Bancassurance’s trends in Russia: new challenges

About the authors:

Marina V. Mazaeva, Cand. Sci. (Econ.), Associate Professor at the Department of Finance, Monetary Circulation and Credit, Financial-economic Institute, Tyumen State University; mvmazaeva@utmn.ru

Elena N. Ivanova, 2nd year Master’s Degree Student of Banks and Banking Educational Program, Financial-economic Institute, Tyumen State University; fin@utmn.ru

Yuliya S. Kudelskaya, 2nd year Master’s Degree Student of Banks and Banking Educational Program, Financial-economic Institute, Tyumen State University; fin@utmn.ru

Abstract:

In global practice, bancassurance is a complete interpenetration of banks and insurance companies in all kinds of their activities: integration of information systems, client base exchange, identical interaction business processes. According to the current Russian practice, bancassurance is a new way of selling insurance products at a bank’s location, offering a potential customer any insurance product without visiting an insurance company. But at this moment bancassurance is changing: non-credit insurance is a driver of growth, sales channels are being transformed, and the role of insurance companies is increasing.

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