Suggestions to promote the growth of bancassurance in Korea -Based upon bancassurance practices in Europ and Asia-

송승훈

doi:10.18107/japs.2009.16.2.006

This study analyzes the factors contributing to the growth of bancassurance by categorizing it into macro perspectives and micro perspectives, after reviewing bancassurance practices in major European and Asian countries. In macro perspectives, there are three factors contributing to the bancassurance growth, firstly, degree of legislative support for bancassurance by government, secondly, financial environments such as scale of banks and density, pension system, independent financial advisors and existing sales channel, and public pension system, thirdly, consumption behavior in finance market such as bank image, culture of face-to-face business practice, usage of telephone and internet, etc,. In micro perspectives, there are two factors contributing to the bancassurance growth, firstly, selection of integration business model for bancassurance, scondly, simple and standardized bancassurance product for early settlement of bancassurance. The direction that Korean bancassurance should move toward requires, in the macro perspective, positive legislative support by government and readiness by insurance company for the drastic changes of financial environments and consumption behavior in finance market. In micro perspective, selection of integration model for bamcassurance is important and it is necessary for insurance company to develop simples and standard product during early settlement of bancassurance, but it is also necessary for insurance company to develop complex product to accommodate respective customers' needs. In addition to that, bank and insurance company requires close cooperation on marketing activities such as brand, multi-distribution channel and utilization of custmer database, and sincere consideration of cultural differences between bank and insurance company for human resouces management, and also should be prepared for risk management, IT system and after-sales management.

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