Abstract
This paper aims to investigate the effects of bancassurance in Korea and to find the best bancassurance partners in terms of cost, revenue, and profit efficiency. Thick frontier and scenario analyses are used to measure the efficiency change. We find that foreign and small- and medium-sized insurers can gain cost and profit efficiency through bancassurance, but lose revenue efficiency. Large insurers can realize cost efficiency, but lose revenue and profit efficiency. Banks can realize revenue and profit efficiency, but lose cost efficiency. For banks, large insurers are the best bancassurance partners due to product relatedness and good reputation.
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