ERGO Asigurari de Viata started operations in Romania through a bancassurance agreement with UNICREDIT Tiriac Bank
 ERGO Group officially started its activity on the Romanian life insurance market. Thus, UNICREDIT Tiriac Bank and ERGO Asigurari de Viata announced yesterday the start for selling life insurance through the bank network, as part of a wider cooperation between both entities on the European markets, the bancassurance activity following to complete the products offered by UNICREDIT.
For starters, ERGO Asigurari de Viata will sell through the branches of UNICREDIT Tiriac Bank the unit-linked type products ERGO Life Invest, but it plans to extend the offer of common products.
"ERGO Asigurari de Viata is the first company of the ERGO insurance group which started its operations in Romania. Although Romania is going through difficult economic times, ERGO's commitment is long-term, considering the attractive potential of Romanian insurance market", said Ina CRETOIU, CEO of ERGO Asigurari de Viata.
"I am confident that this partnership will be successful and that the main beneficiaries - our customers - will correctly perceive the proposed benefits, the crucial role in this approach being that of our sales force", said Zoltan MAJOR, Vicepresident of Retail Division of UNICREDIT Tiriac Bank.
Bancassurance activity is based on partnership between groups UNICREDIT and ERGO, started in 2007. It has expanded in Romania, too, following the success registered on the markets from Germany and Austria and the common desire to develop cooperation on markets in Central and Eastern Europe. Since autumn of 2008, the two groups also collaborate on the Slovenian market and, since January 2009, on the markets from Hungary and Slovakia.
"For UNICREDIT and ERGO, Romania is an important country in the international development strategy, due to potential of economic growth and of increasing living standards of the population, leading to increased demand for insurance products", stated representatives of the two entities.
The Romanian subsidiary specialized on the life segment of ERGO, the insurance division of the world's number one reinsurer MUNICH Re, received the functioning authorization from the Insurance Supervisory Commission in the second half of December 2009.
Author: Andreea IONETE
on 17.05.2010
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