This thesis examines success factors related to European bancassurers and applies those factors to developing corporate strategies in incipient Korean bancassurers. The results of analysis are the following. First, factors such as brand power, geographic branch networks, and product developments are key to success while bancassurance configuration itself is of lesser importance. Second, there is a first-mover advantage; higher market share at the launching stage has positive long-term effects. Third, cultural integration will be very critical between banks and insurance companies.
In the Korean market, many banks and insurance companies are trying to diversify their revenue sources through migration to fee-based business models, such as launching bancassurance. Bancassurance will typically result in sustainable growth until its market matures. Korean bancassurers should select their business partners with powerful brand name as well as geographic coverage. They should also instantly implement their channels and product strategies, and set up effective organizational processes.
