Bankopoisťovníctvo – trend pre finančný sektor
BANKASSURANCE – THE NEW FINANCIAL TREND

Summary/Abstract: One of the globalization processes resides in the formation of conditions for the origin of bankassurance and the origin of bankassurance per se. Regarding the globalization tendencies, the origin of bankassurance companies is a natural process. Hence, bankassurance includes the advantages carried by both sec-tors, i. e. both banking services and insurance sector. On the one hand the bank pro-vides its distribution network of branches and agencies as a place where insurance products are offered, on the other hand it solves its problem of effectivity within its primary distribution network. Banks in economically advanced European countries form the presuppositions in or-der to enter the insurance activities, often by establishing their own insurance compa-nies. In some countries, especially in the United Kingdom, the life insurance market has noted a decrease recently and the insurers are now trying to gain and work out new business. The intensification of competition caused by bankassurance and subsequent decrease in the market share of insurers causes that the latter can only watch their cli-ents purchasing long-term insurance products from their banks, rather than from their insuran-ce agents. One of the defence measures protecting the insurers from such development is the move toward banking traditional territories. There exists a certain synergy between some (long-term) bank products and long-term insurance products. This synergy can be used by insurers since they have the necessary experience in the finance management just as well as banks do. Many banks have begun to offer risk products. For this new form of bankassurance to succeed, banks and insurers must co-operate to meet the demands of today’s custom-ers. A new era has dawned in the history of insurance sales as banks around the world add risk products to their inventory of established savings programs. Yet many banks are unprepared for the demands these products place on their current retaling capabili-ties. Fortunately, recent experience in insurance and other financial services retailing provides insights into how banks can turn high-cost, marginal insurance sales into a major contributor to their financial success. Most banks that have attempted to sell insurance risk products have failed to achieve significant penetration of their customer bases. Similarly, most insurers that have tried to penetrate middle markets through alternative access, such as banks, have not done well. Clearly, a change in approach is necessary. For banks and insurers to succeed in bankassurance, they must help each other achieve their goals. They need to co-operate to establish a retailing environment that meets the demands of today’s customers.

• Details
• Contents