Among the pioneers of Assurbanque are the major insurers: Allianz, which bought Dresdner Bank and founded its own bank in 2000, the Axa Group and Groupama. The mutuals have opted for the partnership route. In the modern bancassurance module, there is a staff employed by an insurance company that has placed banks in particular to serve bank customers with their insurance solutions. Natural cooperation between banks and insurers usually involves mortgage insurance, where banks must insure themselves against the risk of losing planned future payments and homeowners must insure themselves against the risk of losing their home in the event of death, disability or job loss. In France, there is no legal obligation for such coverage, but banks usually make it a requirement for granting loans. The idea of Bancassurance is to skip the middlemen for mortgage loan insurance and create a unit within the group to become the insurer of their own customers. Compensation means that the other party pays compensation to one party for the loss suffered. Description: Compensation is based on a mutual contract between two parties (one insured and the other insurer), in which one of the others promises to compensate for the loss against payment of premiums. See also: Yield, pension, insurable interest, insurability Despite the cultural differences between the two companies, the insurance products sold by the banks began with the insurance company`s traditional products. Banks use their knowledge and relationships with their customers to start conversations about insurance. Standard insurance, such as simplified renewable renewable term life and disability insurance products, is now the most popular, followed by property and casualty products such as auto and home insurance. Individual health, which bridges the gap between government coverage and costs, and long-term care (LTC) products are also offered.
Two leading bancassurance companies lead the individual LTC insurance market in terms of contract number, although the medical underwriting process slows down the sales process. The life insurance and accident insurance products „Garantie Accident de la Vie – GAV” have been widely used in France through bancassurance. Building strong communication between the bank and the insurer is necessary for the continuous support of sales staff, training and incentives to sell insurance products. One obstacle is overcrowded storage space: this network can often be found with (too many) products to sell. The insurer plays an important role in this commercial support. The products are mainly tax-preferred investment products in the medium and long term. .