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Abstract In an increasingly competitive market, new technology, new business models and consumer behaviors are developing, forcing the players from all areas to reinvent themselves. Also, in the financial sectors, there are developing of new products and services. Bancassurance is one of the new product, where banks and insurers create a partnership to improve financial performance by reducing costs and increasing revenues. The aim of the present article is to highlight the importance of bancassurance for clients, banks and insurance companies in North Africa.
Key words:
Bancassurane, clients, interest rate,insurance
JEL Codes:
M41
1.INTRODUCTION
"It is important that every country, developing or otherwise, gives careful consideration to the great value of Bancassurance as a means to grow the presence and use of insurance within a community. For all its youth, Bancassurance is emerging as a natural pathway for the effective development of insurance. There can be no doubt of the importance of the potential for Bancassurance to open the path toward cost-efficient access to insurance products, both Life and non-Life" (Gonulal et al.,2012).
Bancassurance developed and play a major role in some European countries, dominanted several countries such as France and Italy (approximative^ 80% from life insurance premiums are distributed by bancassurance channel). Bancassurance is a relationship between a bank and an insurance company, aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer.
Banks can earn additional revenue by selling the insurance products, while insurance companies are able to expand their customer base without having to expand their sales forces or pay commissions to insurance agents or brokers. Bancassurance has proved to be an effective distribution channel in a number of countries in Europe, Latin America, Asia and Australia.
2.BUSINESS MODELS ACROSS THE WORLD
The all institutions of credit of around the world use one of three models of bancassurance: integrated, non integrated and open architecture. The choice of one of the three models is influenced by several factors such as: credit brokers must have a minimum training to sell insurance products, the bank owns a portfolio of products that it is authorized to sell, and the nature of the relationship between...