What is Bancassurance?

Definition of Bancassurance

Bancassurance refers to the insurance product sold at the bank windows. It was started in Europe in the 1980’s and rapidly spreading into the world. Bancassurance is a compound word of French, Banque (bank) and Assurance (insurance). In a narrow sense, Bancassurance means the insurance product sold at the bank windows and in a broad sense, Bancassurance means business alliance between banks and insurance companies.
  • Bancassurance = A compound word of Banque (bank) + Assurance (insurance)

Benefits of Bancassurance

If you insured at the bank, the insurance premium will go down.
The insurance premium is composed of a net premium, which becomes the financial resource to pay for the customer, and the operating cost of the insurance company to sell and maintain an insurance policy. As the bank sells insurance products using the existing well-established branch network and sales organization, the insurance premium is usually lower than the insurance company.

The "One-Stop-Service" will be provided.
You can find a compound product that mixes the benefits of bank products and insurance products, and receive a “one-stop-service” that manages your assets at a single point (comprehensive financial portal). In addition, the insurance company can establish a new sales network, using the stable branch network of the bank, whereas the bank can secure a new revenue source.

Types of Bancassurance

Participant Type Contents
Sales alliance Insurance↔Bank
  • Bank: Commission revenue by selling insurance products.
  • Insurance company: Product development, underwriting, retention, sales training, etc.
Affiliated company Bank→Insurance(Affiliated company) The bank establishes a life insurance affiliated company and runs the insurance business.
Joint venture Insurance→Establish insurance company←Bank The bank and the insurance company establish an insurance affiliated company in joint, or own sales affiliated company together after establishment.
Financial holding company Holding company(Insurance,Bank,Securities,Credit card) The financial hold company is established, and the bank and the insurance company are included in the same financial group, which can resolve interest conflict between the bank and insurance company.

Foreign Exchange Rate

2018/12/10 17:51:45
통화 환율 정보
Currency Buy Sell
USD 1,147.74 1,108.26
JPY 1,018.13 983.11
EUR 1,312.62 1,261.92

Woori Call Center

  • 1599-2288 (Dedicated Foreigner Call Center) -> 1(English), 2(Chinese), 3(Japanese), 4(Vietnamese), 5(Mongolian), 6(Tai), 7(Indonesian), 8(Cambodian), 9(Uzbek), 0(Tagalog)
  • 1588-5000, 1599-5000 (Domestic)
  • 82-2-2006-5000 (International)
  • Business hours : 09:00 ~ 18:00, Mon-Fri