False dawn in Korean bancassurance

Most banks in Korea will let opportunity pass them by when bancassurance is allowed in August says NMG consultant Philip Gusterson.

Bancassurance, effectively a convergence of banking and insurance, is a global trend, with markets at different stages of development depending on their regulatory environments and financial industry sophistication. For more than a year banks and insurance companies in Korea have been making plans to capture the new revenue streams promised by bancassurance when deregulation takes effect from August 2003.

The sale of insurance is one of the first steps a bank can take towards leveraging its distribution channels to provide customers a full range of investment, banking and insurance products. Delivered alongside high value-add financial advice, this is true bancassurance, and soon Korean banks will have the opportunity to move closer to this...

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