Since 2007, with its direct and effective business model, bancassurance has become an important way to sell personal insurance products in the Chinese insurance market. It has played a large role in promoting the development of the insurance industry, especially that of personal insurance.
Careful steps in the bancassurance market
New regulations from banking and insurance authorities aim to better monitor the burgeoning bancassurance market. Foreign insurance companies can expect a long-term and robust relationship with regulators if they cooperate, and are advised to develop suitable products for Chinese customers and lend their experience to the market
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