Evolution of the bancassurance concept: banking and insurance associations

Abstract

This article intends to discuss the determinants of the evolution of banking-insurance relations in the global dimension.
The simultaneous complementarity and substitutability of the offer of banking and insurance services in business
practice led to a tendency to integrate the activities of banks and insurance companies in search of new distribution
channels, such as bancassurance. Hence, the aim of the article is an attempt to present the genesis, historical adaptation,
definition, and the essence of the bancassurance concept. The basic question that guides the considerations here
relates to the symmetry of development, namely: has the phenomenon of integration of financial institutions under the
bancassurance concept developed at the same pace and adopted the same paradigm in each country? To achieve this
goal, the literature on the subject and intranet resources from the canon of the financial market were used. The background
of the analysis is the experience of countries around the world where the idea of banking and insurance interactions
was found.
Moreover, the article discusses the determinants, models, and forms of bancassurance, as well as indicates the epicenter
of its practices and presents the phases (periods) of its development. Moreover, the problem of the lack of uniform
and commonly used in the literature on the subject as well as in the economic practice of defining the concepts of banking
and insurance connections was analyzed.