Bancassurance, the synergistic partnership between banks and insurers, has gained traction locally and globally. It is projected that the global bancassurance market will reach $2,339 million by 2028 growing at a compound annual growth rate of 1.9 percent.
This innovative distribution channel offers a convenient avenue for customers to access insurance products while diversifying revenue streams for banks. However, amid this growth, a crucial aspect remains overlooked—the absence of centralised data at the regulator level.
