IDEAS home Printed from
   My bibliography  Save this article

Integrated Distribution of Insurance and Financial Services and Value Creation: Challenges Ahead


  • Isabella Falautano
  • Emanuele Marsiglia


This contribution originates in the ideas and discussion held during the first meeting of the Montepaschi Vita Forum on "The Paradigms of Value: The Integrated Distribution of Insurance and Financial Services", held in Rome on 18 October 2002 and co-organized by The Geneva Association. The Forum was prompted by an awareness of the critical role and nature of the topic of the "paradigms of value" in the present competitive context of financial services. Value creation mechanisms are key elements of financial and insurance services, both in the interests of shareholders and, in broader terms, of all stakeholders. It is a fact that insurance and financial services are going through a phase of deep change. The integration between banking and insurance services and their integrated distribution, after the big push given by convergence, are facing a critical stage. The present article reconstructs the "stylized facts" of the present integration phase between banks and insurers, by outlining main trends and future scenarios with regard to: the integration models between banking and insurance services, ranging from co-operation and "alliance" agreements to integrated groups; the integrated distribution of banking and insurance services with the aim of offering a full range of products within various organizational models from bancassurance to assurbanking; and the "new distribution" type of bancassurance, comparing national models and distribution scenarios. In the last part, by assessing future trends in the competitive environment of the insurance industry it is explained why bancassurance, far from going into decline, will face up to tougher competition and a clear-cut divide between winners and losers. In this regard there is no doubt that "integrated distribution" is affecting, and will continue to affect, the various actors in traditionally separate businesses, by following many models and experiences, different trends and scenarios according to the dynamics of competitive structures and regulatory systems. Successful groups will be those able to base their own organization, apart from the chosen approach, on the only factor that can guarantee value creation: clients. Copyright 2003 The International Association for the Study of Insurance Economics.

Suggested Citation

  • Isabella Falautano & Emanuele Marsiglia, 2003. "Integrated Distribution of Insurance and Financial Services and Value Creation: Challenges Ahead," The Geneva Papers on Risk and Insurance, The International Association for the Study of Insurance Economics, vol. 28(3), pages 481-494, July.
  • Handle: RePEc:bla:geneva:v:28:y:2003:i:3:p:481-494

    Download full text from publisher

    File URL:
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Oleg Curbatov & Marie Louyot-Gallicher, 2015. "Knowedge Marketing," Post-Print hal-01423209, HAL.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:geneva:v:28:y:2003:i:3:p:481-494. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.