Финансы: теория и практика (Nov 2022)
The State of the Russian Bank Insurance Market
Abstract
Banсassurance has recently appeared on the market but is developing rapidly. The subject of the study is the process of combining banks and insurance companies, which contributes to the emergence of new products, increased risk protection, improved customer service quality, and increased profitability of their business. The purpose of the research is to study the state of bancassurance at the present stage in Russia and to set goals to overcome the difficulties of developing a joint business of banks and insurance companies. The author uses the following methods: comparative, statistical, and factor analysis, identification of trends, graphical comparisons, etc. Theoretical analysis of research on this issue allowed the author to clarify the concept of “bancassurance” and group the motives of interaction and the advantages of cooperation between banks and insurance companies. The result of the practical analysis was the identification of current trends in bancassurance in the country: a decrease in the number of participants; the predominance of large institutions in the bancassurance market, concentrating a large share of assets; imposing additional services on customers, which as a result increases their debt burden. The systematic and integrated approaches of the research allowed the author to identify important problems that require a primary solution (the imposition of bancassurance products and their inflated price, high costs for the sale of products, and the presence of contradictions between the bank and the insurance company). The author concludes that systematic and complete informing to the population about the importance of bancassurance products, providing customers with their independent choice, as well as the introduction of joint business standards of banks and insurance companies using modern digital technologies will bring the Russian bancassurance market to a higher level of development. The prospect of further study of the subject is presented by the author in a more detailed study of minimizing factors that negatively affect the merger of banking and insurance businesses.
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