Bancassurance slated for $569b by 2029

Thanks to widespread use of smart devices and internet connectivity.

The global bancassurance market is projected to grow by $568.7b from 2025 to 2029, with a compound annual growth rate of over 8%, according to Technavio. 

The increasing demand for insurance and the rise of digital marketing platforms are driving this growth.  

The expansion of internet access and widespread use of smart devices have significantly influenced bancassurance. In 2021, over 60% of the global population had internet access, a figure expected to rise further. 

Social media platforms have become essential for insurance firms, offering quick customer interaction, real-time policy updates, and a competitive edge. 

The bancassurance sector is also benefiting from increased profits in insurance policy sales, supported by strong sales forces and brokers targeting the middle-class market. 

Retirement plans remain a key product, with mobile-based services and digital sales gaining traction. High-speed internet networks facilitate the use of banking applications, SMS, and emails for insurance transactions.  

Investment from venture capital firms and technology companies is rising, with funding rounds reaching new levels.