Deutsche Bank has differentiated itself within the bancassurance channel, according to GlobalData Financial Services, by partnering with an innovative, peer-to-peer insurance company, Friendsurance.

The two German companies are set to work together to advise existing Deutsche Bank customers on their insurance policies. While it is just an advisory role at present, taking the step to partner with a leading insurtech player shows intent to embrace the sector from Deutsche Bank.

This partnership stands in contrast to the state of the bancassurance sector in the UK, which has held onto its market footprint through unique access to customer upsell, but it is a space with few sparks of innovation.

GlobalData’s UK Personal Lines Insurance: Distribution and Marketing report, released in January 2018, found that the channel’s share of the overall insurance market remained static at 9.8% from 2015 to 2016, but has fallen from 11.5% since 2012.

The one product line where it does have a strong foothold is household insurance, with a 24.7% share.

However, this appears vulnerable in the future path of the market, with emerging providers such as Neos and Roost making personal, specialized policies more common.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Life Insurance International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As a result consumers may become less likely to just accept a generic policy as an add-on to their current accounts.

This threat to the banking channel’s main area of strength in insurance means bancassurance risks being left behind and seeing its share of the overall market fall even further, unless it looks towards insurtech to innovate as Deutsche Bank has in Germany.