Corporate Bancassurance Structures: The Case of Greece

Abstract

The risk management arena engulfs a wide breadth of issues ranging from hedging instruments to risk strategies for multinational giants, and from natural to man-made disasters across the world. When newly developed economies with non-traditional corporate structures come on stage, then the risk management science has a role to play. Close monitoring of these markets becomes essential for future planning and avoids negative externalities for the financial system as a whole. Thus, the current study aims to provide a survey of the bank–insurance ventures in the Greek market. The review unveils the significant changes and rapid growth of the Greek financial services sector. Multinational financial intermediaries have been keen in making their presence felt in the region. This is translated into mergers and acquisitions between banks and insurers, as well as strategic alliances and joint ventures. In parallel with the involvement of international corporate giants, domestic cross-business alliances and corporate partnerships are also present to strengthen the bancassurance trend. The study further proposes a three-dimensional approach for the distribution platform. The three dynamics put forward embrace product complexity, distribution infrastructure and market segmentation.