
Bancassurance refers to a distribution channel for insurance products. It is a means for insurance companies to sell their products through banks, which allows the former to cater to a wide customer base. The bancassurance model is very common in many countries acrossEurope, includingFrance,Spain, andPortugal. There are also several new entrants in the market, intensifying the competition, and encouraging insurance companies to innovate and customize products based on client requirement.