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.