An expanding sector
In the first six months of 2023, the bancassurance sector in Italy registered a significant increase. Premiums recorded in the Life segment reached 55.5 billion euros, an increase of 16.3%. The Non-Life segment also showed growth, marking +7.9% and reaching 23.8 billion euros. These data, which emerged from research conducted by Excellence Consulting, highlight the growing importance of bancassurance
in the Italian financial landscape.
Bank strategies
Italian banks, including major players such as Intesa Sanpaolo and UniCredit, are adopting targeted strategies to capitalize on this trend. According to Gianluca Zanini of Excellence Consulting, bancassurance is experiencing a second youth, with an ever increasing focus on the insurance business. Banks not only seek to strengthen customer loyalty, but also to optimize their business models through investments in training, communication and digitalization
.
Internalization and strategic partnerships
In the life sector, banks are increasingly moving towards internalization, with an increase of 20% compared to 2018. This approach makes it possible to maximize the sale of life insurance, increasing network productivity by more than 25%. On the other hand, in the Non-Life Sector, banks tend to establish long-term strategic partnerships with specialized companies. This dual approach allows banks to respond more effectively to customer needs, offering customized and integrated solutions
.
Growing commissions and revenues
Another important aspect is the growing importance of commissions related to insurance coverage. Currently, these fees represent 15.9% of revenues for commercial banks and 29% for network banks. This increase is also the result of lower interest rates, which has prompted banks to seek new sources of income. Banks are therefore reviewing their bancassurance strategies, with ongoing projects to close joint ventures and create captive companies, as in the case of Banco BPM and
UniCredit.
New opportunities in the market
The recent bankruptcy of Eurovita has opened up new opportunities in the bancassurance market, creating unexpected dynamics. Banks, now more than ever, must adapt to a constantly evolving environment, trying to seize the opportunities that arise. Partnerships between banks and insurance companies, such as those between UniCredit and Allianz, Credem and Reale Mutua, are examples of how the sector is trying to innovate and
respond to market challenges.