One of the most significant developments in European financial services over the past 30 years has been the increasing convergence of banking and insurance in the retail area. This trend towards bancassurance refers primarily to banks entering the insurance sector by offering insurance products to their retail customers.
In some European countries (e.g., Spain, France) bancassurance products in the life insurance and pension sector already account for the majority of the market. However, the situation is different in the Swiss market, where the market share of bancassurance products has so far been less than 1 percent. According to the IFZ insurance study report 2021, ongoing digitalisation combined with changing customer preferences towards One-Stop-Shop for purchasing products and services creates opportunities for increasing the partnerships among Swiss-based insurance companies and banks.
In this virtual round-table, we will discuss the status quo of bancassurance distribution channel in Switzerland, its potential as a source of growth, key trends shaping bancassurance partnership models including the impact of Covid-19 and what the future of bancassurance in Switzerland will look like.