Bancassurance is growing in many Asian markets, buoyed by deregulation of banking sector on one hand and insurance companies intending to optimize distribution via banks on the other. On the local level, bancassurance business in Asia-Pacific countries has evolved in different ways.
Different geographies are targeting different customer bases and products. For instance, in countries like Malaysia, Indonesia and Thailand, where Muslim populations are high and growing, insurance companies are joining hands with banks to provide a wide range of Islamic finance and takaful insurance products. Additionally, in other emerging economies in predominant agricultural countries like India, banks are joining hands with cooperative societies and regional rural banks to reach out to a vast, untapped population.
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