Bancassurance

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Bancassurance

Insurance provided by a bank. For example, a bank could offer life insurance in addition to its savings, loan, and investment services. Proponents argue that bancassurance can streamline internal and government regulations. For example, a bank offering a mortgage may require borrowers to buy homeowners insurance; if bancassurance is available, the borrower could purchase a policy directly from the bank without needing to shop around. However, bancassurance is somewhat controversial; critics contend that allowing banks to sell insurance gives them too much control over the financial services sector. As a result, some countries prohibit it. The United States has allowed it since the passage of the Gramm-Leach-Bliley Act.
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He also added that the key success factors for bankassurance were their compensation methods and sales processes.
Spanish lender Banco Santander (MCE:SAN) said it would sell 51% in two new insurance companies to Dutch insurer Aegon NV (AMS:AGN) as part of a strategic partnership to strengthen their bankassurance operations in Spain.
Global Banking News-27 January 2010-EIB introduces new bankassurance cover(C)2010 ENPublishing - http://www.