Bancassurance

How it is used

A major distribution channel in Turkey and much of Europe, especially for life insurance and loan-linked policies. Banks act as agents of one or more insurers, and the insurer and the bank often belong to the same group.

Example sentences

1. Bancassurance accounts for most of our life insurance sales.

2. The bancassurance agreement gives the insurer access to the bank's 900 branches.

Common collocations

• bancassurance channel
• bancassurance agreement
• bancassurance partner
• bancassurance sales

Related terms

• insurance agentA person or business that sells policies on behalf of one or more insurance companies and earns a commission on each sale.
• intermediaryA person or firm, such as an agent or broker, that stands between customers and insurance companies and arranges policies.
• life insuranceInsurance that pays a sum of money to the named beneficiaries when the insured person dies, and in some products also builds up savings.
• commissionA payment, usually a percentage of the premium, that an insurance company pays to an agent or broker for selling a policy.

More terms: Brokers, Agents & Distribution

• broker