Around the world: Turkish Bancassurance

Many have seen the obvious synergies between banking and insurance, and the potential for banks to become distributors of insurance products. People interact with banks at key milestones in their life: for example, after a marriage, when a name is changed, a joint account is set up or when a house is being purchased. At these milestones, a person’s insurance need may change, and a needs-driven sales opportunity arises. Banks have different ways of monetising this lead: some by selling other firms’ products, some brand and sell a white-labelled product from a product provider, and o...