Boston, MA -- (SBWIRE) -- 08/18/2015 -- Bancassurance refers to a distribution channel for insurance products. It is a means for insurance companies to sell their products through banks, which allows the former to cater to a wide customer base. The bancassurance model is very common in many countries across Europe, including France, Spain, and Portugal. There are also several new entrants in the market, intensifying the competition, and encouraging insurance companies to innovate and customize products based on client requirement.

With the advent of technology boom worldwide, banks and insurance firms across Europe have increasingly become dependent on computers, Internet and other technology mediums to run their business and drive revenue growth. The technology trend in the banking and insurance sectors will only intensify in the future, leading to a rise in popularity of bancassurance in Europe.

Technavio's analysts forecast the bancassurance technology market in Europe to grow at a CAGR of 3.94 percent during 2014-2019.

Get More Details on this Report and a Full Table of Contents at Bancassurance Technology Market in Europe 2015-2019

Commenting on the report, an analyst from Technavio's team said: "The number of social media users increasing rapidly in Europe, has led banks and insurance companies to prefer social media as a marketing tool since customers started to use social media to share their views about particular products and services, record complaints, or make suggestions. Several banks and insurance companies have already integrated social media as a marketing strategy because it acts as an effective tool for lead generation, retention of customers, and remediation. To remain competitive and influence the vast potential of social platforms in the European market, banks and insurance firms are required to invest significant amounts in data capturing tools required to capture the vast amount of social media data and consider implementing social media data analytics tools."

According to the report, payment systems show significant changes in the past two decades. The emergence of several IT technologies with regard to payment systems has made the transaction process became much easier for banks and insurance companies. For instance, electronic payment systems are widely used among banks. In addition, integration is expected to evolve in the payment system. The evolution of payment systems is predicted to further grow during the forecast period. Many banks and insurance companies are likely to invest a significant amount in adoption of advanced technologies to enhance their functionality of payment systems.

Further, the report states that misuse of any data by big data solution providers may negatively affect growth of the market.

The key players in the Bancassurance Technology Market in Europe are Agile Financial Technologies, BSB, E&Y, HP, IBM and Oracle while other prominent vendors include BPC Group, FICO, Accenture, Amazon Web Service, Capgemini, Cognizant Technology Solutions, CSC, EMC, Genpact, Google, Informatica, Orwell Group, Netapp, Polaris, Rackspace Hosting, Salesforce, SAP, Symantec, TCS, T-Systems, Verizon Communications, VMware and Wipro

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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