Bancassurance - a solution for life insurance?
The need to diversify banking services, a key factor in a field that
is strongly influenced by the growing needs of customers and by a
substantial offer of similar products, sheds more light on partnerships
between banks and life insurance companies, with real chances to
increase both of their revenues.
As a consequence, last week, LIBRA Bank and ALLIANZ-TIRIAC launched a new savings account with a life insurance
attached
on the retail segment, which they named "Partener". The insurance policy
becomes active when the savings account is opened and is paid by the
bank to the insurance company, for the duration of the account, having
the client as the beneficiary.
UNICREDIT-TIRIAC Bank is the second one of the kind. They have an agreement
with the Germans from ERGO, newly entered on the life insurance market
in Romania, and they set as an objective to place in the top 10 until
2009. The partnership matches the bank's target to provide for their
customers the best services in the world, according to Rasvan RADU,
CEO of UNICREDIT-TIRIAC Bank. UNICREDIT-TIRIAC was formed after the
merger of UNICREDIT and HVB, placing them on the third place in Europe
and eighth in the world.
The cooperation between banks and insurance companies is a part of
ERSTE's plans, which will implement with BCR Asigurari de Viata
a business model based on underwriting life insurance policies
through bancassurance. Representatives of the company believe that,
in the next three years, 75% of the subscriptions will be made through
this system, which has proved its efficiency in other countries where
ERSTE is present.
Another successful collaboration is announced by GROUPAMA, who will
consolidate their operations in Romania through the mergers between ASIBAN,
BT Asigurari and OTP Garancia. The newly formed company will provide
all types of insurance, focusing on retail. The distribution will be
facilitated by the agreements that these insurers have with TRANSILVANIA
Bank, BRD, OTP Bank and CEC Bank.
Author: Andreea IONETE
on 09.07.2008
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