What does Bancassurance mean?

Bancassurance is a term which stands for the process of insurances being sold by the bank institutions. The notion itself entered English language from French, and it is becoming more and more popular on the greater insurance market.

Bancassurance explained

Although the idea of people buying insurance sold by bank institutions is subject to controversy many times, its popularity shows that the practice has already successfully entered the market. Such an example of a financial institution group offering bancassurance is the well known ING (Internationale Nederlanden Groep). It offers both banking services and insurance services in many countries around the world.. An extension of the bancassurance is the private bancassurance, but which as its name suggests appeals mainly to persons with a high financial status.