These advancements are expected to bolster the protection against management frauds and enhance the customer experience, which in turn are likely to build strong trust among customers in the forecast period.
Market Analysis
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Based on product type, the market can be segmented into life bancassurance, and non-life bancassurance, among others. On the basis of business models, the United Kingdom bancassurance market can be classified into pure distributor, exclusive partners, financial holdings, and joint venture, among others. By age-group, the market has been segmented into 18-30 years, 31-45 years, 46-60 years, and above 60 years. The regional markets for United Kingdom bancassurance can be divided into England, Scotland, Wales, and Northern Ireland.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United Kingdom bancassurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Robinsons Bank Corporation (IPONsurance)
- Lloyds Bank Plc.
- Barclays Bank UK Plc
- Pru Life UK
- Direct Line Group
- Others
Market Share by Product Type
Based on product type, the non-life bancassurance segment accounts for a significant share in the United Kingdom bancassurance market. The high demand for casualty, health, car, and property-related insurance in this country is driving the segment’s growth. The ageing population in the United Kingdom is providing impetus to health and life insurances which is leading to a greater collaboration between banks and insurance companies to expand their offerings to the geriatric population. Although healthcare is covered by the NHS scheme, extended wait timings may be involved due to which more people are opting for private health insurance for private health care.
Market Share by Age-Group
The above 60 years segment, based on age-group, accounts for a healthy share of the United Kingdom bancassurance market. The increasing geriatric population in the United Kingdom is leading to an increased focus of the major market players towards diversifying and advancing their pay out offerings to cater to the growing senior needs. In addition, the diverse subsegments of the geriatric population, which can be divided on the basis of wealth, autonomy, and standards of living, among others, is offering lucrative opportunities to more tailored health and life insurance policies. The 31-45 years age-group is also a growing segment in the market, due to increased awareness and earning capacities that are bolstering their interest in bancassurance.
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Competitive Landscape
Robinsons Bank Corporation (IPONsurance) is a leading commercial banking company which is a subsidiary of JG Summit Capital Services Corporation. The company was founded in the year 1997 and is currently headquartered in Quezon City in the Philippines. Robinsons Bank Corporation (IPONsurance) aims at providing banking and financial services to the population.
Lloyds Bank Plc. is a leading banking company in Britain which provides expertise and support to businesses and households, with regards to finances and money management. The company was established in the year 1765 and is currently headquartered in Edinburgh, Birmingham. Lloyds Bank Plc. is often regarded as among the ‘Big Four’ clearing banks in the United Kingdom.
Barclays Bank UK Plc is a universal bank headquartered in London, England. The bank was established in the year 1690 and caters to small businesses and consumers through its retail banking services and to institutions and larger businesses with its corporate and investment banking services. Another ‘Big Four’ of the United Kingdom, the company has dedicated divisions for investment banking, corporate banking, private banking, and wealth management.
Other market players include Pru Life UK, and Direct Line Group, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Business Models |
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| Breakup by Age-Group |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 United Kingdom Bancassurance Market Analysis
8.1 Key Industry Highlights
8.2 United Kingdom Bancassurance Historical Market (2018-2023)
8.3 United Kingdom Bancassurance Market Forecast (2024-2032)
8.4 United Kingdom Bancassurance Market by Product Type
8.4.1 Life Bancassurance
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Non-Life Bancassurance
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Others
8.5 United Kingdom Bancassurance Market by Business Models
8.5.1 Pure Distributor
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Exclusive Partners
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Financial Holdings
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Joint Venture
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 Others
8.6 United Kingdom Bancassurance Market by Age-Group
8.6.1 18-30 Years
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 31-45 Years
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 46-60 Years
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Above 60 Years
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.7 United Kingdom Bancassurance Market by Region
8.7.1 Market Share
8.7.1.1 England
8.7.1.2 Scotland
8.7.1.3 Wales
8.7.1.4 Northern Ireland
9 Regional Analysis
9.1 England
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Scotland
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Wales
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.4 Northern Ireland
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Robinsons Bank Corporation (IPONsurance)
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Lloyds Bank Plc.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Barclays Bank UK Plc
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Pru Life UK
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Direct Line Group
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Others
12 Key Trends and Developments in the Market
List of Figures and Tables
1. United Kingdom Bancassurance Market: Key Industry Highlights, 2018 and 2032
2. United Kingdom Bancassurance Historical Market: Breakup by Product Type (USD Million), 2018-2023
3. United Kingdom Bancassurance Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. United Kingdom Bancassurance Historical Market: Breakup by Business Models (USD Million), 2018-2023
5. United Kingdom Bancassurance Market Forecast: Breakup by Business Models (USD Million), 2024-2032
6. United Kingdom Bancassurance Historical Market: Breakup by Age-Group (USD Million), 2018-2023
7. United Kingdom Bancassurance Market Forecast: Breakup by Age-Group (USD Million), 2024-2032
8. United Kingdom Bancassurance Historical Market: Breakup by Region (USD Million), 2018-2023
9. United Kingdom Bancassurance Market Forecast: Breakup by Region (USD Million), 2024-2032
10. United Kingdom Bancassurance Market Structure
Key Questions Answered in the Report
The bancassurance market in the United Kingdom is estimated to grow at a CAGR of 5.30% in the forecast period of 2024-2032.
The critical advantages offered by bancassurance such as high regulatory standards, enhanced financial management, and better customer-bank relationship, and growing geriatric population leading to an increased need for proper money management are the major drivers of the market.
The key trends in the market include the technological advancements in the banking and finance sector to improve customer satisfaction, and growing collaborations by the major market players to expand their offerings.
Life bancassurance, and non-life bancassurance, among others, are the different product types included in the market.
The major business models based on which market has been segmented are pure distributor, exclusive partners, financial holdings, and joint venture, among others.
The different age-groups based on which the United Kingdom bancassurance market has been divided are 18-30 years, 31-45 years, 46-60 years, and above 60 years.
The key regions in the bancassurance market in the United Kingdom are England, Scotland, Wales, and Northern Ireland.
Bancassurance is a type of distribution channel which approaches the clients of a bank and offers them insurance schemes related to life, health, and casualty, among others.
Bancassurance is provides efficient protection against risks towards life, health, and money by assuring greater financial management for customers.
Robinsons Bank Corporation (IPONsurance), Lloyds Bank Plc., Barclays Bank UK Plc, Pru Life UK, and Direct Line Group, among others, are the key market players, according to the report.
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