Bancassurance is a distribution channel which should be understood as nothing else than offering insurance products by banks. The available offer includes mainly classic insurance products that are directly related to banking products – such as credit card insurance, life insurance securing a mortgage or loan repayment insurance.
Increasingly, however, banks decide to expand their offer and introduce to it insurance that is completely unrelated to other products they offer. These unrelated products are called stand-alone products. The most common are travel, housing and motor insurance, as well as life insurance, which is concluded regardless of the concluded loan agreement. As market representatives indicate, customer expectations focus on the individualisation of services to their needs, and stand-alone products provide just such a possibility, which is why they are so eagerly introduced to the offer by banks.